Associate Vendor Risk Management Analyst

Townebank - Suffolk, VA

Full-time

Suffolk, VA

Credit Intermediation and Related Activities

About the position

The Associate Vendor Risk Analyst plays a crucial role in the Vendor Risk Management (VRM) team, focusing on the identification, assessment, and monitoring of risks associated with outsourcing products and services to third-party vendors. This position is integral to ensuring that the organization effectively manages vendor relationships while adhering to regulatory requirements and industry best practices. The analyst will facilitate various vendor risk lifecycle activities, collaborating closely with internal vendor owners, specialist area partners such as Information Security, Compliance, Business Continuity, and Legal, as well as external third parties. This collaboration is essential for obtaining necessary documentation and ensuring timely completion of tasks related to vendor risk management. In this role, the Associate Vendor Risk Analyst will conduct due diligence reviews, which include financial analysis, reputational monitoring, and operational control environment assessments. These reviews will be performed with guidance from the VRM Manager, utilizing critical thinking and risk analysis skills to evaluate an assigned portfolio of vendor relationships. The analyst will also be responsible for developing and delivering comprehensive review reports, maintaining vendor inventory and files, and assisting in the administrative and regulatory review of contracts and legal documents under supervision. Additionally, the analyst will assist in identifying vendor risk events, changes, and issues, reporting findings to the VRM Manager. A strong understanding of regulatory requirements and industry best practices is necessary, as the analyst will need to adhere to applicable federal laws, including those related to Anti-Money Laundering (AML) and the Bank Secrecy Act (BSA). This position may also involve other duties as assigned, contributing to the overall goals and objectives of the department.

Responsibilities

• Facilitates vendor risk lifecycle activities with internal vendor owners and external third parties.
• Performs due diligence review elements including financial analysis and reputational monitoring.
• Develops and delivers completed review reports with input from the VRM Manager.
• Conducts administrative and regulatory review of contracts and legal documents under supervision.
• Assists in maintaining vendor inventory, vendor files, and due diligence artifacts.
• Identifies vendor risk events, changes, and issues, and reports findings.
• Collaborates with the VRM Manager to analyze vendor performance and risk mitigation plans.
• Develops knowledge of regulatory requirements and industry best practices.

Requirements

• Bachelor's degree in Business, Finance, Accounting, Communications, Information Technology, or related discipline.
• Strong oral and written communication skills.
• Ability to work in a time-sensitive environment and manage multiple tasks simultaneously.
• Ability to work independently and collaboratively in a team-oriented environment.
• Strong analytical skills and intellectual curiosity.

Nice-to-haves

• 1 year of experience in risk management, audit, information technology/security, or compliance.
• 1 year of project management experience.
• Basic understanding of risk management principles and banking operations.
• Knowledge of regulatory guidance related to third-party relationships.