Third Party Risk Management Specialist

Tompkins Community Bank

About The Position

The Third Party Risk Management Specialist will assist with the onboarding and review of third-party vendors, performing risk assessments, negotiating contracts and ensuring compliance with regulatory requirements and company policies. This includes analyzing vendors across multiple criteria—such as reputation, legal and financial standing, and operational effectiveness—to identify and mitigate risks. It will also involve the understanding of contract terms and requirements. The role involves documenting processes, and collaborating with business units, procurement, risk owners and third parties to balance regulatory expectations with business needs. Strong communication, writing, and project management skills are essential for coordinating complex projects and stakeholder engagement.

Requirements

Bachelor’s degree preferred, or an equivalent combination of education and experience.
High school diploma required; some college coursework or paralegal certificate preferred.
Minimum of 2 years’ experience in Third-Party Risk Management methodologies, or other audit-related work.
Project management experience required.
Ability to read and interpret complex documents and correlate findings to the bank’s requirements and applicable regulatory guidance.
Current knowledge of vendor and third-party requirements, trends, regulations, and oversight practices.
Understanding of contractual terms and requirements for effective risk mitigation; paralegal skills/degree is a plus.
General knowledge of related risk areas such as information security, financial analysis, business continuity, and compliance.
Strong attention to detail and ability to interpret, analyze, and effectively report all vendor information.
Proficiency in Microsoft Excel and Word.
Ability to work independently, multitask, and take ownership of projects.
Excellent interpersonal and communication skills, with the ability to engage all levels of staff and management.

Responsibilities

Work with relationship owners throughout the vendor lifecycle, including understanding their needs, assisting with onboarding, communicating risks, supporting termination, and recommending mitigation strategies and contract protections.
Conduct onboarding reviews of new vendors and perform due diligence on existing vendors as required by policy.
Collaborate closely with Third Party Risk team members, subject matter experts (Information Security, IT, Compliance, Finance, Legal, Credit, Operations, etc.), and internal stakeholders to ensure effective teamwork and successful outcomes.
Identify opportunities for process improvements to enhance operational efficiency within the third-party risk management process.
Coordinate all facets of the vendor lifecycle to ensure thorough review and mitigation of all pertinent risk areas.
Ensure all documentation, risks, and contracts are accurately recorded and finalized.
Perform other duties as assigned.