Third Party Risk Management Analyst

Phyton Talent Advisors; Red Bank (NJ); On-site; USD 90,000 - 130,000; Full time

Job summary

Phyton Talent Advisors seeks a Third-Party Risk Management professional to support assessment and oversight of third-party risks within Operational Risk, helping ensure regulatory compliance and alignment with the Bank's risk appetite. You will collaborate across the three lines of defense, monitor vendor performance, conduct RCSA activities, and develop risk reporting to leadership.

Strong knowledge of vendor risk management, incident management, and issues management will help advance the

Qualifications

• Knowledge of third-party risk management best practices and frameworks.
• Knowledge of operational risk best practices including risk control self-assessments, incident management, and issues management.
• Ability to critically evaluate risk and provide clear recommendations.
• Effective cross-functional collaboration across multiple lines of defense.

Responsibilities

• Manage ongoing third-party risk assessment process by monitoring vendor performance and ensuring compliance with operational standards.
• Coordinate remediation with internal business lines and align with regulatory requirements.
• Develop and track quantitative measures to monitor third-party risk trends.
• Prepare monthly/quarterly risk reports for Business Units, Management, and the Board.
• Provide training on vendor management tools and risk assessments.
• Review Third-Party Risk Management Policy and propose updates to align with industry practices.

Skills

Third-party risk management

Operational risk

Risk control self-assessments

Incident management

Issues management

Vendor risk management solutions

Regulatory knowledge

AI/ML awareness

Microsoft Office

Communication

Analytical thinking

Attention to detail

Stakeholder management

Tools

Vendor management tool

Job description

The primary responsibility of this position is to support the assessment and oversight of Third-Party Risk, as a component of Operational Risk, and to enhance the Bank's risk management program. This includes analysis of processes to identify key risks and controls associated with third-party relationships as well as aggregate operational risk and third-party risk data to ensure compliance with the Bank's Risk Appetite. This position is also responsible for collaborating with all three lines of defense to increase consistency across the Bank and to identify opportunities to mitigate operational risk and third-party risk. It includes evaluating the Bank's vendors and monitoring vendor performance to ensure compliance with regulatory standards and assisting with vendor related Risk Control Self-Assessments (RCSAs), incidents, and issues.

What You Will Do List

• Manage the ongoing third-party risk assessment process by monitoring vendor performance, re-evaluating vendors, and ensuring compliance with operational standards.
• Coordinate with internal lines of business to drive remediation efforts with vendors ensuring timely closure of identified gaps and alignment with regulatory requirements.
• Develop and track quantitative measures to improve monitoring of existing third-party risk to stated tolerance and to identify emerging third-party risk trends.
• Prepare monthly and quarterly third-party risk reports highlighting trends and recommended mitigation strategies for Business Units, Management, and the Board.
• Provide training for the line of business on the vendor management tool to conduct the risk assessments.
• Collaborate with vendor management tool partner to ensure timely and efficient completion of vendor risk assessments.
• Perform review of the Third-Party Risk Management Policy and propose updates to comport with industry practices and regulatory expectations.
• Deliver guidance and training on third-party risk management policies and procedures.
• Assist with documentation of bank-wide processes and execution of Risk Control Self-Assessment (RCSA) to assess inherent and residual risks of in-scope front-to-back processes at the aggregated bank and branch levels.
• Track and categorize vendor related operational risk incidents and losses. Conduct deep dives on significant vendor caused incidents to assure root causes have been identified and mitigation applied at bank-wide level where appropriate. Provide guidance and prepare reports to track remediation activities.
• Monitor and test operational risk controls to verify effectiveness of design and execution.

What We Expect Of You

• Knowledge of third-party risk management best practices and frameworks including vendor evaluation, vendor monitoring, vendor documentation and reporting.
• Knowledge of operational risk best practices including conducting risk control self-assessments, incident management, and issues management.
• Demonstrated ability to critically evaluate risk, consider relevant business factors, and make well-supported recommendations.
• Proven ability to interact effectively across the Bank with stakeholders at all levels with the added skill to challenge the status quo thereby becoming a change agent.
• Strong analytical thinking, attention to detail, and problem-solving skills.
• Knowledge of vendor risk management solutions and usage.
• Knowledge of federal and state banking laws, and third-party interagency regulations and guidance.
• Understanding of Artificial Intelligence (AI) and Machine Learning (ML) capabilities.
• Proficiency in Microsoft Office.
• Excellent verbal and written communication skills.