OverviewThe VRM Associate supports the development, implementation & ongoing monitoring of the bank's Third Party / Vendor Risk Management Program.
Responsible for performing key activities throughout the third-party lifecycle, including onboarding, risk assessment, due diligence, ongoing monitoring, issue management, offboarding, reporting & compliance duties.
Works closely with all relevant stakeholders to ensure that third-party relationships are appropriately assessed, monitored & managed in accordance with internal policies, procedures & applicable regulatory requirements.
What you'll be doingKey responsibilities include:
- Manage the third-party onboarding process
- Is in charge of initial third-party risk assessments
- Collect, review, and maintain required due diligence documentation
- Evaluate third parties based on relevant risk categories
- Ensure required approvals are obtained before third-party services are initiated
- Identify and escalate gaps or exceptions identified during the onboarding process
- Conduct periodic and event-driven risk assessments of third parties
- Monitor third-party risk profiles and changes in risk ratings
- Track required reviews, assessments, certifications, and supporting documentation
- Monitor key risk indicators and Key Performance Indicators (KPIs)
- Identify emerging third-party risks
- Verify the required risk-related provisions, assessments, and approvals
- Manage the third-party offboarding process
- Track the return or destruction of information and assets, where applicable.
Who we are looking forWe would be pleased to hear from you if you have:
- Bachelor's degree in Business, Risk Management, Supply Chain Management, or a related discipline preferred
- At least 3 years of experience in third-party risk management, vendor management, or a related control function
- Knowledge of third-party/vendor risk management principles and lifecycle processes
- Understanding of risk assessment methodologies and control frameworks
- Proficiency with Microsoft Office applications, particularly Excel and PowerPoint
- Experience working within a regulated financial-services environment preferred.
What we offer- The salary range for this position is 70k $- 95k $
