Specialist, Third Party Management Office Risk Governance

Northern Trust • Chicago, IL

7d • $114,700 - $194,900 • Remote

About The Position

Northern Trust is a global leader in wealth management, asset servicing, asset management, and banking services. Since 1889, the company has been guided by its principles of Service, Expertise, and Integrity. With over 135 years of financial experience and more than 24,000 partners, Northern Trust serves sophisticated clients using leading technology and exceptional service. This role involves managing the Third-Party Management Office (TPMO) participation in Corporate Risk Management processes, coordinating the implementation of risk requirements, maintaining risk calendars, consolidating risk information, facilitating governance routines, and supporting the identification and reporting of risks and issues. The Specialist will also provide guidance to TPMO partners, support enhancements to governance procedures, and assist leadership with governance materials. Key responsibilities include leading within the Third-Party Risk governance framework, ensuring adherence to policies, escalating concerning trends, reviewing risk events, ensuring oversight of intra-group arrangements, supporting regulatory and audit engagements, and fostering a risk management culture. The role requires exercising judgment, leading complex projects, and acting as a subject matter expert.

Requirements

• Bachelor’s degree in Business, Finance, Risk Management, or a related field.
• Approximately 7+ years of relevant experience in Corporate Risk Management, Enterprise Risk Management, Operational Risk, risk governance, internal controls, audit, compliance, or a related discipline.
• Practical experience applying Corporate Risk Management requirements within a first-line business function or in partnership with first-line teams.
• Experience coordinating risk governance processes such as risk and control assessments, issue management, operational risk events, control inventories, risk reporting, or audit activities.
• Strong understanding of enterprise risk frameworks, control environments, issue management, and governance requirements.
• Ability to translate risk management requirements into practical processes, documentation, defined responsibilities, and reporting.
• Experience preparing risk and governance information for leadership or governance forums.
• Proven ability to coordinate complex deliverables across multiple stakeholders without direct authority.
• Strong analytical and organizational skills, with the ability to connect information across risks, controls, issues, audit matters, and operational activities.
• Strong written and verbal communication skills, including the ability to present complex risk information clearly and concisely.
• Ability to exercise independent judgment while operating within an established functional framework and escalation structure.
• Strong understanding of Third-Party Risk management principles, including experience with policy development, control definition, and application of controls in the business.
• Strong knowledge of Third-Party Risk control environment.
• Strong knowledge of corporate risk policies and standards.
• Strong working knowledge of technologies relevant to responsibilities.
• Strong analytical skills including the use of relevant Tools such as Power BI.
• Strong collaboration and communication skills.
• Ability to drive to execution.
• Applies knowledge of key business drivers and the factors that maximize department performance.
• Experience within Third-Party Risk Management, Procurement, financial services, or another regulated environment.
• Experience working within, or closely with, a Corporate Risk Management or Operational Risk Management function.
• Knowledge of first-line responsibilities within enterprise risk management frameworks.
• Familiarity with financial services regulatory expectations.
• Experience with governance, risk, and compliance platforms or enterprise risk systems.
• A College or University degree and/or relevant proven work experience is required.
• 5-7 years of related experience in roles working in Third Party risk related topics.

Nice To Haves

• Professional certification such as CRMA, CIA, CISA, CRCM, FRM, or an equivalent risk-related credential is preferred.

Responsibilities

• Manage TPMO participation in applicable Corporate Risk Management processes, including risk and control assessments, issue management, operational risk events, control governance, and related risk activities.
• Coordinate the implementation of Corporate Risk Management requirements within TPM processes, documentation, responsibilities, and reporting routines.
• Maintain the TPMO calendar of required risk activities, assessments, governance reviews, reporting, and deliverables.
• Coordinate inputs from TPMO process owners and subject matter experts to support timely and accurate completion of risk management obligations.
• Maintain a consolidated view of TPMO risks, controls, issues, action plans, operational risk events, and related governance commitments.
• Incorporate Corporate Risk Management information into established TPMO reporting, including key themes, emerging risks, overdue activities, and matters requiring leadership attention.
• Facilitate TPMO risk governance routines, including preparation of materials, documentation of decisions, assignment of actions, and monitoring of commitments.
• Support the identification, documentation, escalation, and reporting of risks, issues, control gaps, and operational risk events in accordance with enterprise requirements.
• Maintain governance documentation and supporting evidence to demonstrate completion of TPMO’s Corporate Risk Management responsibilities.
• Identify dependencies, recurring themes, and reporting gaps across TPMO risk activities and escalate them through established governance channels.
• Provide guidance to TPMO partners regarding Corporate Risk Management processes, documentation expectations, required timelines, and reporting obligations.
• Support enhancements to TPMO governance procedures, reporting processes, roles, and supporting documentation.
• Assist TPMO leadership with governance materials and risk information for management discussions and applicable forums.
• Leads in the Third-Party Risk governance framework in the 1st Line of Defence, with oversight and reporting to enterprise leadership on related risk and control profile, issues / incidents and any relevant emerging risks.
• Works with Vendor Managers to ensure that Third Party Risk policies and guidelines are adhered to, and provide actionable support and guidance to the Business.
• Escalates any concerning trends to Senior Management. This may include (but not limited to) oversight and monitoring of emerging risks, weaknesses in controls and material change programs, deterioration in service / performance standards, and provide guidance on mitigating actions.
• Assists in review of internal and external Third-Party Risk related events and issues, to ensure that the root cause is adequately identified and remediation actions are fit for purpose.
• Works to ensure appropriate oversight / governance of intra-group arrangements is in place, and changes to business models are accurately reflected in applicable group documentation. This may include liaising (as needed) with Legal Entity Outsourcing Managers.
• Assists in the support of local regulatory and audit engagements pertaining to Third Party Risk; this includes supporting remediation activities.
• Supports Third Party Risk awareness and risk management culture in order to ensure that the material risks are both evident and effectively managed.
• Exercises judgment based on the analysis of multiple sources of information.
• Able to lead cross functional or complex projects with manageable risks and resource requirements.
• Acts as a subject matter expert for all team members, substitutes for manager when required.

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: Senior