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Federal Reserve System Contracts and Sourcing Analyst/ Procurement Professional in Richmond, Virginia


Federal Reserve Bank of Richmond

At the Richmond Fed, we’re driven by our mission to strengthen the economy and our communities. We take great pride in what we do and it impacts everyday people every day.

When you join our team, you’ll become part of a culture that welcomes differences, cares about our communities, and empowers each other to lead from where we are to make things better.

Bring your passion and we’ll provide challenging and purposeful careers in a variety of fields, opportunities to grow and a wide range of benefits and perks that support your health and wealth. It’s all part of what makes #MyRichmondFed a great place to work!

About the Opportunity

The Federal Reserve Bank of Richmond has an immediate opening for a Senior Contracts and Sourcing Analyst. Bringing your knowledge of market trends and experience negotiating complex, mission-critical sourcing opportunities, you will serve as a thought partner delivering value-added solutions. You will lead the sourcing lifecycle, executing targeted sourcing strategies for business partners and assigned product categories. In this role, you will transform the traditional procurement model by forging value-added partnerships with business stakeholders. You will also collaborate with the National Procurement Office, Legal, Vendor Management, and Supplier Diversity teams to develop contracts meeting stakeholder requirements and achieve organizational cost savings goals. You will work independently and serve as an ambassador and primary point of contact for assigned business partners. You will use your experience and strategic sourcing best practices to balance value, demand management, risk reduction, supplier performance, and contract and category management. You will report to a Senior Manager.

What You Will Do:

  • Build and maintain deep understanding of business priorities, risks, and responsibilities for assigned business lines to identify key strategic sourcing opportunities.

  • Serve as primary point of contact and a thought partner, communicating value-added recommendations and solutions leveraging current and future spend for assigned business lines.

  • Identify effective sourcing and category management strategies for assigned categories through a variety of procurement tools and best practices, including spend analysis, market analysis and business intelligence.

  • Lead the sourcing lifecycle (requirements gathering, RFI, RFP, contract negotiation) for District acquisitions in categories such as human resources related services, facilities and maintenance services, consulting services, IT equipment, software licensing, and other services in alignment with the System’s Model Acquisition Guidelines and the Richmond Fed's acquisition guidelines.

  • Advance supplier diversity initiatives increasing access, outreach, accountability, and education in order to meet District diversity goals.

  • Engage the Vendor Management organization in monitoring of vendor performance to ensure services meet or exceed expectations, taking feedback on vendor performance into account during current and future negotiations.

  • Partner with key stakeholders to understand internal requirements, review supplier performance, and build sourcing and renewal strategies to achieve targeted savings goals.

  • Collaborate across the Procurement organization. Leverage analytics and reporting data to identify trends, contract consolidation and cost savings opportunities across business partners.

  • Collaborate with Legal to develop and refine contracts.


  • Bachelor’s degree in business administration, supply chain management, accounting / finance, or related discipline; and

  • Minimum 3 years of strategic sourcing/procurement experience, project management and contract negotiation experience.

  • Experience in a Category Management driven procurement organization

  • Proven track record of delivering value through successful contract negotiations

  • Experience working collaboratively and supporting multiple sourcing initiatives

  • Experience managing and maintaining strong supplier relationships.

  • Experience using procurement data to identify strategic opportunities to improve value

  • Experience providing consultative sourcing support to internal stakeholders

  • Outstanding interpersonal, customer relationship and communication skills

  • Proven ability to be a self-starter and drive for results with minimal supervision

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:

  • A requirement of this position is that the employee must be fully vaccinated against COVID-19; individuals who are unable to be vaccinated due to a medical condition or sincerely held religious belief may request an accommodation from the Bank.

  • Candidates should review the Bank’s Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.

  • If you need assistance or an accommodation due to a disability, please notify rich.recruitment@rich.frb.org.

  • Sponsorship is not available for this role.

  • Selected candidate is subject to special background check procedures.

  • Job title (Intermediate or Senior) and salary offered will be based on the job responsibilities and the individual’s knowledge, skills, and experience as defined in the job qualifications/experience.

  • The Richmond, VA hiring range are noted below. For candidates outside of Richmond, VA, the hiring range may be adjusted based on your geographic location.

  • Contracts and Sourcing Analyst, Intermediate hiring range: $68,500 - $85,600, annually

  • Contracts and Sourcing Analyst, Senior hiring range: $85,400 - $106,800, annually

  • Interested candidates are strongly encouraged to apply by July 8, 2022. Afterwards, applications are reviewed on a rolling basis.

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.

Privacy Notice (https://www.kansascityfed.org/documents/7797/Workday_Privacy_Notice.pdf)