Head of Third Party Risk Oversight

2 weeks ago

Miami, United States Emigrant Bank Full time

Position: Director of Third Party Risk Management

Department: Risk Management

Reports To: Chief Risk Officer

Employment Status: Full-Time, Exempt

Office Location: Remote / Hybrid

Job Overview

The Director of Third Party Risk Management is integral to the enhancement and evolution of the Enterprise Risk Management (ERM) framework at Emigrant Bank. This role entails the supervision and administration of risks associated with external partners, particularly focusing on collaborations with Fintech entities. The Director will be tasked with formulating, executing, and sustaining a thorough risk management strategy aimed at identifying, evaluating, monitoring, and alleviating risks that may affect the bank's operations and adherence to regulatory standards. Collaboration with various internal departments, including Compliance, Legal, IT, and Operations, is essential to ensure that all Fintech partnerships align with the bank's risk tolerance and regulatory obligations.

Key Responsibilities:

  • Collaborate across departments to develop a comprehensive third-party risk management framework specifically designed for Fintech partnerships.
  • Maintain and refine risk assessment methodologies, conducting both ongoing and ad-hoc evaluations.
  • Contribute to the creation of policies and programs related to third-party risk management, ensuring alignment with best practices and regulatory expectations.
  • Assist in the design of a key risk indicator (KRI) framework, including the calibration of thresholds across various risk dimensions.
  • Lead the vendor risk management initiative, ensuring robust oversight.
  • Engage closely with internal stakeholders, including Legal, Compliance, IT, and Business Units, to integrate third-party risk management into all aspects of Fintech collaborations.
  • Act as the primary liaison for all matters related to third-party risk concerning Fintech relationships.
  • Develop and maintain risk management dashboards for effective monitoring.

General Responsibilities:

  • Adhere to all safety policies, practices, and procedures, reporting any unsafe activities to the appropriate channels.
  • Engage in proactive team efforts to achieve departmental and organizational objectives.
  • Perform additional duties as assigned, demonstrating flexibility and adaptability.
  • Provide leadership through example and knowledge sharing.
  • Work independently with minimal guidance while operating within established policy frameworks.
  • Prioritize and organize tasks effectively, managing multiple assignments simultaneously.

Qualifications:

  • Ten to fifteen years of relevant experience within banks or financial institutions, particularly in third-party relationship management and associated regulatory guidance.
  • Comprehensive understanding of laws and regulations from regulatory bodies, along with a solid grasp of internal controls.
  • A Bachelor's degree in a relevant field is required; an advanced degree is preferred. Professional certifications in risk management, audit, project management, or investment management are highly valued.

Additional Requirements:

  • Exceptional verbal and written communication skills.
  • Strong independent judgment and critical thinking abilities.
  • Robust analytical and risk assessment capabilities.
  • Entrepreneurial mindset necessary for fostering positive relationships with management and staff.
  • Ability to convey complex concepts to a diverse audience.
  • Proficient in Microsoft Office, particularly in PowerPoint and Excel.
  • Strong organizational and project management skills to coordinate multiple priorities effectively.
  • A high degree of creativity and autonomy in decision-making.

This job description serves as a core outline of the duties and requirements associated with this position. It is not intended to be an exhaustive list. The individual assigned to this role is expected to fulfill the responsibilities outlined above and adapt to any changes or additions as necessary.

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