RAKBANK, also known as the National Bank of Ras Al-Khaimah, is a Public Joint Stock Company based in the United Arab Emirates (UAE). It was founded in 1976 and is one of the oldest banks in the UAE. The Bank operates within retail and corporate banking, offering a range of services including personal and business banking, credit cards, loans, investment services, and wealth management
In the recent years, the Bank has achieved significant milestones which includes being named as one of the world's best banks by Forbes ME (2022) and was awarded UAE's SME Bank of the year by the Asian Banking and Finance Awards. The Bank has been successful in achieving the highest profitability and lowest cost of risk since 2015. It has also seen significant growth in its acquiring business, card spending, and business loans
Being on a transformational journey, in partnership with Honeywell, RAKBANK has also taken steps towards sustainability by reducing its overall energy consumption
We are a diverse team comprising of over 3,000 employees from across 58 countries. We make conscious efforts to build talented and diversified teams and encourage people to develop their full potential. We are committed to providing a working environment that promotes work-life balance, career development, recognition and security for the future
In line with our strategy, a major part of our transformation journey is to future proof our bank and establish ourselves as a ‘Digital bank with human touch’, for our customers
So join us in co-creating the future of RAKBANK!
What You Will Be Doing
- Responsible for effective coordination between the vendors, procurement sourcing team and the business units ensuring a 360-degree view of supplier relationship helping stakeholders make timely and accurate business decisions. This would include for matters related to vendor performance, third party risk management and procurement contract risk management
- Establish and maintain strong relationships with vendors and partners
- Oversee the vendor selection process, ensuring that all vendors and third parties meet the bank’s risk management criteria
- Develop and maintain a comprehensive vendor management program that includes vendor selection, onboarding, monitoring, and termination processes
- Contract negotiation and review: Collaborate with legal and procurement teams to ensure appropriate risk mitigation measures are included in vendor contracts
- Review contractual terms, service level agreements, and insurance provisions to protect the organization's interests and minimize potential risks
- Conduct risk assessments: Evaluate potential risks associated with third-party vendors, such as financial stability, regulatory compliance, cybersecurity, data privacy, and operational resilience. Assess the impact and likelihood of these risks and develop strategies to mitigate and manage them effectively. Collaborate with legal, compliance and information security teams to ensure vendor compliance with data protection and security requirements
- Stay informed about regulatory changes and industry best practices: Stay up to date with relevant laws, regulations, and industry standards related to vendor management, outsourcing and third-party risk management. Continuously assess and enhance the organization's risk management practices to align with evolving regulatory requirements and industry best practices
- Develop and deliver training programs for internal stakeholders on vendor management policies and procedures
- Establish and maintain effective vendor governance structures and updates to stakeholders and committees
- Develop a vendor scoring system to evaluate and rank vendors based on performance metrics
- Ensure timely and accurate reporting on vendor performance and compliance to senior management and regulators
- Lead cross-functional vendor management projects to drive process improvements and cost efficiencies
- Continuously monitor market trends and vendor landscape to identify opportunities for innovation and optimization
- Act as a subject matter expert on vendor management practices and provide guidance to internal teams
- Foster a culture of transparency and accountability in vendor relationships to uphold the bank's reputation and integrity
What You Should Have
- Excellent negotiation and contracting skills
- Strong analytical and problem-solving abilities
- Excellent communication and interpersonal skills
What We Are Looking For
- Proficient in assessing vendor costs, financial risks, and understanding contracts
- Minimum of 10 years of experience in vendor management or procurement, preferably in the banking industry
- Strong knowledge of vendor management best practices and regulatory requirements
What’s In It For You
- Pay for performance culture (Competitive and performance-linked compensation)
- Provision of medical care plan for your family and you
- Comprehensive Life insurance plan
- Diverse workforce and inclusive culture
- Career development and growth opportunities by design
- Work with the best minds in the field
- Get opportunities to bring your whole-self to the organization and perform to your best
