Third Party Risk Analyst Job at VyStar Credit Union
At VyStar, we offer competitive pay, an excellent benefit package that includes a 401(k) Plan, an extensive paid technical and on-the-job training program, and tuition reimbursement-available to all full and part time employees. Part time positions start at a minimum of 30 hours per week.
We encourage you to become a part of VyStar Credit Union's family of employees.
Third Party Risk Analyst
ACCOUNTABILITY STATEMENT:
Support the 3rd Party Risk Onboarding & Contract Management Manager as the 2nd line of defense for the third party risk function within VyStar’s 3rd Party Risk Management (3PRM) team as a part of the Enterprise Risk Management (EMR) function. Effective management of 3rd parties is an integral component of VyStar’s ability to maintain its operational requirements to meet regulatory obligations. 3PRM is responsible for governance and oversight of VyStar’s 3rd party risk and is responsible for assessing the effectiveness of the controls in place to identify, monitor, and manage the risks presented by 3rd parties consistent with federal and state regulatory requirements and guidance, as well as VyStar’s 3PRM framework.
This position provides support within these specific areas of the Risk Management Lifecycle: Planning and Selection including RFx; Risk Assessment; Initial Due Diligence; Contract Review and Negotiation; Contract Award; and Contract Management.
The 3rd Party Risk Analyst shall have a strong understanding of 3rd party risk management in a regulated financial institution. In-depth knowledge of 3rd Party risk domains to include Operations, Financial, BSA/AML, Reputational, Information Security, Technology, and Fourth Party. Excellent understanding of and experience with financial institution regulatory requirements for managing 3rd parties (NCUA, OCC, FDIC, CFPB, FFIEC, etc.)
The 3rd Party Risk Analyst reports directly to the 3rd Party Risk Onboarding & Contract Management Manager and is responsible for carrying out daily departmental activities to proactively support the 3PRM framework and complement the overall efforts of VyStar’s ERM function in assessing, managing and monitoring 3rd party risks.
ESSENTIAL JOB FUNCTIONS:
- Facilitate 3rd party risk management lifecycle processes to effectively and efficiently identify, evaluate, select and originate new 3rd party contractual relationships in collaboration with internal and external stakeholders.
- Champion adherence to ERM and 3PRM policies, procedures, and processes throughout VyStar to ensure 3rd party risks are managed effectively and efficiently.
- Build collaborative relationships with all VyStar departments to maximize effective selection and management of new and existing 3rd party relationships; provide guidance and support to the business units on the 3PRM program and system.
- Drive results by ensuring planning and selection of new vendors, products and services are completed in a timely manner.
- Work collaboratively with internal stakeholders to ensure risk assessments are completed in alignment with VyStar’s inherent risk methodology and regulatory and industry standards.
- Coordinate the distribution of due diligence requests to 3rd parties; manage timely completion of requests and supporting documentation; and review and assess adequacy of due diligence documentation submitted.
- As the 3PRM subject matter expert (SME), perform operations, reputation and vendor management SME due diligence reviews and author risk narratives to support the risk assessment ratings pursuant to VyStar’s residual risk methodology and regulatory and industry standards.
- Coordinate and manage non-3PRM SME due diligence reviews; analyze SME reviews to ensure conclusions adequately assess risks identified that may impact onboarding decisions.
- Use strong understanding of risk topics and ‘risk mindset’ to actively challenge inputs from internal and external stakeholders.
- Ensure that 3rd party risks outside of VyStar’s risk appetite are prioritized, documented and mitigated; and exceptions are approved pursuant to 3PRM processes,
- Collaborate with stakeholders on contract review and execution; revise contracts to ensure appropriate contractual terms are in place to clearly mitigate identified 3rd party risks; ensure approved contracts are executed by authorized parties.
- Assist with maintaining the 3PRM system records, keeping it accurate and current including documenting key contractual provisions and timeframes associated with non-renewal and notification periods.
- Consistently follow and apply documented operational procedures and processes to safeguard confidential information and to support the highest level of ethical standards
- Manage and complete projects that will enhance current processes, reduce risk, and support strategic initiatives of the organization
- Maintain a strong working knowledge of applicable federal, state and local laws and regulations, and adhere to VyStar’s internal policies and procedures.
- Performs other duties as assigned
VyStar Excellence Behaviors: Demonstrate each of the following VyStar Excellence behaviors in performing the duties and responsibilities of the job.
- Focus - Focus your full attention by carefully listening to and observing your client or member.
- Connect - Consistently be friendly and approachable. Demonstrate you care.
- Understand - Listen empathetically and ask questions. (70%/30%)
- Counsel - Recommend solutions based on your client’s or member’s needs and objectives.
- Advance - Ensure that member's expectations are exceeded. Verify necessary follow-up action.
Functional Skills & Knowledge:
- Knowledge of relevant 3rd party risk management regulatory guidelines.
- Experience with 3rd party risk management best practices.
- Ability to support the Onboarding & Contract Management Manager with RFx, risk assessments, and due diligence processes for new and existing 3rd party relationships, and contract management.
- Strong organizational and analytical skills.
- Knowledge of contracts, including master service agreements, statements of work, and license agreements.
- Ability to work independently and effectively respond to shifting priorities and assignments.
- Must be a team player.
- Competent working knowledge of various software applications (e.g., MS Outlook, Word, Excel, Access, and PowerPoint, web-based and in-house applications, etc.) is required.
Education, Experience & Certification:
- Bachelor’s Degree in business or a related field.
- Associates Degree with related work experience may substitute for 4-year degree requirement. Certification in a risk management background is preferred.
- A minimum of two years of experience in a 3rd party risk management role is required.
- Experience within a regulated industry is required, preferably within a regulated financial institution/financial services environment; 3rd party risk management software experience is preferred.
Behavioral/Leadership Skills:
- Display effective written and oral communication skills when interacting with management and employees throughout the organization and when interacting with 3rd parties and others external to VyStar.
- Maintain professional composure, objectivity and fairness when dealing with conflicts and sensitive matters.
- Display initiative, attention to detail/accuracy, strong organizational skills, the ability to multi-task and meet established deadlines.
- Exhibit sound professional judgment, problem-solving skills and due professional care in the quality of work produced.
- Maintain collaborative relationships across the organization.
- Continually promote a strong sense of teamwork.
DISCLAIMER AND WORK ENVIRONMENT
Nothing in this position description is an implied contract for employment. The position description is intended to be an accurate account of the essential functions. The functions are not all encompassing and are subject to change at any time by management.
The work environment characteristics described are representative of those that an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
As required or requested, may exert up to 20 pounds of force occasionally and/or a negligible amount of force constantly to lift, carry, push, pull or otherwise move objects.
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