Vendor Management Risk Analyst

About the position

John Marshall Bank is looking for a Vendor Management Risk Analyst who will assist in the assessment and monitoring of risks associated with third-party vendors. This person will facilitate risk classification, the due diligence process and promote overall regulation compliance. Additionally, this person will provide support to vendor relationship owners, as needed.

Responsibilities

• Support contract owners in establishing and maintaining strong relationships with vendors.
• Evaluate vendor performance based on quality, price, delivery, and responsiveness.
• Assist contract owners in developing and implementing strategies for selecting and managing vendors to optimize cost-effectiveness and efficiency.
• Support contract owners in researching and negotiating favorable terms, pricing, and agreements with vendors.
• Monitor vendor activities and ensure compliance with contract terms, policies, and procedures.
• Assist contract owners in negotiating and reviewing contracts.
• Maintain a database of all vendor contracts and related documentation.
• Ensure contracts are compliant with internal company policies.
• Track key contract dates (renewals, terminations, etc.) and take proactive action.
• Collaborate with finance, accounting and risk management teams to review terms and conditions for compliance and risk management.
• Ensure timely and accurate execution of contracts, including renewals and amendments.
• Ensure all vendor activities are aligned with regulatory, legal, and organizational requirements.
• Conduct vendor audits and performance evaluations to mitigate risks and identify areas of improvement.
• Develop and enforce policies and procedures for vendor selection, monitoring, and termination.
• Manage contract-related risks, ensuring liabilities are minimized.
• Provide regular reports on vendor performance and contract status to senior management.
• Analyze vendor data to identify trends, risks, and opportunities for improvement.
• Maintain accurate records and documentation of all vendor interactions, negotiations, and contract activities.
• Work closely with contract owners, finance, accounting, risk management, and other relevant departments to ensure smooth vendor operations.
• Communicate vendor performance issues and potential contract risks to appropriate stakeholders.

Requirements

• Bachelor's degree
• Proven experience in vendor management, procurement, and contract administration.
• Strong negotiation and communication skills.
• Knowledge of vendor regulations, and industry best practices.
• Ability to manage multiple projects and prioritize tasks effectively.
• Proficiency in Microsoft Office Suite.

Nice-to-haves

• Bachelor's degree in Business, Banking, Supply Chain Management or a related field
• Experience with N-Contracts Platform
• Attention to detail and a high level of organizational skills.
• Ability to build and maintain positive relationships with vendors and internal stakeholders.
• Strong analytical and problem-solving skills.