Third Party Risk Manager

Alero Financial•Elgin, IL

1d•$120,574 - $150,718

About The Position

The Third Party Risk Manager oversees the Credit Union’s third-party risk management (TPRM) program under the direction and oversight of the First Vice President, Enterprise Risk Management. This role is responsible for the execution and day-to-day oversight of the TPRM lifecycle across the Credit Union’s vendor and third-party relationships and ensures alignment with the Credit Union’s Enterprise Risk Management Framework. Duties must be accomplished in compliance with federal and state laws and in accordance with the credit union’s policies and procedures and with constant attention to Alero’s creed, vision, mission and goals.

Requirements

Bachelor’s degree from an accredited university in Finance, Accounting, or a related Business Management field.
Minimum of seven years of credit union or bank experience supporting the TPRM function.
In-depth understanding of relevant laws, regulations, guidance, and industry standards governing third-party relationships in the financial services sector.
Demonstrated ability to build strong relationships across the organization and excellent interpersonal and communication skills.
Strong leadership skills with the ability to influence, motivate, and lead others within a fast-paced environment.
Strong project management skills, with proven ability to coordinate multiple tasks on an ongoing basis.
Knowledge of SOC and SSAE 18 reports, user entity controls, contract language and terms, data security, disaster recovery, and insurance.
Ability to develop training materials and train individuals in TPRM processes, risk assessments, etc.

Nice To Haves

Sponsor banking and/or fintech experience preferred.
CTPRP or similar designation preferred.

Responsibilities

Plan, direct, and lead the day-to-day operations of the TPRM Program under the direction of the First Vice President, Enterprise Risk Management.
Act as a subject matter expert (SME) to internal and external stakeholders on third-party risk matters.
Foster strong stakeholder relationships to enable active and collaborative working relationships across business lines.
Take a leading role in creating and maturing the TPRM policy, procedures, guidelines, templates, forms, and overall governance process to ensure a robust and scalable program.
Effectively communicate with senior managers, business leaders, internal support services, vendor owners, and third parties to build and maintain strong partnerships that support a mature TPRM Program.
Serve as the SME for the review of potential and established third-party relationships, as well as new initiatives.
Provide TPRM risk mitigation strategies; advise management in understanding and managing third-party risk across the Credit Union.
Champion behaviors that embed a strong risk management culture across the first and second lines, including strong awareness of TPRM policies and practices.
Ensure adequate development of risk assessments for all new and ongoing third-party relationships that align with the Credit Union’s TPRM Program and ERM Framework.
Coordinate contract reviews with legal, third-party relationship owners, and internal vendor owners.
Review the viability of third-party service providers and platforms and make recommendations on viable alternatives.
Prepare monthly, quarterly, and annual reporting to appropriate stakeholders that reflects the overall health and risk profile of the TPRM Program.
Leverage data-driven insights and provide oversight and challenge on key risk indicators.
Support audit reviews, regulatory exams, and internal risk and control self-assessments.
Perform all other duties as assigned.