Third-Party Risk Analyst

2 weeks ago

Chicago, Illinois, United States Byline Bank. Full time
Job Overview

The Vendor Oversight Coordinator is tasked with supporting the efficient management of the Bank's Third-Party Risk (Vendor Management) Program and Policy. This role is essential in ensuring comprehensive due diligence, risk evaluation, and ongoing oversight of vendor management operations.

Key Responsibilities:

  • Conduct inherent risk assessments to accurately evaluate vendors through a risk-based methodology.
  • Examine vendor partnerships to determine appropriateness during onboarding, continuous monitoring, and offboarding processes.
  • Assist in generating management reports on Vendor Management Key Risk Indicators (KRIs).
  • Perform annual evaluations of vendor performance for the Bank's vendor portfolio.
  • Verify the operational efficiency of critical financial applications to adhere to SOX regulations.
  • Facilitate the alignment of vendor's Complementary User Entity Controls (CUECs) with the Bank's Information Technology General Controls (ITGCs) and Internal Controls Over Financial Reporting (ICFRs).
  • Maintain and ensure the accuracy of the Bank's Vendor Management databases and software applications.
  • Collaborate proactively with various Business Units, including Accounts Payable, Information Security, Business Continuity, Disaster Recovery, Legal, Credit, Compliance, BSA/AML, and Project Management teams.
  • Effectively communicate Vendor Management concerns to senior management and assist in implementing solutions.
  • In partnership with Business Unit managers, develop and sustain vendor relationships.
  • Ensure necessary due diligence documentation is collected, reviewed, and approved for both new and existing vendor relationships.
  • Coordinate contract evaluations with Legal, vendors, and business unit leaders.
  • Support the administration of Vendor Contracts, particularly regarding contract term dates and other requirements.
  • Identify opportunities for added value and cost savings in third-party expenditures.
  • Escalate and address Vendor Management findings and operational issues to senior management.
  • Manage the Vendor Management communication inbox.
  • Execute administrative, performance tracking, and reporting tasks, identify process inefficiencies, and support the implementation of corrective actions to enhance operational efficiency.
  • Provide assistance with vendor activities to align with the organization's goals and objectives.
  • Create dashboards, monitor trends, and track progress to evaluate the effectiveness of the risk assessment framework and control environment.
  • Participate in audits to ensure vendor compliance with legal standards, organizational policies, and contractual obligations.
  • Serve as an expert on vendor management policies, procedures, and systems.
  • Perform additional duties as assigned.

Qualifications:

  • Preferred Bachelor's degree.
  • Minimum of 3 years' experience in Vendor Management and Supplier Oversight.
  • At least 3 years' experience in Third-party risk management.
  • Familiarity with regulatory third-party/vendor management standards (FFIEC, OCC, and FDIC).
  • Strong interpersonal skills for effective collaboration with vendors, business units, and team members.
  • Experience in Internal Audit, Compliance, or Risk Management is preferred.
  • Ability to work collaboratively with diverse stakeholders at all levels.
  • Self-motivated with a keen attention to detail.
  • Strong organizational and planning skills, with the ability to manage change effectively.
  • Proficient in problem identification, evaluation of alternatives, prioritization, project management, and implementation of high-quality solutions.
  • Demonstrated organizational skills with the capacity to manage multiple projects and priorities based on organizational needs.
  • Excellent verbal and written communication skills.
  • Proficient in MS Office Suite.

Work Environment:

This position typically operates in an office environment, involving frequent sitting, walking, and standing, along with occasional climbing, stooping, kneeling, crouching, crawling, and balancing. Regular use of eye, hand, and finger coordination is required for operating office equipment. Effective oral and auditory communication is essential for interpersonal interactions and communication through automated devices.

Byline Bank is dedicated to offering competitive salary ranges aimed at attracting and retaining talented individuals. We consistently review and adjust our compensation structure to ensure fairness across teams and levels.

Byline Bank is committed to equal employment opportunities for all employees and strives to provide a work environment free from discrimination and harassment. All employment decisions are based on business needs, job requirements, and individual qualifications, without regard to any protected characteristics.

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