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Ascend Federal Credit Union · 3 months ago

Third Party Risk Associate

US-TN-Murfreesboro

Full-time

Onsite

Mid Level

3+ years exp

Ascend Federal Credit Union is the largest credit union in Middle Tennessee, focused on providing rewarding career opportunities and a unique work culture. As a Third Party Risk Associate, you will support the Enterprise Risk Management framework by managing third-party risks, conducting vendor risk assessments, and monitoring vendor performance to ensure compliance with the organization's risk tolerance.

BankingConsumer LendingFinanceFinancial ServicesLendingRetirement

Responsibilities

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

Qualification

Third-Party Risk ManagementEnterprise Risk ManagementVendor Risk AssessmentsFinancial AuditingAnalytical SkillsMicrosoft OfficeCommunication SkillsRelationship BuildingSelf-MotivationTime Management

Required

Bachelor's Degree required, preferably in Business Administration, Risk Management, Accounting, or related field. Will consider additional years of experience in lieu of degree

3-5 years experience in an enterprise risk management discipline with third-party risk/vendor management experience within the financial industry, preferably in a credit union

Strong knowledge of third-party risk management

Ability to interpret and comprehend vendor due diligence documentation, including corporate strategy/governance, company reputational data, SOC reports, company financials, business continuity plans/testing, information security policies/plans/testing, and privacy policies

Ability to interpret and comprehend the various types of SOC reports and results to determine how those results may impact the credit union

Strong understanding of Enterprise Risk Management frameworks such as COSO, ISO 31000, NIST, etc

Financial/internal auditing background with a strong understanding of internal control frameworks

Ability to analyze processes, identify current and/or potential challenges and opportunities, and make recommendations for improvements

Ability to build relationships and dialogue over time to progress from a point of opposition to alignment

Must be willing to assume ownership of initiatives to coordinate the work and focus of yourself and others to achieve credit union goals

Ability to manage concurrent deadlines with multiple priorities and adapt to new challenges and changes

Must be self-motivated and capable of making independent decisions and applying judgments that directly impact the credit union

Strong analytical skills with ability to clearly and concisely document and present work product

Excellent written and oral skills required in order to communicate vendor management topics to all credit union employees and external contacts in a manner easily understood

Knowledge of current changes and/or developments in applicable federal, state, local laws, and universal policies and procedures

Moderate to advanced software application skills in Microsoft Office applications (particularly Excel), Zoom, and vendor management software

Ability to operate related office equipment including laptop computer (PC), multifunction copier, receipt printers, and telephone

Possess a valid, unrestricted driver's license for occasional travel to various credit union locations

Regular and reliable attendance is required