Vendor Risk Management Specialist
Location
Morristown, NJ | United States
Job description
Job Overview
The Vendor Risk Management Specialist is responsible for supporting Vendor Management's First Line of Defense and Contract Owners / Relationship Managers during vendor due diligence and ongoing monitoring to ensure policy requirements are complete and meet company standards and applicable regulatory requirements. This position must ensure completion of financial, anti-corruption, OFAC and reputational risk assessments throughout the full vendor lifecycle from on-boarding through termination.
Job Description Responsibilities include, but are not limited to:
- Review third party vendor risk assessments to identify quality of risk mitigation controls and work with the Contract Owners / Relationship Managers to address deficiencies. Additionally, work with Subject Matter Experts (SMEs) to evaluate vendor responses.
- Analyze data and assess financial, anti-corruption, reputational and OFAC risks in order to identify impacted business departments, cross-department processes, and facilitate communications and ongoing implementation support with affected parties.
- Work with Contract Owners / Relationship Managers as necessary including follow-ups to ensure all risk assessments are completed in accordance with VMO policy.
- Provide recommendations and best practices to Contract Owners / Relationship Managers pertaining to vendor management processes, activities and requested actions.
- Maintain and enhance where applicable the reporting framework to monitor, measure and report on vendor performance compared to contractual obligations and industry standards.
- Provide initial and on-going due diligence review on third party vendors to ensure risk are identified and applicable standards, and Vendor Management Office (VMO) policies are being followed.
- Collaborate with other SMEs to review third party vendor related risks and address findings and/or systemic issues with the third-party vendor, and, as applicable, request process improvements and/or changes.
- Identify, track and report third party vendors requiring onsite assessments, work with the Contract Owners / Relationship Managers to schedule the same, draft necessary documents and participate onsite assessments.
Requirements Required Skills: - Experience in stakeholder engagement at different levels of an organization.
- Highly detail oriented and critical thinking skills.
- Working knowledge of risk management best practices and/or principles.
- Ability to effectively respond to shifting priorities and assignments.
- Well-organized and detail oriented.
- Ability to meet deadlines and expectations with little or no supervision.
- Excellent oral and written communication skills.
- Ability to effectively respond to shifting priorities and assignments.
- Proficient PC skills in Microsoft Office suite -- Word, Excel, and PowerPoint.
Required Experience: - Bachelor's Degree in Business, Finance, Economics, Statistics, or related business degree and a minimum of 5 years of experience in vendor risk management, operational/enterprise risk management, or related risk management experience.
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