Develop a vendor management framework, lead the TPRM team, and ensure strong vendor relationships through due diligence and performance monitoring
Oversee vendor risk assessments, compliance, and drive continuous improvement with regular audits and issue resolution
Establish governance structures, lead projects, and ensure timely vendor performance reporting to senior management
Key Responsibilities / Accountabilities:
Responsible for effective coordination between the vendors, procurement sourcing team and the business units ensuring a 360-degree view of supplier relationship helping stakeholders make timely and accurate business decisions. This would include for matters related to vendor performance, third party risk management and procurement contract risk management
Establish and maintain strong relationships with vendors and partners
Oversee the vendor selection process, ensuring that all vendors and third parties meet the bank’s risk management criteria
Develop and maintain a comprehensive vendor management program that includes vendor selection, onboarding, monitoring, and termination processes
Contract negotiation and review: Collaborate with legal and procurement teams to ensure appropriate risk mitigation measures are included in vendor contracts
Review contractual terms, service level agreements, and insurance provisions to protect the organization's interests and minimize potential risks
Conduct risk assessments: Evaluate potential risks associated with third-party vendors, such as financial stability, regulatory compliance, cybersecurity, data privacy, and operational resilience. Assess the impact and likelihood of these risks and develop strategies to mitigate and manage them effectively. Collaborate with legal, compliance and information security teams to ensure vendor compliance with data protection and security requirements
Stay informed about regulatory changes and industry best practices: Stay up to date with relevant laws, regulations, and industry standards related to vendor management, outsourcing and third-party risk management. Continuously assess and enhance the organization's risk management practices to align with evolving regulatory requirements and industry best practices
Develop and deliver training programs for internal stakeholders on vendor management policies and procedures
Establish and maintain effective vendor governance structures and updates to stakeholders and committees
Develop a vendor scoring system to evaluate and rank vendors based on performance metrics
Ensure timely and accurate reporting on vendor performance and compliance to senior management and regulators
Lead cross-functional vendor management projects to drive process improvements and cost efficiencies
Continuously monitor market trends and vendor landscape to identify opportunities for innovation and optimization
Act as a subject matter expert on vendor management practices and provide guidance to internal teams
Foster a culture of transparency and accountability in vendor relationships to uphold the bank's reputation and integrity
