Third Party/Vendor Risk Management - Phaxis LLC

Pay $38-43/hr (depending on experience)

Position Overview:

The Vendor Risk Manager is responsible for overseeing and managing the Firm's vendor risk management program. This includes ensuring that all third-party vendors and service providers meet the Firm's risk management policies and guidelines. The Vendor Risk Manager will work closely with business units and functional teams to assess and mitigate potential risks, facilitate the onboarding process for new vendors, and ensure the ongoing monitoring and assessment of existing vendors.

Key Responsibilities:

• Oversee the inventory of vendors and associated services, ensuring compliance with the Firm's risk management standards.

• Facilitate the onboarding process for new vendors and conduct periodic reviews of existing vendors to ensure compliance with risk management policies.

• Lead and challenge vendor risk assessments performed by business and functional areas, ensuring thorough review and validation of potential risks.

• Prepare and deliver monthly and quarterly risk management reports and vendor risk metrics to senior leadership.

• Provide oversight and support to the first line of defense by ensuring effective implementation of operational risk and third-party/vendor risk programs across the Firm.

• Collaborate with business units to identify, assess, and mitigate risks related to third-party vendors, ensuring that issues are addressed and opportunities for improvement are explored.

• Ensure the successful implementation of third-party/vendor risk management programs that effectively identify, measure, monitor, and manage risks.

• Assist in the identification and evaluation of risk areas across the Firm's operational activities, contributing to the development of processes and controls to mitigate these risks.

• Maintain, develop, and prepare documentation for risk management, including policies, procedures, and reporting materials.

• Investigate root causes of operational risks related to third-party vendors and support efforts to mitigate these risks.

• Conduct training sessions for employees on third-party risk management programs and policies to ensure firm-wide understanding and compliance.

• Collaborate with the Legal department to assist in the management and oversight of contracts with third-party vendors.

• Provide regular management reporting and updates on the status of third-party/vendor risk programs to ensure transparency and accountability.

Qualifications:

• Proven experience in vendor risk management, operational risk management, or a related field.
• Strong understanding of risk management frameworks and third-party risk policies.
• Ability to analyze and assess risks, and to develop and implement risk mitigation strategies.
• Excellent communication and collaboration skills, with experience working across business and functional teams.
• Strong organizational and documentation skills.
• Familiarity with contract management and legal aspects of vendor relationships is a plus.