Posted 6 days ago
Analyst - Cont & Sourc - SR
Federal Reserve Bank of Cleveland - Richmond, VA
Federal Reserve Bank of Richmond

When you join the Federal Reserve-the nation's central bank-you'll play a key role, collaborating with a dynamic and diverse team of mission-driven professionals to strengthen and protect our economy and our communities.
Bring your passion and expertise, and we'll provide the opportunities that will challenge you and propel your growth-along with a wide range of benefits and perks that support your health, wealth, and life. In addition to competitive compensation, we offer a comprehensive benefits package that includes tuition assistance, generous paid time off, top-notch health care benefits, child and family care leave, professional development opportunities, a 401(k) match, pension, and more. All brought together in a flexible work environment where you can truly find balance.

About the Opportunity

The National Procurement Office (NPO) has an immediate opening for an experienced Senior Contracts and Sourcing Analyst. In the role, you will independently draft, edit, review, evaluate and negotiate contracts on behalf of National IT, Federal Reserve Bank of Richmond, and the Federal Reserve System for Information Technology (IT) goods and services. Facilitate contract reviews with internal stakeholders and negotiations with vendors. Respond to contract related questions, act to limit organizational legal liabilities and interpret contract language including identifying and mitigating potential risks and exposure concerns. The Senior Contracts and Sourcing Analyst reports to a Senior Manager.

What You Will Do:
  • Originate and negotiate complex, custom, high dollar, high visibility IT contracts, including professional services agreements, managed services agreements, equipment hardware agreements, software license agreements, SaaS agreements, telecommunication agreements, maintenance agreements, nondisclosure agreements and amendments.
  • Interpret contract and procurement law, collaborate with Legal counsel on various contract and legal matters, and works with vendors to negotiate and finalize contracts.
  • Build and foster relationships by serving as a trusted partner with Sourcing, Legal, and Business Clients by collaborating, proactively communicating, and consistently delivering on commitments.
  • Performs legal study or research as needed to complete all contractual activities.
  • Monitor key terms and conditions to ensure they are added appropriately to existing contracts upon renewal or when otherwise required.
  • Ensure consistency between business requirements and contract terms and conditions and establishes and enforces best practices for contract terms and conditions.
  • Field contracted related questions from clients, identifies and mitigates potential risks and exposure concerns.
  • Interpret contract language to limit organization legal liabilities.
  • Review and revise contract templates for consistency and overall improvement of language and collaborate with Legal to adopt revised templates to ensure that contracts include necessary protections and are legally enforceable.
  • Develop best practices, checklists and update contract review procedures,
  • Provides contract and negotiation guidance and support to System IT, business clients and senior management to assist in influencing decisions.
  • Work with clients and other resources on process improvement and solution discussions and present outcomes in written and verbal format to senior management within areas of IT procurement, sourcing, and contracts.

  • Bachelor's Degree or equivalent experience, legal background/experience (Attorney, Juris Doctor, legal consultant, legal assistant, contract administrator. compliance officer, etc) preferred.
  • Minimum 6 years of relevant work experience in corporate contracting, including preparing, analyzing, and negotiating information technology contracts, or an equivalent combination of education and job-related experience
  • Demonstrated experience with direct client interfacing and providing direction in legal contract elements

Discover the Reason Why So Many People Love It Here!

When you join the Richmond Fed, not only will you find a challenging and purposeful career, you'll also have access to a wide range of benefits and perks that support your health and wealth, including:
  • Great medical benefits
  • Pension and 401(k) with employer match
  • Paid time off
  • Tuition reimbursement
  • Employee resource networks
  • Paid volunteer leave
  • Flexible work options
  • Onsite amenities that make working here fun

Other Requirements and Considerations:
  • Candidates should review the Bank's Employee Code of Conduct to ensure compliance with conflicts of interest rules and personal investment restrictions. The Code is available on the About Us, Careers webpage at
  • Sponsorship is not available for this position.
  • Selected candidate is subject to special background check procedures.
  • Salary offered will be based on the job responsibilities and the individual's knowledge, skills, and experience as defined in the job qualifications/experience.
  • Contracts and Sourcing Analyst - Senior hiring range is $86,600 - $119,130, annually.
  • Applications are reviewed on a rolling basis. Interested candidates are strongly encouraged to apply by April 26, 2024.

The Federal Reserve Bank of Richmond provides equal opportunity to all individuals without regard to race, sex, color, religion, gender identity or expression, sexual orientation, national origin, age, disability, or genetic information.

Full Time / Part Time
Full time

Regular / Temporary

Job Exempt (Yes / No)

Job Category
Procurement/Vendor Management

Work Shift
First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

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