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Specialist - Vendor Risk Management (VRM)
Job summary
A leading technology firm is seeking a Specialist in Vendor Risk Management to evaluate and manage vendor risks. The role requires at least 3 years of experience in vendor management, along with a Bachelor's degree in a relevant field. Responsibilities include performing risk assessments, managing vendor engagements, and developing reporting mechanisms to track vendor performance. The ideal candidate has a comprehensive understanding of risk management practices and compliance standards like ISO27001.
Qualifications
- Minimum of 3+ years related work experience in vendor management or vendor risk management.
- Extensive working experience in Business Risk Management or Internal Audit is preferred.
- Understanding of governance structures used to manage risk programs.
Responsibilities
- Perform evaluation of Third Party and Vendor engagements to identify and manage vendor risk.
- Complete inherent and overall risk assessments.
- Develop and perform reporting for Vendor Risk Management including data analysis.
Skills
Education
The Specialist, Vendor Risk Management, is responsible for utilizing intermediate knowledge and skills to execute Third‑Party and Vendor Risk management activities. This role involves effectively evaluating, assessing, managing, and reporting on Vendor risks. The candidate will perform the core Vendor risk assessment process, support the Head of Vendor Risk Management with ongoing monitoring, and drive continuous process improvements.
- Perform evaluation of Third Party and Vendor engagements to identify and manage vendor risk.
- Complete inherent and overall risk assessments.
- Initiate and manage the due diligence process with cross‑functional control groups.
- Review and score inherent risk questionnaires and complete overall risk assessment summaries.
- Serve as subject‑matter expert in interpreting requirements and improve awareness of operational risks faced by the Business from vendor failure/poor performance.
- Work with Strategic Sourcing/Legal/Business to mitigate losses through vendor compensation via robust contracts.
- Develop and perform reporting for VRM, including data collection, consolidation, analysis, spreadsheets, and dashboards.
- Provide and maintain vendor risk reporting mechanisms, and track and report outcomes from vendor management activities.
- Support the Head of Vendor Risk Management with reporting and monitoring of vendor risks, including data collection and analysis, and periodic ongoing monitoring.
- Analyze, update, and modify procedures and processes to identify and continuously implement vendor risk management process improvements.
- Complete quality control reviews and testing to ensure procedures are followed.
- Stay informed about the latest developments in the vendor risk management field.
- Minimum of 3+ years related work experience in vendor management or vendor risk management is required.
- Extensive working experience in Business Risk Management, Security Risk, Operational Risk, Internal Audit, and/or Controls related function is preferred.
- Comprehensive knowledge of applicable concepts and methodologies such as continuous quality improvement and auditing experience.
- Familiarity with industry compliance standards, such as ISO27001, PCI DSS, SOC1 (SSAE16) and SOC2.
- Understanding of governance structures used to manage risk programs and vendor mitigation and oversight.
- Bachelor’s degree in business administration, computer science, or a related field, or equivalent years of experience is required.
* The salary benchmark is based on the target salaries of market leaders in their relevant sectors. It is intended to serve as a guide to help Premium Members assess open positions and to help in salary negotiations. The salary benchmark is not provided directly by the company, which could be significantly higher or lower.