What are the responsibilities and job description for the Vendor Relationship Owner II position at Trustmark Bank?
Overview
The Vendor Relationship Owner position is assigned responsibility for managing the third-party relationship throughout an engagement lifecycle. This includes gathering due diligence materials on the service provider, coordinating with key stakeholders for risk assessments to occur, monitoring and managing the risk, assessing performance, and ensuring compliance with Policy and reporting requirements. They must also be able to monitor any changes in the status of the service provider, along with the Service Owners (SOs), and escalate any material issues that may arise over the duration of the relationship.
Responsibilities
- Provide third party oversight, management, and monitoring (including documentation in the system of record). This would include coordination of Performance Reviews with the Service Owners.
- Oversee and monitor the activities of the first line of defense related to its third-party responsibilities.
- Maintain a complete inventory of area of responsibility in conjunction with the 2nd line of defense.
- Coordinate all key personnel involved in the planning process including all renewals.
- Assist in the gathering due diligence materials from the service provider.
- Coordinate risk assessments with key stakeholders, service provider, and subject matter experts and resolve any issues.
- Support Strategic Sourcing and Legal during the contract phase of the lifecycle, including renewals.
- Ensure compliance with policy and reporting requirements and monitor any service provider changes.
- Escalate any material issues that may arise over the duration of the relationship.
- Coordinate the termination and exiting of a vendor with appropriate stakeholders in accordance the Third-Party Risk Management (TPRM) Framework.
- Coordinate with Service Owners to ensure proper documentation is provided for a Third Party that requires Working Group Approval.
- Performs additional duties as assigned.
Qualifications
- Four-year college degree and/or equivalent work experience
- Minimum of 2 years’ experience in risk management/ procurement/ third party risk management or equivalent work experience
- Knowledge of contingency planning
- Effective communication skills (both oral and written) and interpersonal skills
- Effective organizational skills including the ability to prioritize, multitask, and manage time and workload efficiently with attention to detail
- Effective analytical skills to analyze contracts, risk issues and documentation
- Possess a strong sense of ownership for achieving results
- Basic knowledge of Microsoft applications including Excel, Word and PowerPoint
- Proven knowledge of Federal compliance guidelines pertaining to Third Party Risk Management
- Demonstrates critical thinking skills to analyze third party risk management information
- Ability to exercise independent judgment with service owners and third party
- Advanced organizational skills including the ability to prioritize, multitask, and manage time and workload efficiently
- Work experience in Banking preferred
- 2-years’ experience in Third Party Risk Management preferred
Physical Requirements/Working Conditions: Must be able to sit for long periods of time and use computer keyboard/or mouse, while viewing computer screens.
Note: This is a brief description of this position and is not limited to those described herein. Management retains the right to add, delete or modify any of these responsibilities at any time during employment.
