Third Party Risk Mangement Specialist

Company: Network For Electronic Transfers (S)

The NETS Group is a leading payments services group, enabling digital payments for merchants, consumers and banks across the entire payments value chain.

The Group operates Singapore’s national debit scheme enabling customers of DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB to make payments using their ATM cards or mobile devices at more than 130,000 acceptance points in the country as well as online payments.

Overall Function

The Third Party Risk Management (TPRM) function forms an integral part of NETS Group Procurement, which owns and manages the TPRM program. As an overview, the function maintains oversight of vendors’ performance and compliance with contractual and regulatory requirements, across all NETS Group entities and divisions.

The TPRM Specialist role is a senior single contributor role, supporting the VP of Corporate & Workplace Solutions in running the TPRM program and ensuring efficient and effective execution of processes and controls.

Key Responsibilities

• Propose improvement initiatives and adjustments to the TPRM program, to reflect and adapt to changes in overall third party risk profile, evolving security standards, regulatory requirements and operating environment.
• Conduct reviews on existing TPRM related policies and procedures to assess ongoing effectiveness and compliance with regulatory and legal requirements.
• Serve as Subject Matter Expert (SME) in third party risks, to provide advisory and guidance to business and IT stakeholders on third party risks related matters, i.e. completion of due diligence assessments, ongoing risk monitoring, service level agreements, contractual clauses to meet regulatory requirements, handling of adverse developments and contractual breach/non-obligation etc.
• Conduct reviews on new and existing third-party arrangements, and work alongside Subject Matter Experts (SMEs) from BCM, IT Security, IT Governance, Legal etc., to provide effective challenge on assessments and implementation of vendor management processes.
• Conduct TPRM Committee meetings and establish the agenda to include due diligence assessment approvals, status of monitoring and control activities, status of actions by business and IT stakeholders to address gaps, deviations or adverse developments etc.
• Perform independent testing to ascertain effective implementation of TPRM processes.
• Support audit requirements relating to third party risks.

Requirements

• Degree in Information Technology, Business Administration, or a related field.
• Minimum 3-5 years of experience in vendor management, procurement, risk and compliance, business audit or a related area within the financial industry.
• Good knowledge and understanding of regulatory and legal requirements related to IT vendor management and contracts.
• Exhibit strong risk mindset, ensuring thorough and rigorous execution, while adhering to best practices in line with NETS Group’s role as an operator of the national critical payment infrastructure.
• Demonstrated ability to independently engage and work with business and IT stakeholders to deliver TPRM objectives and goals.
• Good organizational and problem-solving skills, meticulous attention to details, and possess good verbal and written abilities.
• Good project/time management abilities, and able to prioritise work effectively to meet accelerated timelines.
• Good written and verbal communication skills.

Network for Electronic Transfers (Singapore) Pte Ltd.