Third Party Risk Management Specialist

1ST SUMMIT BANK•Richland Township, PA

1d•Onsite

About The Position

This role is responsible for managing third-party risk throughout the entire lifecycle of vendor relationships, from onboarding to offboarding. Key responsibilities include conducting risk assessments, analyzing control documentation, ensuring contractual safeguards, and monitoring financial viability. The specialist will also be involved in periodic reviews, issue remediation, and leading enterprise-wide disruption drills. Additionally, the role requires maintaining the TPRM framework, preparing executive reports, and serving as a liaison for auditors and examiners.

Requirements

Excellent verbal and written communication skills.
Strong organizational and time-management skills, with close attention to detail and a demonstrated ability to meet deadlines.
Ability to work independently to achieve goals and objectives.
Ability to evaluate key contract provisions and propose changes as necessary.
Proficient with Microsoft Office Suite or related software.
Strong ability to interpret and evaluate information security posture, SOC reports, and financial statements of corporate vendors.
High school diploma or equivalent required.
Minimum of five (5) years of equivalent experience if not holding a Bachelor's degree.

Nice To Haves

Bachelor’s degree in business or a related field.
Experience in using and administering a dedicated vendor management platform.
Knowledge of the Interagency Guidance on Third-Party Relationships, FFIEC IT examination handbooks, and GLBA data privacy expectations.
Professional Certifications: CTPRP, CISA, CRISC, or a comparable professional certification.

Responsibilities

Conduct inherent risk assessments for proposed vendor relationships.
Collect, review, and challenge third-party control documentation (e.g., SOC reports, financials, BCPs).
Collaborate with Legal and Procurement to include necessary regulatory provisions in vendor contracts.
Coordinate secure offboarding processes for terminated vendor relationships.
Conduct formal periodic risk assessments for all third parties.
Evaluate the ongoing financial health of critical third parties.
Document deficiencies, track corrective actions, and ensure vendor remediation.
Identify and monitor concentration risks related to downstream subcontractors.
Orchestrate annual BCP and Pandemic tabletop exercises for critical third-party outages.
Maintain and update the Bank’s TPRM framework to reflect regulatory requirements.
Prepare vendor risk summaries, concentration dashboards, and open-issue logs for the Board of Directors.
Serve as the primary contact for internal auditors and examiners regarding the TPRM program.
Perform other duties as assigned.