Senior Associate, TPRM

The Senior Associate, Third Party Risk Management, is a “first line” review function that provides support structure to our internal and external business partners and Vendor Management in line with regulatory expectations. Responsible for managing due diligence that is required for on-boarding, reassessment of risk as well as ongoing performance monitoring of the vendor inventory. This role will conduct and publish monthly vendor scorecards and periodic due diligence and risk assessment reports of third parties. The primary goal of this role is to ensure adherence to company policies/standards and are compliant with established performance expectations and contractual terms, regulatory guidelines and industry best practices. 

• Risk Assessment and Due Diligence:
  • Conceptualize and enable continuous refinement of TPRM Governance and Framework
  • Conduct comprehensive due-diligence and risk assessments of potential third-party. vendors before entering into any business relationships.
  • Perform periodic due diligence to evaluate the financial stability, compliance practices, and overall reliability of third-party vendors.
  • Assist with ensuring that the contracts align with organization standards and also include appropriate language related to security, privacy, and compliance requirements.
• Strategic Initiatives Support:
  • Support ongoing strategic initiatives to help optimize overall Third Pary Vendor Management function.
  • Conduct periodic assessments to identify improvement opportunities and lead initiatives to operationalize process improvement opportunities.
• Compliance Monitoring:
  • Conduct periodic monitoring to ensure that third-party relationships comply with relevant laws, regulations industry and company standards.
  • Lead regular audits to verify ongoing compliance.
• Monitoring and Reporting:
  • Perform ongoing monitoring processes to track the performance and risk profile of third parties.
  • Generate regular reports for management to provide insights into key risk indicators and mitigation strategies as well as the overall status of third-party relationships.
• Communication and Training:
  • Assist in providing training and awareness programs to effectively communicate risk assessments and mitigation strategies to internal stakeholders, senior management and well as third-party vendors.
• Vendor Relationship Management:
  • Enable positive and collaborative relationships with third-party vendors and ensure that vendor performance aligns with the organization's objectives and compliance needs.

• Bachelor's degree in Business, Information Technology, Risk Management, or related field. Advanced degree or relevant certifications is a plus.
• 5 years’ experience in Third Party Risk Management/Vendor Management.
• Familiarity with Third Part Risk Management and Assessment methodologies, framework and tools.
• Experience in developing, implementing, and optimizing third-party risk management programs.  
• Insurance / Reinsurance Industry knowledge is preferred.
• Proven experience in risk management, compliance, or information security, with a focus on third-party risk.
• Strong understanding of relevant laws, regulations, and industry standards.
• Excellent analytical and problem-solving skills.
• Effective communication and interpersonal skills.
• Ability to work collaboratively with cross-functional teams.
• Strong customer facing skills, ability to influence and motivate internal/externals teams and vendor partners.
• Ability to work independently and in a team environment.
• Ability to understand processes in a larger context to look for improvements and efficiencies.

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