TPRM Specialist

GENERAL SUMMARY

The Third-Party Risk Management (TPRM) Specialist is responsible for evaluating and challenging risk assessments of third-party vendors and partners. This role has a crucial part in maintaining the organization's risk management framework and ensuring compliance with regulatory requirements.

ESSENTIAL FUNCTIONS

• Lead reviews on Third Party Vendors and thoroughly examine risk assessments. This involves a deep dive into the assessment methodology, data collection processes, and risk scoring mechanisms used.
• Examine the identified risks, their potential impact on the organization, and the likelihood of occurrence. Evaluate the completeness of the assessment and control effectiveness
• Provide an independent review and evaluate the rationale behind risk ratings, questioning assumptions and seeking additional evidence where necessary regarding mitigation strategies proposed by first-line teams. Assess whether the proposed risk ratings accurately reflect the potential impact and likelihood of identified risks.
• For mitigation strategies, evaluate their effectiveness, feasibility, and alignment with the Bank's risk appetite and tolerance levels.
• Conduct independent risk assessments based on internal risk domains. Identify potential risks across various domains, including strategic, operational, financial, compliance and reputational risks. Assess the third-party's control environment, business continuity plans, information security measures, and compliance with relevant regulations.
• Based on the review and analysis of risk assessments and independent evaluations, develop and propose risk mitigation recommendations.
• Identify gaps in current control measures and suggest enhancements or new controls to address identified risks effectively. Prioritize recommendations based on risk severity and potential impact, considering the cost-benefit aspect of proposed measures.
• Work closely with business units to develop actionable mitigation plans, including specific steps, timelines, and responsible parties.
• Collaborate with various departments within the Bank to ensure a comprehensive and holistic approach to third-party risk management. This includes regular interaction with legal, compliance, information security, procurement, and business units. Participate in cross-functional meetings, sharing insights from risk assessments and seeking input from subject matter experts in specialized risk areas. Coordinate with internal audit and compliance teams to ensure alignment of TPRM practices with overall risk management and compliance frameworks.
• Keep abreast of evolving industry trends, emerging risks, and changes in the regulatory landscape is a crucial ongoing responsibility of this role. Regularly review industry publications, attend relevant conferences and webinars, and participate in professional associations related to risk management and compliance. Assess how new regulations or industry best practices may impact on the organization's TPRM Framework and processes. Monitor geopolitical events, technological advancements, and other external factors that could introduce new risks or alter the risk profile of existing third-party relationships.
• Create comprehensive, clear, and actionable risk reports for senior management and relevant committees. These reports will summarize the results of risk assessments, highlight key risk areas, track the status of mitigation activities, and provide an overall view of the organization's third-party risk landscape. Use data visualization tools to present complex risk information in an easily understandable format. Prepare and deliver presentations to explain risk findings, defend risk ratings and mitigation recommendations, and answer questions from stakeholders.

QUALIFICATIONS

• Education:
  • BA/BS Business Administration, Accounting, Finance, or equivalent work experience.
  • CTPRP Certification preferred.
• Experience:
  • Minimum 3-5 years of Third-Party Risk Management experience (or appropriate transferable experience).
  • Demonstrated understanding of vendor management concepts and implementation / program administration techniques including vendor performance monitoring.
  • High-level understanding of contract clauses and concepts.
  • Experience using Governance, Risk, and Compliance tools.
  • Knowledge and understanding of the Interagency Guidance on Third-Party Relationships: Risk Management
  • Third-Party Risk Management Industry Regulation understanding
• Skills/Ability:
  
  • Must possess excellent organizational and attention to detail skills.
  • Regularly exercise discretion and independent judgment.
  • Must be proficient with Microsoft Word, Excel, PowerPoint, and/or other similar software packages.
  • Proven ability to work autonomously and adjust quickly to shifting priorities, multiple demands, ambiguity, and rapid change.
  • Able to interface with business unit leaders, auditors, and vendor representatives.
  • Strong team player with ability to influence opinions without having direct authority.
  • Ability to build and maintain effective working relationships with all levels of management and staff.
  • Strong written and verbal communication skills, including the ability to facilitate meetings and effectively lead discussions. High level of professionalism, commitment, and integrity.
  • Commitment to growing and enhancing skills and knowledge.
  • Strong analytical skills, and a comprehensive understanding of various risk types and their potential implications for the Bank.
  • Ability to constructively challenge colleagues, articulate concerns clearly, and propose alternative viewpoints backed by sound reasoning and evidence.
  • Strong project management skills, the ability to gather and analyze complex information from various sources, and expertise in risk assessment methodologies
  • Creative critical thinking skills, a good understanding of risk management best practices, the TPRM Regulatory landscape, and the ability to balance risk mitigation with business objectives.
  • Excellent interpersonal and communication skills, the ability to navigate complex organizational structures, and a collaborative mindset.
  • Initiative-taking learning attitude, analytical thinking to interpret the implications of changes, and the ability to translate complex regulatory requirements into practical risk management strategies.
  • Ability to distill complex information into key points, and confidence in presenting to senior executives.
  • Occasional travel to and from other work locations may be required.

OTHER DETAILS

$85,800 - $93,840 / year
Pay determined based on job-related knowledge, skills, experience, and location.
This position may be eligible for a discretionary bonus.

Cathay Bank offers its full-time employees a competitive benefits package which is a significant part of their total compensation. It is our goal to provide employees with a comprehensive benefits package to fit their needs which includes, coverage for medical insurance, dental insurance, vision insurance, life insurance, long-term disability insurance, and flexible spending accounts (FSAs), health saving account (HSA) with company contributions, voluntary coverages, and 401(k).

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