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

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

111d • $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

What This Job Offers

• Career Level: Mid Level
• Education Level: Bachelor's degree