What are the responsibilities and job description for the Manager Vendor Risk Management 1LoD position at Royal Bank of Canada?
Job Summary
Job Description
What is the Opportunity?
The Manager Vendor Risk Management is responsible for supplier management routines of RBC Bank suppliers / third parties and Intra-group. Arrangements (IGAs) throughout the supplier management lifecycle in accordance with Third Party Risk Management Standards and Policies. This role operates in RBC Bank’s first line of defense and supports Business Unit partners in managing supplier risk through supplier onboarding activities, reassessments, advice and counsel, and regular reporting. In addition, this role provides timely assessment and support of third-party risk through proactive engagement with RBC Bank Business Units, Functional Partners and Suppliers. Provides consultation and support during the Concept and Planning and Contract Negotiation phases, onboarding of new suppliers, ensuring completion of artefacts and risk assessment activities. Reviews, tracksand works with the RBC Bank Business Units to address Service Level Agreement (SLA) performance; reviews and approves invoices for payment, etc. Collaborates with relevant groups in developing and implementing recommendations to improve efficiencies, reduce costs, enhance the client experience and increase shareholder value.
What will you do?
Responsible for supplier management routines of a portfolio of RBC Bank suppliers / third parties and Intragroup Agreements IGAs throughout the supplier management lifecycle
Facilitates completion of Supplier Risk Management Assessment (SRMA) for Suppliers in their portfolio
Facilitate completion of Service Organization Control (SOC) reviews for Suppliers with their portfolio and gain approval from business partners
Ensures exit strategies exist, including Winding Down Plan and Repatriation Plan
Drive awareness to third party risks through participation in supplier-led risk forums and other training
Manage escalations between the Supplier, RBC Bank Business Units and functional entities through to resolution
Key communication point with all lines of Business and Suppliers in their portfolio, functional partners to ensure necessary information for the cross-functional teams are delivered
Key referral and expert point of reference to senior management on all matters relating to RBC Bank Supplier Management / IGA due diligence. Understands and responds to implications and impacts of supplier / process developments and changes to the business and client
Manage contracts for the portfolio management throughout the supplier lifecycle (RFP to termination / renewal)
Ensure that the contract contains SLA’s, Key Performance Indicator’s (KPIs), regulatory and any other operational element that will be measured once the contract is implemented
Ensure proper monthly monitoring of SLAs for all assigned Suppliers which includes submission and validation of SLA reporting within required timeframes, documents breaches as required
Provide reporting to senior management on health of the portfolio including key risk indicators and control execution
Works with the Suppliers, Business Units and Functional Partners to identify, document and close any service gaps / performance levels
Reviews Supplier results with Supplier and Business Units during periodic meetings
Validates spend, invoices / rebates / special instructions sent by Supplier for accuracy and contract compliance and submits for payment based on appropriate Delegated Authority
What do you need to succeed?
University degree or equivalent
Minimum 5 years work experience in first or second line risk and control functions
3 years experience in supplier / vendor risk
Experience in implementing risk management practices in the financial services industry
Knowledge of regulatory requirements and leading practices regarding third party supplier risk management
Execution of policies and procedures and proficient in risk management methodologies
Strategic mindset and effective collaboration skills
Excellent interpersonal skills with a strong customer service focus
Experience in identifying and implementing appropriate controls for effective risk mitigation
Experience in defining and implementing effective management reporting
Experience working in a complex, matrix environment and proactively managing a diverse set of stakeholders
What’s in it for you?
We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.
A comprehensive Total Rewards Program including bonuses and flexible benefits, competitive compensation, commissions, and stock where applicable
Leaders who support your development through coaching and managing opportunities
Ability to make a difference and lasting impact
Work in a dynamic, collaborative, progressive, and high-performing team
Opportunities to do challenging work
Opportunities to build close relationships with clientsRBC’s compensation philosophy and principles recognize the importance of a highly qualified global workforce and plays a critical role in attracting, engaging and retaining talent that :
Drives RBC’s high performance culture
Enables collective achievement of our strategic goals
Generates sustainable shareholder returns and above market shareholder value#LI – Hybrid#LI – POST
Job Skills
Microsoft Excel, Operational Risks, Risk Control, Risk Management, RSA Archer, SOC Reports, Supplier Management, Supplier Risk Management, Teamwork, Third Party Risk Management, Vendor Risk Management
Additional Job Details
Address :
8081 ARCO CORPORATE DRIVE : RALEIGH
City :
Raleigh
Country :
United States of America
Work hours / week :
Employment Type :
Full time
Platform :
PERSONAL & COMMERCIAL BANKING
Job Type :
Regular
Pay Type :
Salaried
Posted Date :
2025-01-07
Application Deadline :
2025-03-10
Note
Applications will be accepted until 11 : 59 PM on the day prior to the application deadline date above
nclusion
and Equal Opportunity Employment
At RBC, we embrace diversity and inclusion for innovation and growth. We are committed to building inclusive teams and an equitable workplace for our employees to bring their true selves to work. We are taking actions to tackle issues of inequity and systemic bias to support our diverse talent, clients and communities.We also strive to provide an accessible candidate experience for our prospective employees with different abilities. Please let us know if you need any accommodations during the recruitment process.
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