Third-Party Risk Management

3 weeks ago

Hyderabad, India Live Connections Full time
Job Description: We are seeking a talented and experienced Third-Party Risk Management (TPRM) Consultant with a primary focus on vendor risk assessment and vendor onboarding processes. The ideal candidate will have a strong background in risk management, with specific expertise in assessing and onboarding third-party vendors across various business functions. This individual will play a critical role in enhancing our TPRM framework to effectively identify, assess, and mitigate risks associated with vendor relationships.

Key Responsibilities:

1. Lead the development and implementation of robust vendor risk assessment methodologies and processes to evaluate the risk exposure posed by third-party vendors across the organization.2. Conduct comprehensive risk assessments of potential and existing vendors, considering factors such as financial stability, security controls, regulatory compliance, and business continuity.3. Collaborate with internal stakeholders, including procurement, legal, compliance, and business units, to ensure alignment of vendor risk assessment processes with organizational objectives and regulatory requirements.4. Develop and maintain vendor risk profiles, including risk ratings, mitigation strategies, and ongoing monitoring requirements, to facilitate informed decision-making and risk mitigation efforts.5. Partner with vendors to address identified risks and deficiencies, including the development and implementation of remediation plans to strengthen controls and improve risk posture.6. Oversee the vendor onboarding process, ensuring adherence to TPRM policies and procedures, conducting due diligence reviews, and obtaining necessary approvals before engaging new vendors.7. Provide guidance and support to business units in understanding and managing vendor-related risks, including contract negotiations, service level agreements (SLAs), and risk mitigation strategies.8. Monitor and report on key vendor risk indicators (KRIs), emerging risks, and trends, providing regular updates to senior management and key stakeholders.9. Stay abreast of industry trends, regulatory developments, and emerging best practices in TPRM, incorporating relevant insights into vendor risk assessment and onboarding processes.

Qualifications:

1. Bachelor's degree in Business Administration, Finance, Risk Management, or related field. Advanced degree (e.g., MBA, CFA, CRCM) preferred.2. 9-14 years of experience in third-party risk management, vendor management, or related field, with a focus on vendor risk assessment and onboarding processes.3. Strong understanding of regulatory requirements, industry standards, and best practices related to vendor risk management (e.g., OCC Bulletin 2013-29, ISO 27001, etc.).4. Demonstrated experience developing and implementing vendor risk assessment methodologies, including risk scoring models, assessment criteria, and evaluation frameworks.5. Excellent analytical and problem-solving skills, with the ability to assess complex risks and develop pragmatic solutions to mitigate them.6. Strong project management skills, with the ability to manage multiple initiatives simultaneously and deliver results within established timelines.7. Excellent communication and interpersonal skills, with the ability to effectively collaborate with internal stakeholders and external vendors.

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