Third Party Risk Associate

As a Third Party Risk Associate, you will report to the Assistant Vice President, Risk Management and provide support to the organizational Enterprise Risk Management (ERM) framework. This position ensures that third-party risk is effectively managed to a level consistent with the organization's risk tolerance. You will be responsible for conducting vendor risk assessments, thoroughly reviewing due diligence documentation, and consistently monitoring vendor performance. This role demands an in-depth understanding of Third-Party Risk Management (TPRM) principles and practices. 

• Collaborate with the Assistant Vice President, Risk Management to ensure all current and potential third-party risks are accounted for in risk assessments.
• Perform inherent risk assessments for new vendors and vendors with changes in the products/services they provide the credit union. Ensure inherent risk assessments for all vendors are current.
• Coordinate the collection of due diligence documentation from vendors and vendor client portals with vendor management team. Review due diligence documentation to identify any potential risk and ensure adequate mitigation is in place. Follow-up with vendor management team to obtain any outstanding documentation and resolve any due diligence questions.
• Conduct residual risk assessment meetings with vendor relationship managers and applicable stakeholders. Document rationale for ratings, especially those that do not reflect the direction of the due diligence documentation. Ensure contingency plans are documented for vendors with residual risk ratings of “Watchlist” or “Avoid”. Communicate annual due diligence summary to management.
• Perform periodic vendor performance reviews for all critical, high, and moderate risk vendors. Document all vendor incidents (outages, SLA noncompliance, inadequate support, etc.) in vendor management system. Inform management when vendor performance rating may need to be altered.
• Collaborate with the Assistant Vice President, Risk Management to ensure the inherent risk classifications are adequate for the size/complexity of the credit union.
• Ensure all new contracts, contract renewals, and associated contract documents are uploaded to the appropriate vendor profile in the contract management system with all applicable notifications (term, price increases, etc.) and distribution lists.
• Interact with credit union staff and management in a professional manner while maintaining confidentiality in all areas.
• Keep informed of credit union policies and procedures, current accounting and auditing developments, and changes to local, state, and federal laws, as applicable.
• Participate and provide input in interdepartmental meetings on critical projects related to vendor selection/management.
• Read all internal publications including HUB and Possibilities.
• Perform other duties as required or assigned. 

Please note: This job description is not intended to be an exhaustive list of all duties, responsibilities, or qualifications associated with the position. The organization reserves the right to modify, add, or remove duties at any time, with or without notice, to meet business needs.