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Third Party Vendor Management Specialist

2 months ago


Grand Rapids, Michigan, United States Fifth Third Full time

Enhance Banking Solutions with Fifth Third

At Fifth Third Bank, we are dedicated to connecting talented individuals with exceptional career opportunities in the banking sector.

POSITION OVERVIEW: Under moderate supervision in a dynamic call center environment, you will be the key support for the Consumer Solutions department, focusing on the onboarding and ongoing management of third-party vendors. Your role will involve evaluating vendor performance through reporting and scorecards, ensuring alignment with contractual obligations. You will be responsible for planning, scheduling, and engaging in discussions with vendors regarding performance evaluations and issue resolution. Additionally, you will perform various functions to ensure compliance with bank and regulatory standards related to third-party management while adhering to the bank's risk appetite.

KEY RESPONSIBILITIES:

  • Oversee daily vendor operations, including account assignments, recalls, affidavit preparation, settlement processing, system updates, and strategic vendor communications.
  • Maintain and manage performance scorecards for third-party agencies, ensuring Key Performance Indicators (KPIs) align with vendor contracts and bank requirements.
  • Address inbound inquiries from customers regarding charged-off accounts and vendor-related issues.
  • Resolve customer and vendor complaints concerning regulatory compliance, collaborating with Compliance Partners and Internal Legal as necessary.
  • Conduct and document ongoing performance discussions with vendors to review service expectations, compliance concerns, and regulatory changes.
  • Collaborate with Line of Business leadership and the Third-Party Management Team to uphold compliance with vendor monitoring requirements.
  • Ensure adherence to all regulatory requirements, bank policies, and procedures by both internal teams and vendors.

SUPERVISORY ROLE: None

QUALIFICATIONS:

  • High School diploma required; college degree preferred.
  • At least 1 year of experience in Collections, Legal Matters, or Vendor Management.
  • In-depth knowledge of FDCPA and industry regulatory requirements.
  • Proficient in Microsoft Office Suite, including Word, Excel, PowerPoint, and Outlook.
  • Strong computer skills with efficient data entry capabilities.
  • Excellent verbal and written communication skills.
  • Ability to effectively communicate with staff, senior leadership, attorneys, and industry professionals.
  • Familiarity with collections practices, policies, and procedures.
  • Exceptional customer service skills for both internal and external clients.
  • Strong organizational skills and attention to detail.
  • Ability to work collaboratively in a team environment and interact with employees at all levels.
  • Capability to work independently with minimal supervision to meet objectives and deadlines.

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Fifth Third Bank, National Association is committed to fostering an inclusive culture and ensuring equal employment opportunities in all hiring decisions, regardless of race, color, gender, national origin, religion, age, disability, sexual orientation, gender identity, military status, veteran status, or any other legally protected status.