Operational Risk Management Department-Third Party Risk Management AVP/Associate

Bank of China Limited, New York Branch•New York, NY

9d•$42,000 - $150,000

About The Position

The incumbent is responsible for all aspects of and will provide oversight, guidance and challenge to the Bank’s Third Party Risk Management (TPRM). S/he will establish and enhance the Third Party Risk Framework, draft and maintain TPRM policies and standards, develop and execute TPRM annual work plans, and conduct periodic risk assessments. S/he will also assess, monitor and track TPRM lifecycle activities, ensure documentation completeness, and prepare aggregated TPRM reports on risk data and analysis.

Requirements

Bachelor’s degree is required, and an advanced degree is preferred
Minimum 5 years of work experience in financial service industry is required for AVP level
Minimum 5 years of work experience in risk management and minimum 2 years of third party risk management experience are required for AVP level; Minimum 1 year of work experience in third party risk management is required for Associate level
Knowledge of operational risk management and assessment, regulatory and compliance, general IT risk/IT operation as well as business lines and workflow in financial/banking industry is required

Nice To Haves

Certified Third Party Risk Professional or Certified Regulatory Vendor Program Manager is preferred but not required

Responsibilities

Establish and enhance the Third Party Risk Framework, ensure it consists of appropriate components to effectively manage third party risks
Update third party risk management policies and procedures
Develop and execute a third party risk annual work plan to review and challenge risk identification, assessment, control evaluation and testing activities
Utilize a consistent risk rating methodology for controls that aligns with the Operational Risk Framework
Conduct periodic risk assessment of third party risks
Assess, monitor and track third party risk management lifecycle activities as second line of defense
Provide third party risk management guidance to First Line Units (“FLUs”)
Ensure the completeness of the central documentations of the bank wide third party population
Prepare aggregated third party risk report
Keep abreast of current industry tools, trends, and regulatory requirements
Work with other SMEs under the third party risk management framework to ensure the third party risk management activities are efficient
Ensure third party risk management system is implemented and all updates are installed timely
Provide timely training of system upgrades or updates to all system users
Assist with new product management risk assessment process
Assist with RACA quarterly review in the expertise of third party risk management
Complete required BSA/AML, and other compliance trainings as provided
Beware of BSA/AML issues, provide risk warnings to First Line Units and internal risk management departments when noticed