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Senior Vendor Management Specialist
2 months ago
We are seeking a highly skilled Senior Analyst Vendor Management & 3rd Party Risk to join our team at TransPecos Banks. This role is responsible for assessing, monitoring, and mitigating risks associated with our third-party relationships. The ideal candidate will have a strong understanding of risk management principles, methodologies, and regulatory requirements, as well as experience in vendor management and contract lifecycle management.
Key Responsibilities- Conduct risk assessments of new and existing third parties, evaluating and identifying potential risk factors related to information security, data privacy, regulatory compliance, business resiliency, operational resilience, and other relevant areas.
- Implement action plans to address identified risks and vulnerabilities associated with third-party relationships and enhance the overall risk posture of the organization.
- Identify, monitor, and track third-party risk indicators, including incidents and issues requiring remediation, assess the ongoing risk exposure and potential impacts.
- Collaborate with internal subject matter experts to ensure due diligence questionnaires are reviewed in a timely manner.
- Conduct ongoing monitoring, periodic reviews, and audits of third parties to verify compliance with contractual requirements, security standards, and regulatory obligations.
- Manage third-party lifecycles from onboarding to offboarding, ensuring adherence to contractual terms, service level agreements (SLAs), and performance metrics.
- Establish and maintain strong relationships with third parties and internal stakeholders.
- Identify inherent risks associated with outsourcing business processes to third parties.
- Establish and maintain effective relationships with third parties, including internal stakeholders, to foster collaboration and ensure alignment on risk management objectives.
- Review and analyze third-party contracts, agreements, and security documentation to identify potential risks, liabilities, and contractual obligations.
- Maintain and manage inventory of third-party engagements and contract management.
- Ensure third parties adhere to company policies, regulatory requirements, and industry standards.
- Recommend and implement process improvements to optimize vendor management and enhance operational efficiency.
- Prepare detailed reports and presentations for senior management, summarizing findings, recommendations, and risk exposure associated with third-party relationships and vendor management.
- Stay abreast of industry trends, regulatory developments, and emerging risks related to third-party risk management and vendor management.
- Assist in the development and implementation of vendor management policies, procedures, and guidelines.
- Provide training/guidance to internal stakeholders on third-party risk management best practices, policies, and procedures to promote a strong risk-aware culture.
- Identify opportunities for process improvement and automation within the third-party risk management and vendor management functions to enhance efficiency and effectiveness.
- Carry out responsibilities in a manner consistent with our values and operating principles, in accordance with policy and applicable laws, and with a commitment to continuous improvement and process excellence.
- Bachelor's Degree in Business or Related Field.
- 6 years relevant experience with some exposure to financial services.
- Minimum 2 years' experience in Vendor Management with an understanding of contracts and vendor management best practices.
- Minimum 2 years' experience in Third Party Risk Management within financial services.
- One or more relevant certifications (e.g., Certified Third Party Risk Professional (CTPRP), Certified Third Party Risk Assessor (CTPRA), Certified Regulatory Vendor Program Manager (CRVPM), Certified Vendor Manager (CVM)).
- Proficiency in Governance Risk and Compliance (GRC) applications and vendor management software.
- Strong understanding of risk management principles, methodologies, and regulatory requirements and best practices related to third-party risk management and vendor management.
- Proficient understanding of banking regulations and compliance requirements, operational risk management processes and components (risk assessment, risk mitigation, inherent/residual risk, controls, etc.).
- Ability to analyze documents and determine risks and process controls.
- Proficiency in contract lifecycle management.
- Experience in developing and implementing performance metrics.
- Proficiency with Microsoft Word, Excel, PowerPoint, Outlook, and other PC desktop applications.
- Experience in regulatory examinations and internal audits is a plus.
- Experience with Service Organization Control (SOC) report examinations and third-party onsite visits is a plus.
TransPecos Banks offers a competitive salary and benefits package, as well as opportunities for professional growth and development. If you are a motivated and experienced professional looking for a new challenge, please submit your application.