Vendor Risk Associate

Job Description

Job Description

Vendor Risk Associate

ABOUT THE POSITION:

This position will support the identification, vetting, and contracting process with regards to vendor / supply chain risk issues and will report to the Head of Vendor Risk Management.

Key categories of vendor risk management include:

• Due Diligence
• Monitoring
• Managing
• Mitigating

SPECIFIC RESPONSIBILITIES INCLUDE:

• Review supplier initial due diligence materials (Compliance, IT Security, Financials)
• Identify potential issues and establish appropriate follow up steps for uncovered issues
• Monitor and report on any supply chain risk incident occurrences for critical vendors
• Assist business owners and SSEM team members with vendor on-boarding; screening, risk assessments, etc.
• Document the completion and acceptance of these actions
• Create and conduct training for business owners on standards and practices associated with vendor / supply chain risk management
• Manage routine supplier risk evaluation schedule; track contract renewals and expiration dates for existing contracts, insurance certificates, risk remediation status, etc.
• Monitor and manage all supplier alerts provided by third party information services
• Respond to and advise management of risk alerts, potential impacts of the risk alert and suggest corrective course of action to mitigate the impact of the risk incident
• Maintain and update a supplier risk management database containing risk assessments, risk incidents, risk incident disposition, etc.
• Leverage all available sources of risk information
• Develop a deep knowledge of all applicable regulatory requirements regarding the monitoring and managing of third-party risk
• Assist with the creation, implementation, and revisions of policies and procedures and associated governance models related to vendor/ supply chain risk management
• Liaising with key organizational constituents to understand and document specific business requirements related to supply chain risk management
• Maintain an audit ready status of the vendor management function

SKILLS & EXPERIENCE REQUIRED:

• Bachelor’s degree
• Minimum of 2 years direct working experience in managing vendor / supply chain risk
• Experience in working with both internal and external auditors and compliance managers
• Expertise in monitoring and managing key supplier risk, compliance and audit objectives
• Excellent analytical skills and problem-solving capabilities
• Team player who can collaborate across multiple functional areas
• Individual who is results driven and who constantly raises the bar
• Excellent communicator who can write and speak clearly, concisely, and convincingly
• Self-starter capable of designing and implementing processes and controls
• Working knowledge of key regulator monitoring and managing requirements of third-party suppliers