Risk Contracting Support Specialist
4 weeks ago
Northern Trust is a globally recognized financial institution with a rich history dating back to 1889. As a Fortune 500 company, we provide innovative financial services and guidance to the world's most successful individuals, families, and institutions.
Job SummaryWe are seeking a highly skilled Risk Contracting Support Specialist to join our Third Party Management Office (TPMO). The successful candidate will be responsible for reviewing contracts and identifying risk assessment requirements. This role will involve collaborating with business units and the Procurement team to implement and execute the contracts review process.
Key Responsibilities- Collaborate with strategic sourcing leads and business partners to identify service/product requests and assess criticality of risk.
- Responsible for continuous oversight and management of service/product changes throughout the contract negotiations.
- Thought leader with experience or interest in leading risk contracting projects.
- Influence and drive improvements of global policies, programs, and processes.
- Manage and support regulatory and compliance requirements.
- Support and present TPMO/Procurement performance metrics and projects to senior management.
- Establish and maintain relationships with key partners, educate on policy/guidelines, and resolve related request issues.
- Collaborate with the strategic design and development team to automate and periodically review program-related artifacts, risk methodologies, service categories, and associated risk profiles.
- Excellent verbal and written communication skills.
- Functional/industry knowledge is required.
- Contracting review and risk analysis oversight experience.
- Analytical and communication skills to analyze information and disseminate information.
- Leadership and organizational skills to direct activities for multiple business units.
- Ability to foster a positive and proactive approach to process assessment and improvement.
- Strong organization, attention to detail, time management, planning skills, and ability to handle multiple competing priorities.
- Strong organizational skills, collaborative approach to work, and strong interpersonal skills.
- Demonstrates strong analytical skills with the ability to generate complex reports.
- Highly flexible and adaptable to change in a high-demand environment.
- Proficiency in Microsoft Word, Excel, PowerPoint, Visio, and data analytic tools including PowerBI.
- Bachelor's degree and approximately 2-5 years of related work experience with a clear understanding of and experience in financial services/internal audit/risk consulting.
- An undergraduate or graduate degree in Accounting, Finance, or Risk and/or another appropriate academic major is highly preferred.
- A thorough understanding of third-party risk management, with prior experience in designing program solutions, risk scoring, and aggregation methodologies.
- Understanding of global risk regulatory requirements with emphasis on US (OCC Bulletins, FFIEC, FRB, FDIC) or UK (PRA, FCA).
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