Senior Contracts Specialist

3 weeks ago

Wilmington, United States Wsfs Financial Full time
Job Description

At WSFS Bank, we empower our Associates to grow their careers, guide our customers to secure their financial futures, and actively support our Communities so they can fully thrive. Careers with WSFS Bank offer an inclusive and supportive culture, competitive salaries, advancement opportunities, and more. We are the region's locally headquartered bank and wealth management company. We are honored to consistently be named a Top Workplace by our Associates, who make a difference every day for the people, businesses, and Communities we serve. We Stand For Service® is more than part of our name, it's our mission and our purpose.

The Senior Contracts Specialist will support the Bank with review, redline, and negotiation of contractual documents at WSFS Bank in compliance with the Third-Party Risk Management (TPRM) Program. The incumbent will assist in the onboarding of vendors and solutions The Bank / Business Lines would like to conduct business with, ensuring all required contractual language is included in each agreement based off the vendor/solutions inherent and criticality risk rating. The incumbent will meet with the Business Lines and Vendor Relationship Managers (VRM) to obtain a clear understanding of services the vendor will provide to WSFS. In addition, the Senior Contracts Specialist will negotiate contract terms with vendors based on business needs and legal guidelines assisting business units in determining service-level agreement (SLAs).

Job Responsibilities:
  • Responsible for managing a high volume of contractual reviews prioritizing each review to meet execution deadlines. This includes and is not limited to new business, existing business adding additional services, statements of work, termination notices, renewals, addendums, amendments, and regulatory updates/changes.
  • Responsible for keeping WSFS Bank's Contracts Playbook up to date with any changes or updates.
  • Review contracts as submitted and determine contracts' criticality. Facilitate review with internal and or external counsel, if necessary.
  • Multitask contractual reviews and prioritize based on inherent risk criticality rating.
  • Review agreements, addendums, amendments, and statements of work redlining, where necessary.
  • Ensure all contracts are entered into the system of record in a timely manner and updated as changes occur.
  • Complete contract checklist on all executed agreements.
  • Work with Third Party Risk Management Due Diligence Team to ensure due diligence is completed on all vendors/solution prior to contract execution.
  • Identify issues as they arise and work them to closure, escalating when appropriate.
  • Partner with technology, compliance, risk, legal, business lines, etc. to ensure contractual language is appropriate for relationship.
  • Maintain awareness of contracts that are set to expire and handle the termination letter process with applicable vendor relationship managers (VRM).
  • Create contractual templates for staffing vendors, facility vendors, etc.
  • Provide weekly contracts reporting to Director of TPRM.
  • Conduct monthly quality control review of contractual documents and contract checklists.
  • Update WSFS Banks Contracts Playbook with any updates or changes in real time.
  • Other duties as assigned.

Minimum Qualifications:
  • Bachelor's Degree or equivalent combination of education and experience in risk management, regulatory compliance, contract management, and/or other relevant experience.
  • Must have 3-5 years of experience redlining corporate contracts and/or paralegal work.
  • Experience in negotiating complex and dynamic legal documents is required.
  • Must possess the ability to identify issues and work them to remediation, escalating when appropriate.
  • Must be able to understand and apply federal banking guidelines and regulations.
  • Must have experience working across a diverse set of stakeholders with positive results.
  • Must possess the ability to work collaboratively with a broad range of constituents.
  • Must have strong written and oral communication skills.

WSFS Bank is inclusive and supportive of individual needs. If you have a physical or other impairment that might require an accommodation, including technical assistance with the WSFS Bank Careers website or submission process, please contact us via email at

WSFS is an equal opportunity employer. We do not discriminate based upon race, religion, color, national origin, gender (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity, gender expression, age, status as a protected veteran, status as an individual with a disability, or other applicable legally protected characteristics.

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