Northern Trust

Manager, Procurement and Third-Party Governance & Compliance

Northern Trust • $114K — $194K *
Chicago, IL 60629In-Person
Finance & Insurance
8 - 10 years of experience
1 month ago
Job Overview by Ladders

Qualifications

  • 10+ years in procurement governance, risk management, audit, compliance, or third-party risk, preferably in financial services or regulated sectors.
  • Experience leading regulatory exams and audits within a First Line of Defense model.
  • In-depth understanding of Third-Party Risk Management, Procurement controls, and regulatory change management processes.
  • Ability to design governance frameworks and handle complex regulatory expectations.
  • Strong executive presence for effective communication with senior leaders and regulators.

Responsibilities

  • Design and sustain a comprehensive Procurement and Third-Party governance and compliance program.
  • Implement the Risk and Control Matrix (RACM) for effective control ownership and operational clarity.
  • Establish a structured Regulatory Change Management process for Procurement and Third-Party programs.
  • Manage internal governance dashboards to monitor audit status, risks, and remediation efforts.
  • Lead Third-Party and Procurement audits, ensuring audit readiness and compliance.
  • Proactively address findings from audits and regulatory feedback for effective remediation.
  • Review and enhance Procurement policies and procedures to align with regulatory expectations.

Benefits

  • 401k and pension retirement plans.
  • Comprehensive health benefits including medical, dental, and vision.
  • Paid time off and parental/caregiver leave.
  • Life and accident insurance coverage.
  • Voluntary and well-being benefits options.
Full Job Description

The Head of Procurement Governance & Compliance is a senior leadership role responsible for designing, implementing, and sustaining a comprehensive governance, audit, and compliance framework across Global Procurement and Third-Party Management. This role serves as the First Line of Defense (1LOD) subject matter leader, accountable for audit readiness, regulatory change management, risk and control effectiveness, and remediation execution.

The role partners closely with the Global Sourcing, Third-Party Management Office (TPMO), Risk, Compliance, Internal Audit, and business stakeholders to ensure strong control discipline, timely issue resolution, and transparent executive reporting.

Major Duties :

Governance, Risk & Compliance Leadership
  • Design, implement, and sustain a comprehensive Procurement and Third-Party governance and compliance program, aligned with enterprise risk and regulatory requirements.
  • Implement and maintain the Risk and Control Matrix (RACM) for Procurement and Third-Party Management, ensuring control clarity, ownership, and operating effectiveness.
  • Establish and maintain a structured Regulatory Change Management intake and oversight process for Procurement and Third-Party programs.
  • Launch and manage internal governance dashboards, reporting, and metrics to enable proactive monitoring of audit status, risks, issues, and remediation progress.
  • Track, monitor, and report on self-identified issues, ensuring timely escalation and resolution.

Audit Management & Readiness
  • Lead and efficiently complete Third-Party, Procurement, and TPMO audits, serving as the primary 1LOD owner.
  • Design and execute a sustainable audit readiness program, including control documentation, evidence standards, and walkthrough preparedness.
  • Proactively address audit findings and regulatory feedback, ensuring timely and effective remediation.
  • Continue to mature the audit function, driving consistency, discipline, and continuous improvement.
  • Establish and oversee a 1LOD testing program within Third-Party Management to proactively validate control operating effectiveness.

Risk & Control Execution (RCE) Oversight
  • Sustain the 1LOD RCE Quality Control (QC) process for Procurement and Third-Party deliverables prior to submission.
  • Partner with the TPMO Control Tower to support RCE submission packages and executive memos, as required.
  • Provide bi-weekly RCE status updates to the Chief Procurement Officer.
  • Deliver monthly executive reporting to the CPO on audit outcomes, issue remediation status, and emerging risk themes.

Policies, Procedures & Standards
  • Review, maintain, and enhance Procurement and Third-Party policies, standards, and SOPs, ensuring alignment with regulatory expectations and operational reality.
  • Develop new SOPs as needed to support new regulations, control enhancements, or operating model changes.
  • Ensure policy and procedure governance is consistently embedded across Global Procurement.

