Vendor Risk Management Specialist Job Listing at Valley Bank in Morristown, NJ (Job ID 24-662)

Description

Responsibilities include, but are not limited to:

• Review third party vendor risk assessments to identify quality of risk mitigation controls and work with the Contract Owners / Relationship Managers to address deficiencies. Additionally, work with Subject Matter Experts (SMEs) to evaluate vendor responses.
• Analyze data and assess financial, anti-corruption, reputational and OFAC risks in order to identify impacted business departments, cross-department processes, and facilitate communications and ongoing implementation support with affected parties.
• Work with Contract Owners / Relationship Managers as necessary including follow-ups to ensure all risk assessments are completed in accordance with VMO policy.
• Provide recommendations and best practices to Contract Owners / Relationship Managers pertaining to vendor management processes, activities and requested actions.
• Maintain and enhance where applicable the reporting framework to monitor, measure and report on vendor performance compared to contractual obligations and industry standards.
• Provide initial and on-going due diligence review on third party vendors to ensure risk are identified and applicable standards, and Vendor Management Office (VMO) policies are being followed.
• Collaborate with other SMEs to review third party vendor related risks and address findings and/or systemic issues with the third-party vendor, and, as applicable, request process improvements and/or changes.
• Identify, track and report third party vendors requiring onsite assessments, work with the Contract Owners / Relationship Managers to schedule the same, draft necessary documents and participate onsite assessments.