Job Summary: The Vendor Risk Management (VRM) Analyst is responsible for supporting the activities rel...
Job Summary: The Vendor Risk Management (VRM) Analyst is responsible for supporting the activities related to vendor risk management. The goal being to ensure business owners consider, understand, and monitor their respective vendorâs organizational strategic fit, risk management controls, current financial conditions and potential changes, as well as, ensure adherence to contractual requirements, delivery of agreed upon performance levels, compliance with regulatory requirements and alignment of VCI priorities with vendor priorities. The analyst must also identify and communicate to business the associated risks of vendor provided processes and services in support of critical operations. Job Responsibilities: Support the VRM Program to effectively manage vendor risk in accordance with internal policy and regulatory requirements, ensure strong oversight of all vendor risks and provide visibility of existing and emerging risks. Identify, categorize and evaluate âCore Processesâ and âNon-core Processesâ, using a âRisk-Based Standardâ, for potential or current service providers; delivering to the company leadership a risk-based ranking of business critical processes and/or services which are provided and/or delivered by an independent third party. Based upon Risk Classification, complete analysis of risk factors for VCIâs vendors (including any subcontractors with access to customer information) and ensure the respective business owners are monitoring, reviewing, and mitigating risk associated with service providers using the following risk factors: Regulatory Compliance, Legal, Transactional, Financial Stability, Market Reputation, Operational, Business Continuity/Disaster Recovery, and Information Security. Lead and complete risk analysis for onsite assessments, with the assistance of the business, for VCIâs consumer facing vendors, ensuring consistent execution. Working with the appropriate business users and experts, ensure that for any identified risk that require mitigating action, including vendor disengagement, a plan is developed and executed that indicates the process and/or service involved, the outgoing vendor, the replacement vendor, the anticipated timeline, measurable milestones, expected completion date and the plan for contingencies should an orderly transition not occur. Monitor compliance with VRM Policy and General Procedures in dealings with vendors for the supply of goods and services to VCI. Maintain established relationships with the Business and applicable stakeholders to ensure proper execution and compliance with VRM policies and procedures. Act as a subject matter expert to assist the business in identifying and mitigating risks on their vendor relationships. Assist in the reporting of vendor risk management activities. Ensure all vendor relationships are documented in the VRM system and all contracts related to vendors that provide outsourced services are uploaded in the system. Promote and deliver continuous training and awareness to Business partners on vendor risk. Assist in the management of the VRM system which is VCIâs central repository for vendor contracts and related documents and is the record of all vendor due diligence and issue management. Stay abreast of regulatory environment in regards to VRM. Ensure obligatory OFAC checks are completed for current and prospective vendors. Years of Experience: 5-7 yearsâ Overall Financial Services experience 0-3 years â Financial Analysis 3-5 years â Field and/or Service Operations 3 years â Experience managing service providers/supplier relationships (Required) Required Education: Bachelors in related field Desired Education: MBA or Masters in related field General Skills: Analytical and conceptual thinking â using logic and reason, creative and strategic Communication skills â interpersonal, presentation, and written Integration â joining people, processes or systems Influencing and negotiation skills Problem solving Resource management Able to work independently Computer savvy â skilled in the use of software Required Skills: Risk Analysis Service provider relationship management Desired Skills: Financial Analysis Process Outsourcing Management Knowledge of Federal regulations regarding service providers Work Flexibility: 25> - 50> â Travel to Vendor / Service Provider locations as required We are proud to be an EEO employer M/F/D/V. We maintain a drug-free workplace and perform pre-employment substance abuse testing. #LI-MB1