Director Third Party Risk Management

Purpose and Scope

The Director, Third Party Risk Management will ensure transparent, effective, and controlled risk management and governance related to the introduction and ongoing monitoring of third parties throughout the Enterprise. Work closely with Third Parties, Business Owners, Executive Sponsors, as well as independent risk and other control functions in carrying out job responsibilities. Develop and maintain a risk-based framework and oversight that includes methodology, roles, responsibilities, documentation, governance and reporting to provide transparent, effective, and controlled risk related to the introduction of third parties throughout the Enterprise. This role will assist with the development of enhancements to new or existing third-party policies and procedures.

Responsibilities and Duties:

• Must be an effective change agent and collaborator, possess the skills and willingness to perform duties that are a combination of tactical, transactional, and strategic in nature.

• In tandem with relevant stakeholders, develop risk mitigation strategies and action plans as appropriate across commercial relationships.
• Support ongoing operational enablement and efficient execution of third-party engagements and the associated risk management program activities.
• Oversee and or develop ongoing monitoring plans in alignment with TPRM policy for newly on boarded third parties.
• Identify and solve root cause TPRM lifecycle issues; provide training and coaching to stakeholders.
• Lead tollgate and risk assessment cross-functional reviews to proactively identify inherent and residual risks related to new and existing contractual relationships.

• Continuously refine and adapt the TPRM Program in response to emerging trends, and evolving industry best practices and regulatory requirements.
• Review, design and implement appropriate KRI’s and metrics that accurately measure and represent third-party related risk.
• Monitor and evaluate the adequacy and effectiveness of the various inter-dependent risk and related program policies, procedures, processes, systems, and internal controls that will help effectively manage third-party risk.
• Execute issue management end-to-end activities (issue identification, prioritization, assignment, remediation, closure) for matters pertaining to third parties, as well as the TPRM Program.
• Review and comply with the Code of Business Conduct and all applicable company policies and procedures, local, state, and federal laws, and regulations.

• Performs other duties as assigned.
• Assists with various projects as assigned by direct supervisor.

Education:

Bachelor’s degree required, advanced degree preferred or equivalent work experience in lieu of. Third party Risk Management certifications a plus.

Experience and required skills:

• Drive the enterprise third-party risk management oversight function to align with industry best practices and comply with current and planned third-party regulatory guidance; manage the onboarding and the on-going Third-Party Risk Management (TPRM) Program
• Ensure business adherence to related risk policies, standards, and procedures.
• Drive preparation of and or review regulatory deliverables, possess demonstrated capability to effectively interact with stakeholders
• 8-10 years Risk Management experience with 5+ years management experience
• Execute responsibilities articulated in the relevant policies pertaining to third party-risk management

• Keep abreast of the latest third-party best practices and regulatory requirements as it relates to the specific lines of business
• Partner with assigned business units to establish an appropriate engagement process to enable meaningful oversight and portfolio management
• Provide proper oversight of our business relationships, evaluate, and monitor all aspects of the services, and independently assess increasing and emerging risks in the third-party space
• Identify changes in business or relevant regulations that may lead to an increase in risks pertaining to Third Party relationships