Specialist, Third Party Oversight

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GENERAL FUNCTION:

As first line of defense, this function assists with the development of strategies for outsourcing activities and manages assigned third party relationships for third party services that are utilized within a particular line of business or division. The role supports the achievement of Fifth Third Bank’s objectives by addressing the full life-cycle of a third party relationship; including assistance with third party on-boarding, ongoing monitoring, and recertification. Assists with development and management of reporting that validates third party performance alignment with the stated guidelines and controls as outlined in contractual terms. Works in conjunction with impacted parties to resolve project or performance issues and ensures solution requirements are met. Transforms data into business intelligence by developing and presenting information and insights to stakeholders. The primary goal of this function is to adhere to and ensure LOB adherence to third party governance so that Fifth Third Bank receives the expected value from the third party engagement. Responsible and accountable for risk by openly exchanging ideas and opinions, elevating concerns, and personally following policies and procedures as defined. Accountable for always doing the right thing for customers and colleagues, and ensures that actions and behaviors drive a positive customer experience. While operating within the Bank’s risk appetite, achieves results by consistently identifying, assessing, managing, monitoring, and reporting risks of all types.

DUTIES & RESPONSIBILITIES:

In partnership with the Line of Business (LOB), Vendor Risk Management (VRM), and other Risk partners, the role assists in developing/maintaining complex LOB or division-specific third party policies. Create and Manage monitoring plans for assigned critical third parties, and when necessary assist with development of monitoring plans for all other third parties. In conjunction with the LOB service owner, facilitate the third party recertification process, working with IT, Sourcing, Legal, and Vendor Risk Management. When necessary prepares status reports and presentations to keep all levels of management and internal partners abreast of key milestones, performance issues, portfolio data, and potential risks. This includes providing data or participating in Third Party working groups and Steer Councils. Train LOB service owners and risk partners in assigned space on risk programs/procedures, third party lifecycle, and monitoring requirements. Partner with LOB service owners to ensure all third parties have the appropriate monitoring in place per risk programs and the monitoring matrix. When necessary elevate gaps and risks to senior leadership in the LOBs for resolution. Provide analytics for Internal Working Groups, periodic business reviews, and periodic performance meetings for all applicable critical third parties. Assist LOB service owners with development of scorecards for individual third parties, ensuring that Key Performance Indicators (KPIs) are in alignment with third party contracts and LOB requirements. Investigate applicable third party issues, trackable events and monitor action plans to ensure timeliness of resolution. In conjunction with the LOB and other risk partners, proactively identifies, manages, and communicates issues and risks, escalating as appropriate through management. Ensure incidents are put through appropriate enterprise programs and tracked to resolution, root cause analysis is done, and where appropriate escalation is done. Assist LOB with compliance to and execution on the Bancorp’s complaint management program. Create exit strategies and contingency plans for Critical Third Parties. Monitor and assist with development and execution of exit strategy and contingency plans for all other third parties. Participate in contract negotiations and renewals in partnership with Sourcing and LOB to ensure that contractual SLAs are in alignment with the needs of the business. Assist in development of necessary policies and procedures needed for the group.

SUPERVISORY RESPONSIBILITIES:

None

MINIMUM KNOWLEDGE, SKILLS AND ABILITIES REQUIRED:

Bachelor’s degree or equivalent experience required (related field preferred). Master’s degree in relevant field preferred. 4+ years of related business experience required. Experience in Sourcing/Third Party management and/or project/program management preferred. Professional verbal and written communication skills and the ability to communicate with discretion and understanding when confidentiality is needed. Must be analytical and possess ability to interpret and apply policies and regulations across a complex business. Must proactively identify opportunities and take action to build trusting strategic internal and external relationships and networks. Must be approachable, collaborative, and have the ability to influence others through interpersonal skills, thrive in a fast-paced dynamic environment, and be comfortable quickly shifting priorities on short notice. Working knowledge of Microsoft Office products required. Ability to work with general supervision. Specialist, Third Party Oversight At Fifth Third, we understand the importance of recognizing our employees for the role they play in improving the lives of our customers, communities and each other. Our Total Rewards include comprehensive benefits and differentiated compensation offerings to give each employee the opportunity to be their best every day. The base salary for this position is reflective of the range of salary levels for all roles within this pay grade across the U.S. Individual salaries within this range will vary based on factors such as role, relevant skillset, relevant experience, education and geographic location. In addition to the base salary, this role is eligible to participate in an incentive compensation plan, with any such payment based upon company, line of business and/or individual performance. Our extensive benefits programs are designed to support the individual needs of our employees and their families, encompassing physical, financial, emotional and social well-being. You can learn more about those programs on our 53.com Careers page at: or by consulting with your talent acquisition partner. LOCATION – Cincinnati, Ohio 45202 Attention search firms and staffing agencies: do not submit unsolicited resumes for this posting. Fifth Third does not accept resumes from any agency that does not have an active agreement with Fifth Third. Any unsolicited resumes – no matter how they are submitted – will be considered the property of Fifth Third and Fifth Third will not be responsible for any associated fee. Fifth Third Bank, National Association is proud to have an engaged and inclusive culture and to promote and ensure equal employment opportunity in all employment decisions regardless of race, color, gender, national origin, religion, age, disability, sexual orientation, gender identity, military status, veteran status or any other legally protected status. #J-18808-Ljbffr Dormont Manufacturing Co