Senior Contract Analyst

Lafayette Federal Credit Union • Rockville, MD

just now • $61,934 - $77,418 • Hybrid

About The Position

Lafayette Federal Credit Union is seeking a Senior Contract Analyst to join their dynamic team. This role is responsible for the analysis, administration, and oversight of the Credit Union’s contracts and third-party vendor relationships. The position ensures contractual agreements protect the Credit Union’s interests, support strategic business objectives, and maintain compliance with applicable legal and regulatory requirements. The Senior Contract Analyst acts as a key partner within the Risk Management Division, offering expertise throughout the contract lifecycle, including contract review, negotiation support, vendor due diligence, performance monitoring, and ongoing agreement administration. This role ensures contracts and associated documentation are legally sound, financially favorable, and aligned with Credit Union policies and operational standards. The position supports compliance with regulatory expectations from the NCUA, FFIEC, CFPB, and Lafayette Federal Credit Union’s Third-Party Vendor Risk Management Policy. Additionally, the Senior Contract Analyst performs various analytical, administrative, and technical functions to support the day-to-day management of the Credit Union’s vendor portfolio, aiming to strengthen risk management practices, enhance vendor performance, and promote effective governance across the organization.

Requirements

• Bachelor's degree required.
• Minimum of 10 years of experience in a financial institution or related field.
• Proven experience in contract management and negotiation.
• Strong understanding of contract law.
• Proficiency in Microsoft Office.
• Excellent analytical, problem-solving, and communication skills.
• Strong attention to detail and organizational skills.
• Ability to work collaboratively with internal and external stakeholders.
• Ability to establish and maintain effective working relationships with individuals inside and outside the Credit Union.
• Skilled in first-level conflict resolution, relationship building, and soliciting cooperation from others.
• Ability to handle confidential and sensitive information with discretion, diplomacy, and tact.
• Thorough knowledge of Credit Union policies, procedures, regulatory guidelines, and industry practices.
• Demonstrates a high level of accuracy, attention to detail, and thoroughness in completing work assignments.

Nice To Haves

• Certification in contract management or vendor management preferred.

Responsibilities

• Review, analyze, and administer contracts to ensure terms, scope of work, and obligations align with Credit Union objectives.
• Negotiate contract terms, payment structures, and document processes within established authority levels.
• Ensure compliance with Credit Union policies, procedures, legal requirements, and regulatory guidelines.
• Coordinate with business units to support contract execution, monitoring, renewals, and vendor performance management.
• Maintain accurate contract records and documentation within the NContracts Data Management System.
• Conduct vendor risk assessments and assist with ongoing risk monitoring activities.
• Prepare reports, support policy implementation efforts, and provide training and guidance to internal stakeholders.
• Collaborate with Legal Counsel, when necessary, regarding contract interpretation, negotiation, and risk mitigation.
• Perform due diligence reviews on prospective and existing vendors using LexisNexis, Dun & Bradstreet, the Better Business Bureau, SEC resources, and other research tools.
• Review, approve, and maintain vendor documentation, including contracts, amendments, renewals, insurance certificates, SOC reports, financial statements, proposals, and invoices.
• Upload and maintain vendor records and supporting documentation within the NContracts Data Management System.
• Coordinate with the Claims and Contract Specialist to ensure newly approved vendors are properly documented and captured within the department's master repository.
• Maintain current and accurate vendor corporate, contact, and relationship information.
• Access vendor portals, extranets, trust sites, and file-sharing systems to obtain and validate required documentation.
• Prepare, scan, and update vendor records and supporting documents within the NContracts Data Management System.
• Track annual reviews, risk assessments, contract renewals, and other vendor management activities through calendar reminders and workflow monitoring.
• Coordinate with Business Unit Relationship Managers to validate completion of required vendor reviews and risk assessments.
• Assist in gathering, reviewing, and validating documentation required for internal and external audits.
• Maintain a thorough understanding of and comply with all Credit Union policies, procedures, regulatory requirements, and mandatory training programs.
• Complete required training in areas including Vendor Management, BSA/AML, OFAC, Cybersecurity, Diversity & Inclusion, Anti-Harassment, and Fair Lending.
• Perform additional responsibilities, special projects, and other duties as assigned by the Senior Vice President of Risk Management and/or Vice President of Risk and Vendor Management.

Benefits

• Employer paid (99.9%) health insurance premium for single and family coverage (HMO Plan)
• Fully funded deductible (HMO Plan)
• 401k employer matching contribution
• Income protection with life insurance, short and long-term disability
• Paid time off, holiday leave & birthday leave
• Educational assistance
• Commuter benefits program

What This Job Offers

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