Senior Consultant, Third Party Risk Management

001 The Northern Trust Company; Chicago (IL); On-site; USD 96,000 - 162,000; Full time

Benefits offered by this job

401k & Pension

Health benefits

Paid time off

Parental leave

Life & Disability

Bonus program

Job summary

Northern Trust seeks a seasoned Third Party Risk Manager to lead vendor oversight across multiple business units in a dynamic financial services environment. You will assess risk, performance, and exposure, ensuring contracts include robust risk, compliance, and resiliency provisions, and drive timely risk assessments and remediation.

You will build strong relationships with vendors and internal stakeholders, use dashboards and KRIs to monitor posture, and support management decisions with data

Qualifications

• Undergraduate degree in Risk or Finance or 10 years of experience in Third Party Risk Management.
• Hands-on experience with vendors/clients in large financial institutions.
• 10 years of experience as a Third Party Relationship Manager for large complex services.

Responsibilities

• Serve as central owner for the third party across engagements and business units.
• Maintain a holistic view of third party performance, risk posture, and exposure.
• Ensure contractual terms, including risk and compliance, are maintained and enforced.
• Use dashboards and KRIs to monitor third-party risk posture and performance.

Skills

Consultative skills

Communication skills

Project management

Agile

Vendor management

Education

Undergraduate degree in Risk or Finance

Tools

Tableau

Power BI

Job description

About Northern Trust

As a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world’s most successful individuals, families, corporations and institutions. Since 1889, we have aligned our efforts with our three guiding Principles That Endure: Service, Expertise, and Integrity. Together, they reflect the three cornerstones of business conduct which we strive to instill in our employees, whom we call partners, and to provide to our clients and the communities we serve worldwide. With more than 135 years of financial experience and over 24,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

Major Duties

• Serve as the institution’s central owner for the third party across all engagements and business units.
• Maintain a holistic view of the third party’s performance, risk posture, and concentration of exposure to the institution.
• Develops and cultivates strong relationships with assigned vendors and internal stakeholders.
• Ensure contractual terms, including risk, compliance, and resiliency provisions, are maintained, and enforced with third parties.
• Ensure timely completion of third-party risk assessments, periodic reviews, and issue remediation.
• Facilitate senior management or committee reporting on the third party, including performance against SLAs, material issues, concentration risk, exit strategies.
• Drives and supports proactive issue identification, mitigation, reporting and remediation by engaging internal stakeholders and third parties.
• Maintain strong documentation and evidence of controls, risk decisions, and remediations.
• Track milestones, dependencies, and deliverables across projects and/or an assigned portfolio of relationships.
• Rationalize supplier redundancy across the enterprise.
• Accountable for assisting and guiding business partners through various stages of third party lifecycle to ensure quality program execution.
• Use dashboards and key risk indicators (KRIs) to monitor third-party risk posture and performance and determine areas of focus.
• Performs ad-hoc business and operational data analytics to support management decision making, identify insights and make recommendations on a broad range of business initiatives.

Skills/Knowledge

Strong consultative skills ranging from structured problem solving, identifying and gathering relevant data, solution and business case development, influencing and communicating the risk posture of third parties. Outstanding communication skills, both written and verbal, with demonstrated ability to develop presentation materials and effectively present to and persuade executive audiences. Strong understanding of 3rd party regulatory requirements and risk treatment exercises. Intellectually curious with the ability to roll up the sleeves to drive change and business outcomes. Strong project management skills with experience leading projects in a highly matrixed agile organization. Data Visualization skills using Tableau, Power BI or equivalent tools is highly desirable. Highly flexible, adaptable to change and comfortable in a dynamic and fast paced work environment. Excellent prioritization skills and comfort dealing with ambiguity. Ability to be flexible with start and end dates as we will work across the Globe. Global outlook with sensitivity and awareness of social and cultural differences.

