Third Party Risk Associate

Third Party Risk Associate

As a Third Party Risk Associate, you will report to the Assistant Vice President, Risk Management and provide support to the organizational Enterprise Risk Management (ERM) framework. This position ensures that third-party risk is effectively managed to a level consistent with the organization's risk tolerance. You will be responsible for conducting vendor risk assessments, thoroughly reviewing due diligence documentation, and consistently monitoring vendor performance. This role demands an in-depth understanding of Third-Party Risk Management (TPRM) principles and practices.

Responsibilities

Collaborate with the Assistant Vice President, Risk Management to ensure all current and potential third-party risks are accounted for in risk assessments.

Perform inherent risk assessments for new vendors and vendors with changes in the products / services they provide the credit union. Ensure inherent risk assessments for all vendors are current.

Coordinate the collection of due diligence documentation from vendors and vendor client portals with vendor management team. Review due diligence documentation to identify any potential risk and ensure adequate mitigation is in place. Follow-up with vendor management team to obtain any outstanding documentation and resolve any due diligence questions.

Conduct residual risk assessment meetings with vendor relationship managers and applicable stakeholders. Document rationale for ratings, especially those that do not reflect the direction of the due diligence documentation. Ensure contingency plans are documented for vendors with residual risk ratings of "Watchlist" or "Avoid". Communicate annual due diligence summary to management.

Perform periodic vendor performance reviews for all critical, high, and moderate risk vendors. Document all vendor incidents (outages, SLA noncompliance, inadequate support, etc.) in vendor management system. Inform management when vendor performance rating may need to be altered.

Collaborate with the Assistant Vice President, Risk Management to ensure the inherent risk classifications are adequate for the size / complexity of the credit union.

Ensure all new contracts, contract renewals, and associated contract documents are uploaded to the appropriate vendor profile in the contract management system with all applicable notifications (term, price increases, etc.) and distribution lists.

Interact with credit union staff and management in a professional manner while maintaining confidentiality in all areas.

Keep informed of credit union policies and procedures, current accounting and auditing developments, and changes to local, state, and federal laws, as applicable.

Participate and provide input in interdepartmental meetings on critical projects related to vendor selection / management.

Read all internal publications including HUB and Possibilities.

Perform other duties as required or assigned.

Qualifications

Bachelor's Degree required, preferably in Business Administration, Risk Management, Accounting, or related field. Will consider additional years of experience in lieu of degree.

3-5 years experience in an enterprise risk management discipline with third-party risk / vendor management experience within the financial industry, preferably in a credit union. required

Strong knowledge of third-party risk management.

Ability to interpret and comprehend vendor due diligence documentation, including corporate strategy / governance, company reputational data, SOC reports, company financials, business continuity plans / testing, information security policies / plans / testing, and privacy policies.

Ability to interpret and comprehend the various types of SOC reports and results to determine how those results may impact the credit union.

Strong understanding of Enterprise Risk Management frameworks such as COSO, ISO 31000, NIST, etc.

Financial / internal auditing background with a strong understanding of internal control frameworks.

Ability to analyze processes, identify current and / or potential challenges and opportunities, and make recommendations for improvements.

Ability to build relationships and dialogue over time to progress from a point of opposition to alignment.

Must be willing to assume ownership of initiatives to coordinate the work and focus of yourself and others to achieve credit union goals.

Ability to manage concurrent deadlines with multiple priorities and adapt to new challenges and changes.

Must be self-motivated and capable of making independent decisions and applying judgments that directly impact the credit union.

Strong analytical skills with ability to clearly and concisely document and present work product.

Excellent written and oral skills required in order to communicate vendor management topics to all credit union employees and external contacts in a manner easily understood.

Knowledge of current changes and / or developments in applicable federal, state, local laws, and universal policies and procedures.

Moderate to advanced software application skills in Microsoft Office applications (particularly Excel), Zoom, and vendor management software.

Ability to operate related office equipment including laptop computer (PC), multifunction copier, receipt printers, and telephone.

Possess a valid, unrestricted driver's license for occasional travel to various credit union locations.

Regular and reliable attendance is required.