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Vendor Risk Management Specialist
First Horizon National Corporation
Memphis, TN, United States
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Description
Job Summary:
The Risk Management Consultant will be responsible for executing the corporate Third-Party Risk Management Program and related processes that are designed to help ensure the corporation is adequately identifying, assessing, decisioning, managing and overseeing risks that our company is exposed to through vendors and third-parties that we do business with.
Key Responsibilities/Accountabilities:
• Act as an enabler within the organization to assist the businesses procure third-party provided products & services they require in an efficient manner, while ensuring compliance with Vendor Risk Management regulations and requirements
• Adheres to Vendor Risk Management related regulations and Bank’s related risk framework, policies and procedures; champions broad acceptance and execution of, and compliance with, Bank’s processes by guiding stakeholders and others to operate within the established risk framework, policy and procedures
• Establishes and maintains close working relationships with Line of Business Vendor Relationship Managers, Supply Managers, Risk Subject Matter Experts, Operational Risk Management, and Vendor Risk Group Manager
• Effectively applies risk-based reasoning to scope the types and levels of risks vendor relationships may expose the Company to, engages the appropriate subject matter experts and coordinates the appropriate vendor due diligence (e.g., financial viability checks, information security assessments, regulatory compliance and business continuity reviews, establishing termination/exit strategies, etc.), coordinates efforts to identify and document appropriate controls and risk mitigation activities including ongoing oversight/performance monitoring plans, and summarizes and concludes with recommendations based on the totality of the vender risk assessment work
• Works with vendor relationship managers (i.e., contract owners) to ensure risk assessments continue to reflect current services contracted for, that ongoing monitoring activities are commensurate with risks, and that results of monitoring are accurately reflected in residual risk ratings in process repository for governance reporting
• Monitors and tracks expirations of key vendor risk artifacts, and coordinates renewals by working directly with vendors
• Ensures management is apprised timely of potential concerns or significant risk issues related to vendors, including identifying and escalating vendor non-compliance and performance issues
• Ensures complete and accurate vendor files are maintained to meet internal management and reporting needs, and expectations of auditors and regulators; provides input to management reporting
• Assists in analyzing and responding to requests for vendor data/artifacts for audits, examinations, ad hoc requests
• Assists in the continuous evolution and maturation of the vendor risk management program by recommending new/adjusted processes related to the lifecycle of managing vendors, creation of tools and templates to support the vendor risk management process, and improving internal team processes
• Performs additional duties as assigned
Core Competencies for Success:
• Strong business acumen, including strong analytical skills and ability to think critically, assess deals for potential areas of risk, and identify acceptable risk mitigation and controls
• Ability to identify scenarios that represent risk exposure for the Bank through vendor relationships
• Ability to remain in constant alignment with team mission while successfully analyzing details (i.e., ability to dive in and understand risks and controls, yet able to summarize big picture and identify what is really important or material)
• Comfortable proposing solutions to challenges with little definition rather than waiting to receive specific instructions; ability to independently visualize, articulate, and solve complex problems
• Strong communication skills, with the ability to speak clearly and express self in groups and one-to-one conversations. Demonstrates attention and conveys understanding of the comments and questions of others; listens well in a group. Prepares logical written communications with sound reasoning, conveying information clearly and effectively through both formal (e.g., vendor risk assessments) and informal documents (e.g., emails, meeting summaries, etc).
• Ability to prioritize conflicting demands to meet other operational or strategic requirements and achieve optimum performance; ability to recognize and willingness to apply a sense of urgency when necessary.
• Ability to cultivate relationships with key stakeholders, representing a broad range of functions and levels, including senior personnel
• Strong leadership competencies and confidence, including ability to negotiate and influence others in order to assert ideas, gain support from others and persuade/mobilize other people to take action, and resolve issues
Requirements
Other Required Skills or Preferred Characteristics:
• Bachelor’s degree in related field, or 4 years of experience in a business professional capacity is required
• Risk management skills and experience (at least 2 years in a risk analyst or similar role in any industry is required; experience in banking, financial services, or vendor/supplier risk management is preferred)
• Banking experience is preferred
• Strong inter-personal/organizational skills are required; must work well without constant supervision and be self-motivated and results-oriented
• Proficiency with MS-Office software is required
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