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Senior Contracts Specialist
4 months ago
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 regions 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
At WSFS Bank we empower our Associates to forge the careers of their dreams, we guide our Customers to secure their financial futures, and we actively support our Communities so they can fully thrive
We know that when we work together and move forward with purpose a brighter path to the future lies ahead for our Associates, our Customers, and the Communities we serve
WSFS Financial Corporation (WSFS) is a multibillion-dollar financial services company
Its primary subsidiary, WSFS Bank, is the oldest and largest locally-headquartered bank and trust company in the Greater Philadelphia and Delaware region
As of March 31, 2023, WSFS Financial Corporation had $20.3 billion in assets on its balance sheet and $65.6 billion in assets under management and administration
WSFS operates from 119 offices, 92 of which are banking offices, located in Pennsylvania (61), Delaware (39), New Jersey (17), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management
Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust®, The Bryn Mawr Trust Company of Delaware, Cash Connect®, NewLane Finance®, Powdermill® Financial Solutions, WSFS Institutional Services®, WSFS Mortgage®, and WSFS Wealth® Investments
Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name.
