What are the responsibilities and job description for the Director of Third-Party Risk Management position at Phaxis?
Position Overview :
This leadership role focuses on managing and enhancing the organization's third-party risk framework, ensuring alignment with regulatory standards and best practices. The position involves overseeing risk assessments, collaborating with stakeholders, and maintaining compliance with applicable guidance. A key focus is on mitigating risks associated with external partnerships while promoting a culture of proactive risk management.
Key Responsibilities :
Program Leadership & Improvement :
Oversee the third-party risk management program, ensuring it meets evolving regulatory requirements and industry benchmarks.
Regularly review and adapt the program to align with the organization's growth, complexity, and risk profile.
Maintain compliance with guidelines from relevant regulatory bodies.
Risk Assessment & Monitoring :
Supervise the identification and evaluation of risks related to external partnerships, including operational, reputational, and cybersecurity risks.
Lead risk assessments for new and existing third parties to ensure alignment with organizational risk tolerance.
Work with internal teams, including compliance and information security, to address identified risks.
Collaboration & Coordination :
Coordinate with internal stakeholders across departments to ensure a cohesive approach to risk management.
Partner with vendor owners to implement effective risk mitigation strategies and ensure vendor resilience.
Regulatory Compliance & Reporting :
Ensure adherence to all relevant regulations and keep the program updated to reflect emerging regulatory expectations.
Prepare reports for senior leadership and the Board of Directors, outlining program effectiveness and key risk areas.
Act as a primary contact for regulatory audits and examinations related to third-party risk.
Vendor Oversight :
Collaborate with vendor managers to ensure third-party relationships are effectively managed.
Review vendor contracts to include provisions for risk mitigation, compliance, and cybersecurity requirements.
Education & Awareness :
Develop training materials and conduct sessions to educate staff on risk management policies and practices.
Foster a culture of accountability and awareness surrounding risk management throughout the organization.
Additional Responsibilities :
Undertake additional projects and duties as assigned by management.
Provide leadership and mentorship to team members, ensuring professional growth and effective program delivery.
Qualifications :
Significant experience in risk management, vendor oversight, or related fields, preferably in regulated industries.
In-depth understanding of third-party risk management frameworks and regulatory requirements.
Strong collaboration and communication skills to engage with internal and external stakeholders effectively.
Demonstrated ability to analyze risks and implement effective mitigation strategies.
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