What are the responsibilities and job description for the Managing Director, Third Party Risk Management position at Webster Bank?
If you’re looking for a meaningful career, you’ll find it here at Webster. Founded in 1935, our focus has always been to put people first--doing whatever we can to help individuals, families, businesses and our colleagues achieve their financial goals. As a leading commercial bank, we remain passionate about serving our clients and supporting our communities. Integrity, Collaboration, Accountability, Agility, Respect, Excellence are Webster’s values, these set us apart as a bank and as an employer.
Come join our team where you can expand your career potential, benefit from our robust development opportunities, and enjoy meaningful work!
Position Summary
The Head of Third Party risk is responsible for the developing and executing Webster’s Third Party Risk Management Framework and is the Risk Program owner for Third Party Risk. The leader chairs the Third Party Risk Committee of the Bank, and regularly reports to the Enterprise Risk Management Committee and the Risk Committee of the Board. The function is responsible for establishing the Third Party risk management framework and policies and ensuring the bank has the processes and controls in place to maintain a risk profile that is consistent with its risk appetite while achieving its strategic goals. The team facilitates execution of the TPRM program and provides effective challenge to the organizations design of its controls. The leader engages actively with senior managers and executives across the company and acts the key point of coordination and communication with the regulators. This position reports to the Chief Risk Officer.
Key Responsibilities
Lead definition of strategic direction for risk and control assessment process, including identification of tool requirements, overseeing design and deployment
Lead engagement with risk owners to understand how risks materialize with Third Parties and ensure that these are appropriately addressed in the Third Party Risk Assessment Process
Lead the design and implementation of a risk-based Third Party control framework
Evaluate the effective design and execution of controls owned by TPRM and oversee the effective implementation of Third Party related controls defined by other risk owners
Oversee the timely completion of Third Party controls by Business Activity Owners and other responsible parties
Establish and operate a control testing process to validate the accuracy of completed Third Party controls and determine any required enhancements to improve performance
Monitor industry leading practices for Third Party risk management to identify enhancements to Webster’s Program
Assess regulatory changes impacting areas of Third Party Risk and Control assessment to determine and implement any actions required
Requirements
Candidates with advanced degrees (Associates, Bachelor’s, and/or Master’s) preferred, yet a High School diploma or GED is required. Candidates with some combination of coursework and experience, or extensive related professional experience
Extensive Third Party risk management experience and have knowledge of industry frameworks and leading practices for Third Party risk assessment and controls.
Typically has 10 years of relevant experience, with in depth knowledge of assessing third party risk and associated control requirements for a financial services organization.
Knowledge of regulatory requirements for Third Party Management and oversight
Evidence of delivery of results with strong execution skills
Ability to analyze processes and data to evaluate performance and identify improvement opportunities
Excellent communication and interpersonal skills, including the ability to effectively interact with and influence senior management
Strong planning and organizing skills with the ability to manage and prioritize responsibilities through the effective use of time management and organizational techniques
The estimated salary range for this position is $170,000USD to $200,000USD. Actual salary may vary up or down depending on job-related factors which may include knowledge, skills, experience, and location. In addition, this position is eligible for incentive compensation.
#LI-BY1
#LI-HYBRID
All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability or protected veteran status.
Come join our team where you can expand your career potential, benefit from our robust development opportunities, and enjoy meaningful work!
Position Summary
The Head of Third Party risk is responsible for the developing and executing Webster’s Third Party Risk Management Framework and is the Risk Program owner for Third Party Risk. The leader chairs the Third Party Risk Committee of the Bank, and regularly reports to the Enterprise Risk Management Committee and the Risk Committee of the Board. The function is responsible for establishing the Third Party risk management framework and policies and ensuring the bank has the processes and controls in place to maintain a risk profile that is consistent with its risk appetite while achieving its strategic goals. The team facilitates execution of the TPRM program and provides effective challenge to the organizations design of its controls. The leader engages actively with senior managers and executives across the company and acts the key point of coordination and communication with the regulators. This position reports to the Chief Risk Officer.
Key Responsibilities
Lead definition of strategic direction for risk and control assessment process, including identification of tool requirements, overseeing design and deployment
Lead engagement with risk owners to understand how risks materialize with Third Parties and ensure that these are appropriately addressed in the Third Party Risk Assessment Process
Lead the design and implementation of a risk-based Third Party control framework
Evaluate the effective design and execution of controls owned by TPRM and oversee the effective implementation of Third Party related controls defined by other risk owners
Oversee the timely completion of Third Party controls by Business Activity Owners and other responsible parties
Establish and operate a control testing process to validate the accuracy of completed Third Party controls and determine any required enhancements to improve performance
Monitor industry leading practices for Third Party risk management to identify enhancements to Webster’s Program
Assess regulatory changes impacting areas of Third Party Risk and Control assessment to determine and implement any actions required
Requirements
Candidates with advanced degrees (Associates, Bachelor’s, and/or Master’s) preferred, yet a High School diploma or GED is required. Candidates with some combination of coursework and experience, or extensive related professional experience
Extensive Third Party risk management experience and have knowledge of industry frameworks and leading practices for Third Party risk assessment and controls.
Typically has 10 years of relevant experience, with in depth knowledge of assessing third party risk and associated control requirements for a financial services organization.
Knowledge of regulatory requirements for Third Party Management and oversight
Evidence of delivery of results with strong execution skills
Ability to analyze processes and data to evaluate performance and identify improvement opportunities
Excellent communication and interpersonal skills, including the ability to effectively interact with and influence senior management
Strong planning and organizing skills with the ability to manage and prioritize responsibilities through the effective use of time management and organizational techniques
The estimated salary range for this position is $170,000USD to $200,000USD. Actual salary may vary up or down depending on job-related factors which may include knowledge, skills, experience, and location. In addition, this position is eligible for incentive compensation.
#LI-BY1
#LI-HYBRID
All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability or protected veteran status.
Salary : $200,000
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