Third Party Risk Management Contracts Manager

WSFS Bank • Wilmington, DE

1d

About The Position

At WSFS Bank, we empower our Associates to grow their careers, guide our customers to secure their financial futures, and actively support our Communities so they can fully thrive. Careers with WSFS Bank offer an inclusive and supportive culture, competitive salaries, advancement opportunities, and more. We are the region's locally headquartered bank and wealth management company. We are honored to consistently be named a Top Workplace by our Associates, who make a difference every day for the people, businesses, and Communities we serve. We Stand For Service® is more than part of our name, it’s our mission and our purpose. The Third-Party Risk Management Contracts Manager will support the Director of Third-Party Risk Management in the management, development, maintenance, and governance of the Bank’s third-party risk management (TPRM) program. The incumbent will develop, recommend, and deploy policies, procedures and tools required to effectively manage and oversee vendor risk within all three lines of defense. The incumbent will assist with the deployment of TPRM processes enabling adoption, compliance and training throughout the Bank while keeping abreast of regulatory changes and incorporating those changes into the TPRM Program. The Contracts Manager will assist business units in the vendor selection process, scoping of work, and the due diligence process. The incumbent should understand the Requests for Proposal (RFP) process and promote clear interpretation and adherence to regulatory guidance set forth by the OCC, FRB, SEC and CFPB. The incumbent will assist with negotiating contract terms with vendors based on business needs and legal guidelines, as well as assist business units in determining vendor specific service level agreements (SLA). In addition, the incumbent will manage three or more direct reports, manage third party review services as needed, review and manage NDAs, redline agreements, and execute agreements based of WSFS signing authority.

Requirements

• Bachelor’s degree in a relevant fields, or equivalent combination of education and experience in vendor management, third-party risk management, contracts administration, and/or other relevant experience.
• Minimum of 5 years’ experience in contracts administration, review and redlining, and/or negotiation.
• Minimum of 3 years’ previous supervisory experience.
• Must possess the ability to identify and resolve operational and risk-related issues with minimal escalation.
• Must be able to understand and apply federal banking guidelines and regulations.
• Experience in negotiating contract terms, conditions and pricing for varying services and solutions required.
• Negotiating complex and dynamic legal documents preferred.
• Must have experience working across a diverse set of stakeholders with positive results.
• Must possess the ability to work collaboratively internal and external Clients.
• Must have strong written and oral communication skills.
• Ability to think critically and pivot situationally.
• Basic understanding of major business principles, processes, and technologies.
• Ability to present effectively to end-users and managers in all forms of communication.
• Ability to analyze and streamline processes.
• Must possess the ability to identify issues and work them to closure, escalating when appropriate.

Nice To Haves

• Third Party Risk certification (such as CVRPM) or the desire to attain preferred.
• Paralegal certificate or relevant paralegal experience is preferred.

Responsibilities

• Review contracts submitted by business units and determine contracts’ criticality based off New Vendor Requests.
• Manage the contracts workflow, including communication and updates to internal Clients as appropriate.
• Engage internal Clients with complex and high-risk vendor contract review and negotiations.
• Facilitate review with internal and external counsel, if necessary, with acceptable terms.
• Own and update Contract Playbook with required contractual language as needed.
• Assist TPRM team as needed to ensure due diligence is complete on all contracts in scope.
• Review agreements, addendums, and statements of work redlining where necessary.
• Provide weekly contractual pipeline, SLA, and NDA reporting.
• Ensure all contracts enter into the system of record in a timely manner and updated as changes occur.
• Complete contract checklist ensuring all field in TPRM system of record are accurate, as needed.
• Monthly and quarterly quality control review of contractual agreements, confirming all required contractual language (if applicable) added, and contract checklist complete with sign off.
• Work with TPRM Due Diligence Team to ensure due diligence is complete for each vendor, with proper sign off, on all contracts prior to execution.
• Maintain awareness of contracts that are set to expire and manage the termination letter process with business lines.
• Multitask assignments and prioritize contracts based on criticality.
• Identify issues as they arise and work to closure, escalating to the Director of TPRM when appropriate.
• Review, suggest and provide annual updates to TPRM Policy, Program and Procedures.
• Respond to internal and external auditor, regulator, and business line requests within established timelines.
• Assist with quarterly Management Risk Committee reporting.
• Other duties as assigned.

Benefits

• WSFS provides a competitive benefits package, which includes medical, dental, and vision coverage; a 401(k) plan; life, accident, and disability insurance; flexible spending accounts (FSAs) and health savings accounts (HSAs); and wellness programs.
• Additional benefits may include paid parental leave, military leave, vacation and other paid time off, sick leave in accordance with applicable state laws, and paid holidays.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 1,001-5,000 employees