Consultant - Procurement and Third-Party Governance & Compliance

Northern Trust • Chicago, IL

1d • Hybrid

About The Position

Northern Trust, a Fortune 500 company, is a globally recognized financial institution with over 130 years of experience providing innovative financial services. The Audit & Regulatory Specialist (P2) role supports the Third Party Management (TPM) and Procurement teams by assisting with audit, regulatory, and risk management activities related to third‑party risk assessment controls. This position focuses on execution, documentation, and coordination of audit and regulatory support activities under the guidance of more senior team members. The role requires a foundational understanding of control processes, regulatory expectations, and third‑party risk management practices.

Requirements

• Bachelor’s degree in Business, Accounting, Finance, Risk Management, or a related field.
• Approximately 1–3 years of relevant experience in audit, risk management, compliance, procurement, or third‑party risk.
• Basic understanding of audit processes, internal controls, and regulatory compliance concepts.
• Strong attention to detail, organization, and documentation skills.
• Ability to follow established procedures and work effectively under supervision.
• Effective written and verbal communication skills.

Nice To Haves

• Exposure to third‑party or vendor risk management concepts is preferred but not required.
• Familiarity with Third Party Risk Management (TPRM) or Procurement processes.
• Awareness of financial services regulatory expectations (e.g., OCC, FFIEC, PRA, FCA) is a plus.
• Experience supporting audits, issue management, or control testing activities.
• Proficiency with Microsoft Office tools (Excel, Word, PowerPoint).

Responsibilities

• Support internal and external audits related to Third Party Management and Procurement by assisting with audit requests, documentation collection, and evidence preparation.
• Assist in the execution of first line of defense (1LOD) testing activities, including sampling, control testing, and documentation of results.
• Help prepare risk assessments and contribute to annual audit and testing plans for the Third Party Management Office.
• Review business processes and controls against documented policies, procedures, and regulatory expectations, escalating issues as identified.
• Compile audit materials, summaries, and working papers under established templates and guidance.
• Assist with tracking audit issues, regulatory findings, and remediation activities to support timely closure.
• Support reviews of Internal Audit reports and assist in drafting responses or remediation documentation.
• Participate in meetings with business partners to gather information and clarify documentation needs.
• Maintain organized records and repositories to support audit readiness and ongoing compliance.

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

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level