Procurement Compliance Specialist

Volkswagen   •  

Herndon, VA

Industry: Manufacturing & Automotive

  •  

8 - 10 years

Posted 52 days ago

Role Summary:

The Procurement Compliance Specialist role is a regulatory compliance and risk prevention position sitting within the procurement function and having a dotted reporting line to the Compliance Manager. The position will be responsible for supporting the VW Credit, Inc. (VCI) vendor risk management program by performing due diligence and ongoing monitoring to ensure vendors comply with applicable federal and state laws. This position must ensure compliance during the full vendor lifecycle from on-boarding through termination. Shaping and management of vendor contracts will be an important part of this job role.

Role Responsibilities:


  • Adhere to the VCI's Vendor Risk Management (VRM) framework through the execution of policies and procedures throughout the lifecycle of a third-party vendor relationships
  • Provide initial and on-going due diligence review on third party vendors and, as applicable, fourth party vendors to ensure regulatory compliance risk are identified and applicable laws, regulatory standards, and VCI's policies are being followed
  • Review third party vendor assessments to identify quality of regulatory compliance controls and work with the third-party vendor to address any deficiencies
  • Provide direction with the contractual terms based on the outcome of the vendor assessment, quality of compliance controls and regulatory requirements
  • Identify any regulatory performance related clauses and measures within the contract, and implement appropriate monitoring and, as applicable, testing plans, including obtaining third party vendor complaints, recording the same in alignment with the VRM policy, and escalating as needed
  • Monitor third party vendor relationships for any regulatory actions, consent orders, class actions, develop action plans and escalate as needed
  • Collaborate with the Complaint Management team to review third party vendor related complaints and address findings and/or systemic issues with the third-party vendor, and, as applicable, request process improvements and/or changes
  • Provide recommendations to business departments pertaining to updates in processes and procedures by collecting, organizing, and analyzing data from multiple sources, based on business needs and regulatory changes
  • Analyze data and assess compliance risks in order to identify impacted business departments, cross-department processes, and facilitate communications and ongoing implementation support with affected parties
  • Review regulatory tracking database on a daily basis to review all state and federal legislation introduced
  • Analyze purpose of legislation and assess how it may impact a VCI business department or process
  • Track relevant legislation and send regular updates to business department managers
  • Assist the Compliance Manager with review and analysis of final state and federal audit reports. Work with business departments as necessary to update policies and procedures
  • By utilizing risk-based framework, identify which third party vendors require onsite assessments, work with the stakeholders to schedule the same, draft necessary documents and participate onsite assessments
  • Provide reporting related to third party vendor compliance to drive the effective management of the
  • third party vendor processes and ensures processes are within the risk tolerance of VCI
  • Develop and foster effective working relationships with Business Owners and other key risk stakeholders
  • Assist with developing, implementing and maintaining policies and procedures to ensure adequate third-party vendor oversight
  • Respond to requests for third party vendor related information from internal and external stakeholders, auditors and regulatory agencies
  • Ensure all third-party vendor documents are current and maintained in the appropriate records repository
  • Report significant third-party vendor relationship regulatory issues to the Regulatory Compliance manager and committees
  • Keep up to date with relevant regulatory guidance, industry practices and VCI policies
  • Perform other tasks as assigned by the manager

Experience:


  • 7+ years automotive finance or related financial services experience
  • 5 years regulatory compliance
  • 3 years in vendor risk management


Education:


  • Required – Bachelor's Degree in business, finance, vendor management or related major
  • Desired – Compliance certification (e.g. AFIP or NAF)


General Skills:


  • Systemic knowledge of financial services operations
  • Business objectives focus: able to see the 'big picture'
  • Highly detail oriented
  • Excellent decision-making and problem-solving skills
  • Excellent verbal and written communication and presentation skills
  • Ability to exercise strong judgement in a compliance setting
  • Influencing and negotiation skills


Specialized Skills:


Required


  • Strong working knowledge with state and federal laws and regulations relating to financial services
  • Strong risk management background
  • Specialized training in consumer, legal and regulatory requirements
  • Experience of managing vendor contracts from a compliance perspective
  • Deep knowledge of compliance and legal regulations relating to automotive leasing and retail lending.
  • Experience within a federally regulated financial institution, supporting the compliance and/or legal functions, as well as, risk management


Desired


  • Experience with vendor risk management systems (e.g. RSA Archer)
  • Experience of procurement transformation activities

Work Flexibility:

  • 25% -50% of the time to vendor locations as required