Third Party Engagement Lead (1 Year Contract)

Prudential Assurance Company Singapore; Singapore; On-site; SGD 80,000 - 110,000; Full time

Job summary

A leading insurance firm in Singapore is seeking a Third Party Engagement Lead to manage vendor relationships, oversee contract execution, and ensure compliance with agreements. The ideal candidate has over 8 years of experience in vendor and contract management, strong negotiation skills, and a proven track record in budget optimization and risk management. This role requires effective communication and stakeholder collaboration in a dynamic environment.

Qualifications

• At least 8 years of experience in vendor and contract management.
• Strong technical background in insurance or TPA is advantageous.
• Experience in diverse organizations.

Responsibilities

• Oversee and manage vendors throughout the contract lifecycle.
• Monitor vendor performance against contractual metrics.
• Build and maintain relationships with internal teams and stakeholders.
• Monitor project budgets and track expenditures.
• Identify potential risks and develop mitigation strategies.

Skills

Negotiation skills

Attention to detail

Effective communication

Risk management

Vendor management

Education

Tertiary education

Tools

MS Project

MS Office suite

Job description

Job Profile Summary

Join Prudential as a Third Party Engagement Lead where you are responsible for overseeing and managing the vendors that sit within Prudential Health throughout the contract lifecycle. This role includes liaising with both internal teams and external stakeholders to facilitate smooth contract execution and management and ensure compliance with agreed terms.

You will play a key role in ensuring effective vendor risk management and vendor performance and ensuring timely payment processes and budget monitoring are in place. The position requires strong negotiation skills, attention to detail, and the ability to handle complex contractual matters while maintaining strong relationships with vendors and stakeholders. This role also involves continuous assessment of contract performance and providing strategic insights to improve vendor management and overall contract efficiency.

Job Description

Contract and Vendor Management

• Monitor and perform regular reviews on vendors’ performance against contractual metrics and manage breaches against quality standards.
• Attend regular meetings between vendors and internal stakeholders.

Stakeholder Management

• Build and maintain strong relationships with key stakeholders within PACS / Prudential Group, including compliance teams, project sponsors, and cross-functional teams, to ensure effective vendor and contract management.

Budget Management

• Monitor project budgets and track expenditures to ensure projects are delivered within financial constraints, in accordance with Prudential’s financial guidelines and budget allocations.
• Review and approve vendors’ invoices in accordance with contract and budget.

Risk Management and Due Diligence

• Identify potential risks and issues proactively, develop mitigation strategies, and implement contingency plans to ensure project success, while adhering to Prudential risk management framework and local regulatory requirements.
• Perform vendor due diligence in accordance with Prudential risk management framework and local regulatory requirements.
• Review ACRA business profiles and validate corporate structures and shareholding.
• Verify licenses and regulatory registrations of medical and service providers, ensuring alignment with Prudential’s onboarding standards.
• Maintain documentation and perform due diligence for onboarding such as TISQ, ABCDD, etc

Reporting and Documentation

• Prepare and deliver regular reports and status on vendor performance, including trend analysis, and service level adherence.
• Maintain comprehensive documentation for internal stakeholders, ensuring clarity, consistency, and alignment with PACS / Prudential Group standards.
• Develop dashboards and visual summaries to communicate performance insights effectively.
• Work with Data Analytics team to track vendor-related metrics and KPIs.
• Report and validate provider breaches with supporting data.

Performance Management, Audit and Continuous Improvement

• Monitor vendor performance against contractual obligations and service level agreements.
• Conduct periodic audits to ensure compliance with internal policies and regulatory requirements.
• Identify performance gaps and recommend corrective actions or process improvements.
• Liaise with Prudential Group or external auditors to ensure documentation supports audit readiness and regulatory compliance.
• Identify opportunities for process optimization and improvement, implement best practices, and foster a culture of innovation within the project team, aligned with Prudential continuous improvement initiatives and strategic priorities.
• Identify opportunities to onboard non-panel healthcare institutions to enhance service accessibility and network diversity.

Who we are looking for

Competencies & Personal Traits

• Contract Management: Demonstrated ability to manage contracts and vendors, ensuring they are delivered on time, within scope, and budget.
• Collaboration and Influence: Ability to work effectively across teams and influence stakeholders towards common goals, ensuring alignment and commitment to programme objectives.
• Risk Management: Expertise in identifying and mitigating risks, ensuring that project/contract delivery is resilient and adaptive to changing circumstances.
• Communication: Strong communication skills, capable of articulating vendor performance/issues, progress, and challenges to stakeholders at all levels.
• Leadership: Ability to lead and motivate teams, fostering a culture of accountability, performance, and continuous learning.
• Interpersonal: Shows friendliness, empathy, courtesy, understanding, and politeness to others in line with the Prudential values.
• Team Building: Encourages, inspires, and guides others toward accomplishing the common goal.

Role Requirements / What You Bring to the Team

You are an experienced professional in contract management with a proven track record in managing and delivering medium to large-scale and strategic tasks/deliverables. Your expertise in stakeholder and vendor management, and risk management, coupled with a deep understanding of resource and budget optimization, makes you ideal for managing our transformative efforts towards success.

Working Experience

• At least 8 years of working experience in vendor and contract management, and / or medium / large-scale deliverables, and a proven delivery track record.
• A strong technical background in insurance or Third-Party Administrator (TPA) field is advantageous.
• Experience in working in a diverse organisation.
• Tertiary education
• High proficiency with MS Project and MS Office suite of products is essential.