Vendor Risk Management Specialist

$81,400 - $140,500/Yr

Valley National Bancorp - Morristown, NJ

Full-time

Morristown, NJ

Credit Intermediation and Related Activities

About the position

The Vendor Risk Management Specialist at Valley National Bank plays a crucial role in ensuring that third-party vendors meet the bank's risk management standards. This position involves a comprehensive review of vendor risk assessments to identify the quality of risk mitigation controls. The Specialist will collaborate closely with Contract Owners and Relationship Managers to address any deficiencies found in these assessments. Additionally, the role requires working with Subject Matter Experts (SMEs) to evaluate vendor responses and ensure that all risk assessments are completed in accordance with the Vendor Management Office (VMO) policy. The Specialist will analyze data to assess various risks, including financial, anti-corruption, reputational, and OFAC risks. This analysis is essential for identifying impacted business departments and facilitating communication and ongoing implementation support with affected parties. The role also involves providing recommendations and best practices to Contract Owners and Relationship Managers regarding vendor management processes and activities. Maintaining and enhancing the reporting framework to monitor and report on vendor performance compared to contractual obligations and industry standards is another key responsibility. The Specialist will conduct initial and ongoing due diligence reviews on third-party vendors to ensure that risks are identified and that applicable standards and VMO policies are adhered to. Collaboration with other SMEs to review vendor-related risks and address findings or systemic issues is also a critical aspect of this position. Furthermore, the Specialist will identify, track, and report on third-party vendors requiring onsite assessments, coordinating with Contract Owners and Relationship Managers to schedule these assessments and participate in them as necessary.

Responsibilities

• Review third party vendor risk assessments to identify quality of risk mitigation controls and work with the Contract Owners / Relationship Managers to address deficiencies.
• Work with Subject Matter Experts (SMEs) to evaluate vendor responses.
• Analyze data and assess financial, anti-corruption, reputational and OFAC risks to identify impacted business departments and facilitate communications.
• Work with Contract Owners / Relationship Managers to ensure all risk assessments are completed in accordance with VMO policy.
• Provide recommendations and best practices to Contract Owners / Relationship Managers regarding vendor management processes.
• Maintain and enhance the reporting framework to monitor, measure and report on vendor performance compared to contractual obligations and industry standards.
• Provide initial and ongoing due diligence review on third party vendors to ensure risks are identified and applicable standards are followed.
• Collaborate with other SMEs to review third party vendor related risks and address findings or systemic issues.
• Identify, track and report third party vendors requiring onsite assessments and work with Contract Owners / Relationship Managers to schedule these assessments.

Requirements

• Bachelor's Degree in Business, Finance, Economics, Statistics, or related business degree.
• Minimum of 5 years of experience in vendor risk management, operational/enterprise risk management, or related risk management experience.
• Experience in stakeholder engagement at different levels of an organization.
• Highly detail oriented with critical thinking skills.
• Working knowledge of risk management best practices and/or principles.
• Ability to effectively respond to shifting priorities and assignments.
• Well-organized and detail oriented with the ability to meet deadlines with little or no supervision.
• Excellent oral and written communication skills.
• Proficient PC skills in Microsoft Office suite - Word, Excel, and PowerPoint.