What are the responsibilities and job description for the Third-Party Risk Management Specialist position at City National Bank of Florida?
Overview
The Third-Party Risk Management Specialist is responsible for managing vendor-related risks and ensuring compliance with contractual obligations to support the bank’s operational integrity. This role facilitates effective vendor negotiations, monitors performance, and contributes to the development of risk management processes. By fostering strong relationships with business units and providing expert guidance, the Contract Specialist plays a critical role in institutionalizing the Third-Party Risk program, driving cost savings, and enhancing overall vendor management efficiency.
Principal Duties & Responsibilities:
- Manage and mitigate vendor risks in accordance with existing risk management programs and policies.
- Ensure that active engagements have appropriate contracts in the system of record and comply with bank standards.
- Assist in negotiating contract terms by collaborating with business units to define and draft agreements and by communicating directly with vendors throughout the negotiation process.
- Coordinate with General Counsel to ensure all contracts align with legal requirements and bank policies.
- Contribute to the development and enhancement of vendor and contract management processes, procedures, and tools.
- Proactively identify potential risks and propose effective mitigation strategies.
- Monitor and track cost savings, cost avoidance, and other benefits resulting from contract management activities.
- Make informed risk decisions based on unique factors related to each vendor and engagement.
- Monitor and coach business unit personnel on Third-Party Risk Management processes and policies.
- Assist in the vendor selection process and evaluate vendor proposals to identify the best options for the bank.
- Track and monitor vendor performance to ensure compliance with contractual responsibilities and identify opportunities for continuous improvement.
- Build and maintain relationships with business units across the organization to facilitate effective vendor management.
- Maintain organized and accurate records of all vendor-related documentation.
- Complete assorted projects within the Third-Party Risk Management team and participate in future phases of program development and implementation.
- Escalate vendor management issues for resolution and/or review and approval to management as necessary.
- Act as a Subject Matter Expert for Vendor Management, providing advice, training, and support to business units, operational areas, and IT.
- Perform other duties and projects as assigned by management.
Qualifications
- 4 years expereince in Vendor/Third-Party Risk Management, risk management program governance, Risk and Compliance, Audit, or related field.
Experience in the banking or financial services industry.
Relevant certifications in risk management (e.g., CRM, FRM) are a plus.
Knowledge of the finance and lending industry including but not limited to vendor management and vendor risk assessment practices and concepts.
Understanding of third-party risk management concepts and implementation techniques including third-party governance and performance monitoring.
Excellent communication (both verbal and written) skills.
Ability to work independently and in a team environment.
Education
- Bachelor's Degree in Business Administration, Computer Science, Finance or related discipline preferred.
Special Instructions to Candidates
- Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities.
- Please view Equal Employment Opportunity Posters provided by OFCCP here.
- The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR 60-1.35(c)
- Reasonable accommodation may be made to assist individuals with disabilities to complete the online application process. Please contact our Human Resources Department at 305-577-7680 or by e-mail at employment@citynational.com.
