What are the responsibilities and job description for the Vendor Management Specialist position at MEMIC?
The Mission of The MEMIC Group is to make workers' comp work better with compassion, trusted partnerships, and relentless commitment to workforce safety. The secret to the success and longevity of great organizations is their shared vision and strong values. At MEMIC our values are to be conscientious, to be an expert, to be a partner, to be curious and to be transparent.The Vendor Management Specialist will provide critical support to the Risk Department team in the areas of vendor management, systems, and data analysis. This role involves assisting in the design and implementation of a comprehensive vendor management monitoring process. The Vendor Management Specialist will be responsible for monitoring, analyzing, and reporting on both internal and third-party systems and data providers.Principal Duties and Responsibilities1. Vendor Vetting & Onboarding : Collaborate with department leaders to define vendor requirements and assist in selecting vendors based on business needs. Lead and manage the vendor onboarding process, ensuring the collection of all required documentation, certifications, and compliance information. Conduct thorough due diligence on new vendors, assessing their financial stability, regulatory compliance, and alignment with the company's values and business objectives.2. Vendor Monitoring : Assist in evaluating vendor cybersecurity risks, conducting assessments and audits as needed. Maintain an updated inventory of approved vendors, tracking performance, risk, and compliance. Monitor vendor relationships to ensure compliance with contracts, SLAs, business impact metrics, and regulatory requirements.3. System Administration : Oversee the administration of the Prevalent Vendor Management System, ensuring accurate, up-to-date vendor data. Coordinate with internal teams to categorize and index data for reporting. Manage the BitSight cybersecurity monitoring system, ensuring regular tracking of vendor ratings.4. Reporting : Use Prevalent and BitSight to create risk profiles and provide insights to management. Generate periodic reports on vendor performance, security, and compliance. Serve as the primary contact for internal teams (legal, info security, compliance) regarding vendor management inquiries and escalations.5. Continuous Improvement & Process Optimization : Identify opportunities for process improvements and efficiencies within the vendor management lifecycle. Stay up to date with the latest vendor management tools, systems, and best practices, and recommend updates or new solutions to enhance operational efficiency. Implement and oversee training programs for internal teams to ensure proper usage and understanding of Prevalent and BitSightsystems.6. Vendor Risk Mitigation : Identify potential risks or issues related to vendor performance or cybersecurity and work proactively to mitigate them before they affect business operations. Respond to emerging cybersecurity threats and vendor performance issues, escalating them to the relevant teams when necessary.Minimum Knowledge, Skills, and Abilities1. Bachelor's degree and one to two years' experience in insurance preferred.2. Prior experience with Prevalent / BitSight Systems or other third-party vendor and security systems a plus.3. Prior experience in Compliance, Technology and / or Systems Administration a plus.4. Strong interpersonal and communication skills.5. Strong organization and time management skills along with strong attention to detail.6. Must be self-motivated, able to work independently and results driven.Our comprehensive benefits package includes all traditional offerings such as : Health Insurance options, Dental Insurance options and Vision InsuranceEmployee Life Insurance / AD&D and Dependent Life Insurance optionsShort-term & Long-term DisabilityHealth Savings Account with potential employer matchFlexible Medical and Dependent Care AccountAccident InsuranceCritical Illness InsuranceEmployee Assistance ProgramLegal / Identify Theft Insurance optionsLong Term Care InsurancePet Insurance401 (k) Retirement Plan with match up to 5%, plus profit sharing & discretionary contributions (subject to vesting)5 weeks of Paid Time Off (PTO)11 paid holidaysWe also offer other benefits to help foster a healthy, balance lifestyle such as : Flextime schedulesPaid Parental LeaveStudent loan paydown and refinancing assistanceEducational assistance for job related courses, seminars, certifications or degreesOne paid day every year to volunteer for your non-profit of choiceOn-site fitness center (Maine) or fitness reimbursementSubsidized parkingSit-Stand desks & daily stretch breaksMEMIC is committed to a policy of nondiscrimination and equal opportunity for all employees and qualified applicants without regard to race, color, religious creed, national origin, ancestry, age, disability, genetics, gender identity, veteran's status, sexual orientation, or any other characteristic protected by law. MEMIC is an equal opportunity employer encouraging diversity in the workplace.
