The incumbent is responsible for all aspects of and will provide oversight, guidance and challenge to the Bank s Third Party Risk Management (TPRM). S/he will establish and enhance the Third Party Risk Framework, draft and maintain TPRM policies and standards, develop and execute TPRM annual work plans, and conduct periodic risk assessments. S/he will also assess, monitor and track TPRM lifecycle activities, ensure documentation completeness, and prepare aggregated TPRM reports on risk data and analysis.
Job Responsibilities
Include but are not limited to:
Third Party Risk Management Framework
- Establish and enhance the Third Party Risk Framework, ensure it consists of appropriate components to effectively manage third party risks
- Update third party risk management policies and procedures
- Develop and execute a third party risk annual work plan to review and challenge risk identification, assessment, control evaluation and testing activities
- Utilize a consistent risk rating methodology for controls that aligns with the Operational Risk Framework
- Conduct periodic risk assessment of third party risks
Third Party Risk Management Lifecycle & Implementation of TPRM Second Line Review
- Assess, monitor and track third party risk management lifecycle activities as second line of defense
- Provide third party risk management guidance to First Line Units ( FLUs )
- Ensure the completeness of the central documentations of the bank wide third party population
- Prepare aggregated third party risk report
- Keep abreast of current industry tools, trends, and regulatory requirements
- Work with other SMEs under the third party risk management framework to ensure the third party risk management activities are efficient
- Ensure third party risk management system is implemented and all updates are installed timely
- Provide timely training of system upgrades or updates to all system users
Risk Assessment
- Assist with new product management risk assessment process
- Assist with RACA quarterly review in the expertise of third party risk management
BSA/AML, Compliance, and Talent Management
- Complete required BSA/AML, and other compliance trainings as provided
- Beware of BSA/AML issues, provide risk warnings to First Line Units and internal risk management departments when noticed
Job Requirements
- A Bachelor s degree is required, and an advanced degree is preferred
- Minimum 5 years of work experience in financial service industry is required
- Minimum 5 years of work experience in risk management and minimum 2 years of third party risk management experience are required
- Knowledge of operational risk management and assessment, regulatory and compliance, general IT risk/IT operation as well as business lines and workflow in financial/banking industry is required
- Certified Third Party Risk Professional or Certified Regulatory Vendor Program Manager is preferred but not required
The salary range for the AVP position is $65,000.00 - $150,000.00, the salary range for the VP position is $110,000.00-$230,000.00. Actual salary is commensurate with candidate s relevant years of experience, skillset, education and other qualifications.