Outsourcing and TPRM Manager

PRUDENTIAL ASSURANCE COMPANY SINGAPORE (PTE) LIMITED; Singapore; On-site; SGD 80,000 - 100,000; Full time

Job summary

A leading company in the insurance sector is seeking a professional in Outsourcing and Third-Party Risk Management. The role entails enhancing risk management frameworks, ensuring compliance with regulations, and collaborating across departments. Ideal candidates are results-oriented and possess solid experience in vendor management and risk strategies.

Qualifications

• Minimum 3 years in Outsourcing Governance or Third-Party Risk Management.
• Knowledge of MAS Outsourcing Guidelines and relevant regulations.
• Familiarity with risk assessment workflow tool is a plus.

Responsibilities

• Manage Outsourcing and Third-Party Risk Management framework.
• Ensure risks associated with third-party relationships are managed.
• Collaborate with various teams to identify and escalate risks.

Skills

Resourceful

Innovative

Results-oriented

Excellent communication

Interpersonal skills

Integrity

Leadership skills

Technical skills in vendor management

Detail-oriented

Education

Degree

Tools

Microsoft Excel

Microsoft PowerPoint

Microsoft Word

Job description

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.

Reporting to the Head of Outsourcing and Third-Party Risk Management, this role will be a key position within the team, and is responsible for driving compliance to the Group Third Party Supply and Outsourcing Policy and local regulatory requirements.

Job Description

• Manage and continuously improve the firm-wide Outsourcing and Third-Party Risk Management framework which includes an integrated approach for assessing and mitigating the risk of new and existing third-party suppliers.
• Ensure that risks associated with third-party relationships, before and after entering into contracts, are sufficiently identified, assessed, monitored and remediated via quality assurance.
• Manage and enhance the governance model to provide ongoing monitoring and oversight of the risks posed by intra-group and external third-parties.
• Manage the risk assessment workflow tool and ensure data integrity.
• Monitor and update third-party risk assessment framework to respond and adhere to new and existing regulatory guidelines and initiatives.
• Identify and escalate key items of concern regarding new and existing third-parties, including the potential of concentration risk and fourth-party risk exposures.
• Collaborate with Sourcing Partners, Operational Risk, Information Security and Technology Risk, Data Privacy, Business Continuity, Compliance, Legal, Sustainability, Audit, business areas and other assurance functions in the second and third line of defence to identify third-party risks and escalate those risks appropriately.
• Ensure completion of initial and recurring due diligence, performance reviews for outsourcing and third party supply arrangements.
• Support Third Party & Outsourcing Working Group and Third Party & Outsourcing Governance Committee meetings, including prepare meeting materials, take minutes of meeting, follow up action items.
• Update policies and templates at least on an annual basis, conduct training for the internal team and wider organisation, e.g. Business Contract Managers, Risk SMEs, intra-group and external third-parties.
• Maintenance of the MAS Outsourcing Register, SharePoint site and any other knowledge repositories.
• Conduct onsite visits for material outsourcing arrangements.
• Audit support (including request for information preparation and submission, single point-of-contact for auditors, remediation tracking).
• Partner with Operational Risk and Business Continuity Departments as champion of risk and business continuity for Corporate Services Department.

Who we are looking for:

Competencies & Personal Traits

• Resourceful, innovative and results-oriented
• Professional and positive approach, self-motivated, team player in a dynamic environment
• Excellent communication and interpersonal skills with ability to influence and persuade across all levels of the organization
• Integrity, strong leadership and technical skills in vendor management
• Demonstrated ability to develop and implement risk management strategies
• Detail-oriented and able to work independently with minimal supervision

Working Experience

• Minimum 3 years in Outsourcing Governance, Third Party Risk Management or Vendor Management
• Knowledge of MAS Outsourcing Guidelines and relevant regulations
• Proficient in Microsoft Excel, PowerPoint and Word
• Effective written and verbal communication skills
• Familiarity with risk assessment workflow tool is a plus

Education

• Degree

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.