Executive - TPRM-Advisory Services

An Analyst in Third-Party Risk Management (TPRM) is responsible for assessing and managing risks associated with third-party relationships within an organization. They play a crucial role in evaluating the security, compliance, and operational risks posed by vendors, suppliers, and other external partners. Here is a general job description for an Analyst - TPRM:Responsibilities:Vendor Risk Assessments: Conduct risk assessments of third-party vendors, suppliers, and partners to evaluate their security, compliance, and operational risks.

Collect and analyze information on vendors' cybersecurity controls, data protection practices, business continuity plans, and regulatory compliance.Risk Mitigation Strategies: Identify and recommend risk mitigation strategies to address identified risks. Collaborate with stakeholders to develop risk treatment plans, control frameworks, and risk mitigation action plans. Monitor the implementation of risk mitigation measures and ensure compliance with established standards

.Due Diligence: Perform due diligence activities on potential third-party vendors during the onboarding process. Assess the financial stability, reputation, and regulatory compliance of vendors. Review contracts, service-level agreements, and other legal documents to ensure alignment with organizational policies and standards.Compliance Monitoring: Monitor third-party vendors for compliance with contractual obligations, regulatory requirements, and industry standards. Track and review vendor audits, assessments, and certifications. Identify and escalate any non-compliance or potential breaches of contract.

Risk Reporting: Prepare risk assessment reports, risk profiles, and risk ratings for third-party vendors. Communicate risk findings and recommendations to stakeholders, including senior management and relevant business units. Provide regular updates on the status of risk mitigation activities.

Relationship Management: Collaborate with internal stakeholders, including procurement, legal, IT, and compliance teams, to ensure effective management of third-party relationships. Maintain open lines of communication with vendors to address risk-related concerns, clarify requirements, and resolve issues.

Continuous Improvement: Stay updated with industry best practices, emerging risks, and regulatory changes related to third-party risk management. Identify opportunities for process improvement and contribute to the enhancement of TPRM policies, procedures, and tools.Vendor Performance Evaluation: Monitor and evaluate the performance of third-party vendors against predefined metrics and key performance indicators (KPIs). Collect feedback from internal stakeholders on vendor performance and address any performance-related issues or concerns.Stakeholder Engagement: Collaborate with business units and stakeholders to understand their requirements and risk tolerance levels. Provide guidance and support in the selection of third-party vendors that meet the organization's risk appetite.

Skills and Qualifications:

Bachelor's degree in business, finance, IT, or a related field. Relevant certifications in risk management, compliance, or vendor management are desirable.Knowledge of third-party risk management frameworks, methodologies, and industry standards.Familiarity with regulatory requirements and compliance standards, such as GDPR, HIPAA, ISO 27001, and PCI DSS.Analytical skills to assess risks, analyze data, and make informed decisions.

Strong attention to detail and ability to work with complex information and documentation.Excellent communication skills, both written and verbal, to effectively convey risk-related information to stakeholders.Ability to work independently and as part of a team, with a proactive and self-motivated attitude.

Proficiency in using risk management tools, GRC (governance, risk, and compliance) software, and Microsoft Office applications.Understanding of vendor management principles and vendor relationship management practices.Strong organizational and time management skills to manage multiple assessments and prioritize tasks effectively.Knowledge of IT security, cybersecurity, and data protection principles is an advantage.