Job Description
Octane is unlocking the power of financial products for merchants and consumers. Our cutting-edge technology and innovative financial products empower businesses with more control and flexibility, enabling them to deliver seamless digital experiences, drive customer loyalty, and build long-term value.
Octane supports merchants throughout the sales cycle: connecting dealerships with high-intent buyers, driving transparent, fast, and easy closings with award-winning technology, and providing on-going customer care with superior loan servicing.
Founded in 2014, Octane supports over 60 OEM partner brands and over 4,000 dealer partners, and has a team of over 600. Visit www.octane.co.
The Sourcing and Vendor Oversight Manager is a senior practitioner responsible for driving Octane’s end-to-end procurement cycles and providing dedicated oversight for our most critical third-party partnerships, which are integral to the company’s overall risk posture. While this role manages the procurement process for all tiers of products and services, it serves as the primary, high-touch Relationship Owner for Tier 1-Critical vendors, ensuring third-party relationships are actively governed, risks are identified and mitigated, and vendor performance aligns with Octane’s risk appetite and regulatory obligations.
Responsibilities:
- Universal Sourcing & Procurement
- Lead negotiations for all relationship issues, contract terms, pricing, and ad hoc projects.
- Procurement Lead: Serve as the primary procurement and sourcing lead for any goods or services requested by Octane team members. The primary focus is to ensure our High and Critical vendors have sufficient oversight and governance, pricing is competitive and we have optimal cost of ownership. Expectations are to support procurement needs for other vendor relationships as needed.
- Review, redline, and negotiate contracts, SLAs, and SOWs to secure optimal business and legal terms for Octane, and monitor the strength of existing contract agreements.
- End-to-End Execution: Lead the full sourcing lifecycle for all company sourcing needs with primary focus on critical/high risk exposure. Conduct RFP/RFQ’s as needed.
- Financial Analysis: Conduct spend analysis and competitive benchmarking to identify cost optimization and renegotiation opportunities.
- Strategic Vendor Management (Critical/High Vendor Focus)
- Relationship Ownership: Serve as the primary day-to-day point of contact and Relationship Owner for all Critical vendors and a portion of High Risk vendors.
- Performance Oversight: Coordinate quarterly stewardship meetings, manage performance scorecards, and track KPIs to ensure high-risk partners meet contractual obligations.
- Issue Resolution: Maintain the Issues & Escalations log, driving vendor-related problems from identification to final resolution.
- Third-Party Risk Management (TPRM) & Compliance
- Risk-Based Monitoring: Implement the ongoing review schedule and document all activities within the TPRM platform.
- Onboarding/Offboarding: Drive the execution of required onboarding (access, training, security evidence) and formal termination procedures (access removal, data destruction).
- Regulatory Alignment: Partner with 1st and 2nd Line of Defense (Legal, InfoSec, Compliance) to ensure all third-party activities align with Octane’s risk appetite and industry regulations.
- Partner directly with the Director of TPRM to continue build and maturity of the program, execute high-priority initiatives and refine the end-to-end risk lifecycle, ensuring alignment with evolving regulatory requirements and organizational risk appetite
- Operational Integrity
- Data Integrity: Maintain accurate records within the vendor tracking system, including spend data, insurance certificates (COIs), and compliance certifications.
- Process Improvement: Develop and refine sourcing templates, SOPs, and playbooks to create a repeatable and defensible procurement process.
Requirements:
- Bachelor’s degree in Business Administration, Supply Chain Management, or another related field.
- A minimum of 5-7+ years of professional experience in procurement, strategic sourcing, and/or third-party risk management (TPRM).
- Professional experience acting as the lead negotiator for complex commercial terms and service level agreements (SLAs).
- Previous experience in highly regulated industries (e.g., Banking, Financial Services, Fintech) is strongly preferred to ensure alignment with 1st and 2nd Line of Defense protocols.
- Advanced skills in Microsoft Excel and financial analysis tools for spend analysis and cost modeling, with demonstrated experience using Microsoft Word for contract redlining.
- Demonstrated expertise in contract redlining and the ability to structure Statements of Work (SOWs) that secure optimal business terms.
- Experience maintaining data integrity within vendor tracking systems.
- Foundational knowledge base of Cybersecurity, IT, physical security and similar high-risk vendors.
- Certified Professional in Supply Management (CPSM) or Certified Purchasing Manager (CPM) is preferred.
- Certified Third-Party Risk Professional (CTPRP) is preferred.
Compensation: In addition to salary, Total Rewards include bonus eligibility, a stock option package, and benefits as outlined below. The role described above offers a base salary of $115,000 to $140,000 + corporate bonus eligibility. Your offer will be based on location, the alignment of your qualifications with the requirements of the job and internal equity.
Benefits:
- Robust Health Care Plans (Medical, Dental & Vision)
- Generous Parental Leave
- Flexible Time Off (FTO) Policy - Time Off When You Need It
- Retirement Plan (401k) with company match!
- Educational Assistance/Tuition Reimbursement up to $3K/year
- Life Insurance (Basic, Voluntary & AD&D)
- Short Term / Long Term Disability
- Robust Ancillary benefits including accident insurance, hospital insurance, etc
- Wellhub (Gympass) Wellness Benefit
- Recreational Safety Benefit
Disclaimer: The above statements are intended to describe the general nature and level of work being performed by associates assigned to this classification. They are not to be construed as an exhaustive list of all responsibilities, duties, and skills required of personnel so classified. All personnel may be required to perform duties outside of their normal responsibilities from time to time, as needed.
Octane Lending is an equal opportunity employer committed to providing equal employment opportunity without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, or any other protected status with respect to recruitment, hiring, promotion and other terms and conditions of employment.