Experience

An undergraduate degree in Risk or Finance and/or other appropriate academic major or 10 years of experience in Third Party Risk Management at a regulated financial institution. Demonstrated hands‑on experience working with vendors/clients in other large financial institutions in a Vendor Management oversight practice. 10 years of experience as a Third Party Relationship Manager for large complex services providers that span multiple line of business.

Salary Range

$95,600 - 162,400 USD Salary range is a good faith estimate of base pay.

Benefits

• retirement benefits (401k and pension)
• health and welfare benefits (medical, dental, vision, spending accounts and disability)
• paid time off
• parental and caregiver leave
• life & accident insurance
• other voluntary and well-being benefits
• discretionary bonus program that may include an equity component

Work Authorization

Applicants must be authorized to work in the U.S. without the need for employment-based visa sponsorship now or in the future. Northern Trust will not sponsor applicants for U.S. work visa status for this opportunity (no sponsorship is available for H-1B, L-1, TN, O-1, E-3, H-1B1, F-1, J-1, OPT, CPT or any other employment-based visa).

Working with Us

As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to an inclusive workplace and assisting the communities we serve. Philanthropy is deeply rooted in Northern Trust’s history and is an essential element of our culture. Employees around the world give their time and talent to work for the greater good of their communities. Reasonable Accommodation Northern Trust is committed to working with and providing adjustments to individuals with health conditions and disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at [e-mail], or alternatively you can discuss your individual requirements with the recruiter you are working with. Looking for greater? You found it. A global financial leader with more than 22,000 employees in 23 locations worldwide, Northern Trust empowers our employees to achieve more than just business goals. Our focus on work-life balance, career mobility and unique opportunities are just a few of the reasons we’ve been named one of the world’s most admired companies.

Terms and Conditions

Candidate Privacy Notice California Applicant Privacy Notice Pay Transparency Nondiscrimination Provision (U.S) Transparency in Coverage Disclosure – North America Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If, because of a medical condition or disability, you need a reasonable accommodation for any part of the employment process, please email our HR Service Center or call 1-800-807-0302 (North America), [phone] (Asia Pacific), 1800-425-0333 (India), [phone] (Europe, Middle East and Africa) and let us know the nature of your request and your contact information.

Equality and Diversity Statements

North America EEO Statement: It is the policy and practice of Northern Trust to provide equal employment opportunities to all employees and applicants. Northern Trust does not discriminate on the basis of race, colour, religion or belief, nationality, ethnic or national origin, sex, marital status, sexual orientation, disability or age. All employment decisions will be made in a non-discriminatory manner in accordance with our obligations under the law and codes of practice. This includes human resources’ decisions relating to recruitment, terms and conditions of employment, transfers, promotions and access to learning and development.

Canada EEO Statement: Northern Trust is an Equal Opportunity Employer. Hiring and other employment decisions at Northern Trust are made without regard to race, colour, religion, sex, ancestry, national origin, ethnic origin, age, disability, citizenship, veteran status, sexual orientation, record of offences, marital status, family status, or any other characteristic protected by federal, provincial, or local law, regulation, or ordinance.

EMEA EEO Statement: It is the policy and practice of Northern Trust to provide equal employment opportunities to all employees and applicants. Northern Trust does not discriminate on the basis of race, colour, religion or belief, nationality, ethnic or national origin, sex, marital status, sexual orientation, disability or age. All employment decisions will be made in a non-discriminatory manner in accordance with our obligations under the law and codes of practice. This includes human resources’ decisions relating to recruitment, terms and conditions of employment, transfers, promotions and access to learning and development.

USA EEO Statement: It is the policy of The Northern Trust Company to afford equal opportunity in all phases of employment without regard to an individual's age, race, color, religion, creed, gender, national origin, citizenship status, marital status, pregnancy, sexual orientation, gender identity, gender expression, genetic tests and information, physical or mental disability, protected veteran status or any other legally protected status.

EEO Know Your Rights (U.S.)