Assistant Manager, Third Party Risk Management & Outsourcing, Procurement

Prudential Group; Kuala Lumpur; On-site; MYR 90,000 - 120,000; Full time

Job summary

A leading financial services company seeks an Assistant Manager for Third Party Risk Management & Outsourcing. You will ensure compliance with regulatory requirements and internal policies in managing third party risks. Key responsibilities include implementing risk management frameworks, conducting vendor due diligence, and monitoring ongoing contractor performance. Ideal candidates should have a Bachelor’s degree and at least three years of relevant experience, preferably in financial services or procurement systems. An opportunity to grow in a dynamic work environment awaits.

Qualifications

• Minimum 3 years experience in third party governance or risk management.
• Experience in financial services (insurance, banking) is an advantage.
• Good technical knowledge of third party risk and outsourcing guidelines.

Responsibilities

• Implement third party risk governance frameworks and procedures.
• Conduct due diligence during the onboarding process for vendors.
• Monitor and mitigate associated risks throughout the contract lifecycle.

Skills

Third party risk management

Regulatory compliance

Communication skills

Analytical skills

Organizational skills

Education

Bachelor's degree in any field

Tools

Procurement systems (e.g., Coupa)

Microsoft Office

Job description

Assistant Manager, Third Party Risk Management & Outsourcing, Procurement

1d ago , from Prudential Assurance Company Singapore

Prudential’s purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people’s career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.

Job Summary

Reporting to the Team lead of Third Party Risk and Outsourcing Management, this position shall be responsible to ensure that all third party risks are identified, assessed, measured, mitigated and monitored in accordance with applicable regulatory requirements and internal policies of the Company and Prudential Group.

Ensure the compliance of outsourced activities with the use of third party service providers to the applicable regulatory requirements and guidelines, and internal policies and procedures of the Company and Prudential Group.

Ensure that the risk profile of the vendor / service provider is properly identified and assessed by the business requesters and are in accordance with the due diligence and onboarding process.

Job Scope

• Ensure that all third party risks are identified, assessed, measured, mitigated and monitored in accordance to the applicable regulatory requirements and guidelines, internal policies and procedures of the Company and Prudential Group.
• Ensure the compliance of outsourced activities with the use of third party service providers to the applicable regulatory requirements and guidelines, and internal policies and procedures of the Company and Prudential Group.
• Assist the improvement of third party risk management and outsourcing governance framework, operating models, systems and procedures to ensure controls effectiveness, efficiency of processes, productivity enhancements while maintaining the highest degree of integrity.
• Ensure that the risk profile of the vendor / service provider is properly identified and assessed by the business requesters and are in accordance to the due diligence and onboarding process.

Principal Duties & Responsibilities

• Implement the third party risk management and outsourcing governance frameworks, operating models and procedures.
• Ensure the due diligence process is properly executed by the business requesters during the onboarding stage to identify and assess the third party risk exposures.
• Provide guidance and assistance to business requesters to ensure the risks associated with the vendors / service providers are sufficiently assessed, identified, measured and classified before awarding / renewing the contracts.
• Ensure the associated risks are regularly monitored, mitigated and controlled by the Business Contract Owners and Business Contract Managers throughout the lifecycle of the contract to manage the ongoing third party risk exposures of existing vendors / service providers.
• Ensure the Business Contract Owners and Business Contract Managers take full accountability for the compliance and performance of the vendors / service providers through regular and ongoing performance monitoring and review.
• Assist to regularly assess the effectiveness of the third party risk management and outsourcing operating models and procedures to ensure continuous compliance to the applicable regulatory requirements and guidelines, and internal policies of the Company and Prudential Group.
• Build and maintain good relationship, and work closely with relevant Subject Matter Experts (SMEs) on third party risk and outsourcing related matters to ensure the assessment of third party risk exposures and outsourcing classification is properly reviewed and signed-off.
• Identify and elevate to the relevant Subject Matter Experts (SMEs) any underlying third party risk and outsourcing assessment related issues as and when required.
• Work closely with the Sourcing Team to ensure that vendors due diligence procedures are properly performed by the business requesters.
• Support the implementation of any enhancement / improvement of Procurement system and processes, procurement related initiatives and influence vendors to optimize the usage of Procurement system.

Governance & Reporting

• Ensure that vendor / service provider due diligence and onboarding / offboarding procedures are properly performed by the business requesters and are in accordance to the internal policies and procedures, and applicable regulatory guidelines.
• Work closely with the Sourcing Team to ensure the new and existing vendors meet the responsible supplier guidelines and framework in order to be in line with the Environment, Social and Governance (ESG) requirements.
• Provide guidance and assistance to the Business Contract Owners and Business Contract Managers on the requirements around assessing, classifying, mitigating and monitoring of third party risk over the relationship lifecycle of a vendor / service provider while complying with the required internal policies and applicable regulatory guidelines.
• Provide guidance and assistance to the Business Contract Owners and Business Contract Managers on the requirements around vendor / service provider performance monitoring, timely risk profile reviews and regular attestations, while complying with the required internal policies and applicable regulatory guidelines.
• Assist to update and continuously identify improvements in the third party risk management and outsourcing governance frameworks, internal policies and procedures, and applicable regulatory guidelines from time to time to ensure relevance and applicability to the business environment and needs.
• Assist to deliver third party risk reports and other relevant management reports as and when required, to the Management, Executive Risk Committee, Board and Prudential Group.
• Assist to deliver outsourcing requirement documentations as and when required for submission to regulators.
• Assist the preparation of relevant reports to the Third Party Risk Management Committee who is responsible to oversee the management of risks relating to vendor / service provider arrangements across the Company to ensure that it is in accordance to the internal policies and procedures, and applicable regulatory guidelines.
• Identify and elevate any potential key / critical third party risk exposures to the relevant governance committees, including non‑compliant to the internal policies and applicable regulatory guidelines.
• Provide support and assistance on issues identified from audit for procurement related areas.

Job Specifications

Education

• Bachelor or Degree in any fields.

Experience

• At least 3 years of working experience in third party governance / oversight or risk management.
• Experience in the financial services industry, such as insurance or banking, or regulatory compliance will be an added advantage.
• Experience in any Procurement system, Coupa will be an added-advantage.

Knowledge

• Good technical knowledge in third party risk.
• Good understanding of outsourcing guidelines.
• Strong communication skills (written and verbal).
• Ability to build relationships and collaborates effectively.
• Demonstrates excellent organizational skills.
• Independent and possess good work ethics with a positive attitude.
• Strict compliance with all applicable deadlines and able to work under pressure.
• Strong analytical and problem‑solving skills.
• Proficient in Microsoft Office skills.

Equal Opportunity Employer

Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part‑time / fixed‑term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third‑party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.