Stakeholder Management
  • Act as a trusted advisor to the CPO, TPMO, Risk, Compliance, and Internal Audit teams.
  • Represent Procurement in regulatory discussions, audits, and control forums as the authoritative 1LOD leader.


Knowledge :

    • Audit & Regulatory Readiness
    • Risk & Control Design (RACM, RCE, 1LOD Testing)
    • Third-Party Risk & Procurement Compliance
    • Executive Reporting & Governance Metrics
    • Policy & Procedure Governance
    • Stakeholder Influence & Cross-Functional Leadership


Experience :

  • 10+ years of experience in procurement governance, risk management, audit, compliance, or third-party risk, preferably within financial services or a highly regulated environment.
  • Demonstrated experience leading regulatory exams, audits, issue remediation, and control programs within a First Line of Defense model.
  • Deep knowledge of Third-Party Risk Management, Procurement controls, RACMs, RCSA, audit lifecycle, and regulatory change management.
  • Proven ability to design governance frameworks and translate regulatory expectations into scalable operating practices.
  • Strong executive presence with the ability to communicate clearly with senior leaders and regulators.

Salary Range:

$114,700 - 194,900 USD

Salary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component.

About Northern Trust

Northern Trust is a global leader in delivering innovative investment management, asset and fund administration, and fiduciary and banking solutions to corporations, institutions, and affluent individuals. They have evolved with the changing needs of their clients and their world.

Northern Trust Careers

Joining Northern Trust means becoming part of a global financial services institution that is dedicated to providing expert guidance and innovative solutions to its clients. At Northern Trust, we pride ourselves on fostering a culture of leadership, diversity, and innovation, which makes us a premier destination for career growth in the financial industry.

Work You’ll Do

At Northern Trust, you will collaborate with some of the most talented professionals in the financial sector. Our team is committed to excellence and equipped with a diverse range of skills that contribute to our dynamic environment. Here, you will have the opportunity to lead projects that transform our services and drive significant value for our clients across the globe.

Explore Job Opportunities and Internships

Whether you are starting your career or looking to make a significant impact in the financial industry, Northern Trust offers a variety of job opportunities and internships that will help you achieve your professional goals. From entry-level positions to leadership roles, our company is actively hiring individuals who are passionate, curious, and driven to excel.

Innovative Work

Northern Trust is at the forefront of financial innovation. Our employees are encouraged to think creatively and leverage cutting-edge technologies to solve complex problems. By joining our team, you will work on pioneering solutions that redefine the standards of financial services.

Be Part of a Great Team

Our team at Northern Trust is more than just a group of employees – we are a community. We value collaboration, and our culture is built on mutual respect and a commitment to diversity and inclusion. Working with us, you will experience a supportive network that is passionate about sharing knowledge and ideas.

Future-Proof Your Career

Northern Trust is dedicated to your professional development. We offer comprehensive benefits, diversity training, and numerous resources to help you grow your career. With our support, you can expand your skills, gain valuable experience, and achieve professional certifications that will enhance your career trajectory.

Stay Connected

Join Our Team

Discover the perfect role for you at Northern Trust by exploring our current job openings that match your skills and interests. We are looking for professionals who are solution-driven and eager to contribute to our legacy of financial excellence.

Keep Up to Date

Stay informed with the latest career tips, industry insights, and professional growth opportunities—all available through our careers blog. At Northern Trust, we ensure that our team members are always ahead in the industry.

Job Alert Emails

Customize your experience by subscribing to job alerts and insider tips tailored to your preferences. At Northern Trust, exciting and rewarding opportunities are always on the horizon, and we are eager to see where your talents can take us. Join Northern Trust today and be part of a company that values innovation, leadership, and a diverse and inclusive workplace. Here, every position is a chance to contribute to something bigger and to turn your job into a meaningful career.
Learn more about Northern Trust
Size
21,100 employees
Market Cap
$18.1 billion
Industry
Finance & Insurance
Net Income
$1.2 billion
Founded
1889
5 Year Trend
+4.9%
Revenue
$6.1 billion
NASDAQ
NTRS
* Ladders Estimates

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