Third Party Risk Management

Responsibilities

• Conduct comprehensive assessment to evaluate outsource arrangement, ensuring the aspects of materiality, due diligence, risk assessment, contingency & exit management plan and other requirements are thoroughly addressed.
• Evaluate the risk profiles of supplier provider (SP) or vendor, ensuring the outsourcing arrangement aligns with the organization's risk management objectives.
• Conduct a review of the annual outsourcing plan after it has been compiled by the risk managers, ensuring alignment with Third Party Risk Management (TPRM) policy and guidelines.
• Work closely with stakeholders such as contract owner, legal, IT, procurement, business continuity team and respective domain risk manager to ensure risk associated with outsourcing arrangement are identified, assessed, and mitigated.
• Provide advice to the contract owner regarding the outcomes of assessments, highlighting any potential risks, areas of concern, or opportunities for improvement.
• Contribute to the development, review, and update of TPRM policies, guidelines, and procedures, ensuring alignment with regulatory changes and bank’s requirements.
• Perform periodic review, contract renewal, vendor reappointment assessment in existing TPRM arrangements to ensure they continue aligned with the bank’s risk management framework and regulatory requirements.
• Monitor and track the progress of existing outsourcing arrangements through the designated system, ensuring that all reviews are completed within the established timelines.
• Monitor and manage the assessment process through the system, ensuring accurate maintenance of records for outsourcing and materiality detail, risk assessments, contingency and exit strategies, vendor audits, endorsement, approval, required approvals, and other artifacts.
• Conduct a thematic review based on the established metrics, ensuring all relevant risk areas are thoroughly assessed and effectively addressed, and prepare the report.
• Implement a comprehensive outsourcing arrangement lifecycle that spans the entire duration of a SP’s relationship, from onboarding to off‑boarding, ensuring continuous monitoring and management of the outsourcing arrangement.
• Support internal and external audits related to TPRM as needed, including coordination with relevant stakeholders, addressing inquiries, providing clarification, and supporting the audit process.
• Communicate effectively to deliver clear and detailed information tailored to the specific TPRM requirements, providing stakeholders with key messages that are easily understood and actionable for their outsourcing arrangement activity.
• Demonstrate a high level of autonomy in managing outsourcing arrangement BAU activity with minimal supervision, capable of prioritizing and executing work effectively and solving problems independently.

Seniority Level

Employment Type

Job Function

#J-18808-Ljbffr