Third-Party Risk Manager

First Electronic Bank•Salt Lake City, UT

15h•Hybrid

About The Position

At First Electronic Bank (FEB), we are driven by the purpose to make credit accessible to everyday Americans, and their businesses. Partnering with some of the most innovative FinTech companies in the nation, we offer a wide range of consumer and commercial credit products on a national basis. Offering revolving lines of credit, private-label credit cards, installment financing programs and more, FEB’s engages with strategic, collaborative partnerships, promoting services and products to provide the most beneficial consumer and commercial financing solutions. TPRM Manager has the end-to-end responsibility and accountability to design, develop and ensure on-going proper execution of First Electronic Bank’s Third-Party Management (TPM) policies, standards, and related processes. The role is responsible for managing inherent and residual risk exposure from third parties engaged by First Electronic Bank’s Strategic Partners, including third parties engaged by the bank. This includes the identification, analysis, mitigation, monitoring, and reporting of the operational, reputational, compliance, credit and strategic risks that are posed by these relationships throughout the third-party (and fourth party) life cycle to ensure compliance with internal policies, procedures and all applicable laws and regulations. This role is responsible for identifying and implementing TPM controls, evaluating the effectiveness and continuing to implement enhancements. The candidate must have experience in defining and implementing controls and have knowledge of leading practices for control design and implementation. The candidate must have strong communication skills and demonstrate a record of accomplishment and excellence in delivery.

Requirements

6+ years of experience in financial services within Risk management, or Compliance functions.
4+ years of Third-Party Management experience, with knowledge of assessing third party risk and associated control requirements.
Bachelor’s degree in business or related field.
Ability to analyze processes and data to evaluate performance and identify improvement opportunities.
Familiarity with various reporting tools.
Policy and procedure creation ability.
Understanding good governance practices.
Strong knowledge of bank regulatory and risk management practices.
Strong written and verbal skills.
Strong project management skills.

Nice To Haves

CTPRP or similar certification.
Experience in working with Fintech partnerships.

Responsibilities

Develops and implements a strong TPRM (Third Party Risk Management) framework across bank functions and Strategic Partners with special on Fourth Party oversight at Strategic Partners.
Establish a formal process to identify “critical” Strategic Partners and vendors. Perform an annual assessment to determine if there are changes in the risk posed by Strategic Partners and Bank’s third parties.
Ensures Third Party Risk Management policy and procedures, and third-party management software are implemented and completed according to documented requirements.
Completes vetting on incoming third-party engagements (or fourth party at Strategic Partners) and ensures data and due diligence is timely, complete, and accurate, and inherent risks are identified and mitigated in accordance with Bank’s risk appetite. Monitor the timely completion of Third-Party controls by Business Activity Owners and other responsible parties, identifying and resolving systemic challenges with control execution.
Develops a strong offboarding process and procedures and ensures strong execution to eliminate residual exit risks.
In partnership with FEB Business leaders & Strategic Partners, executes third party and fourth party due diligence process, review submitted questionnaires for completeness, ensure risk stakeholders finalize reviews and determine overall residual risk rating.
Oversees TPRM (Third Party Risk Management) training across FEB Employees and Strategic Partner’s First Line of Defense including business functions, risk stakeholders and Sourcing/Procurement.
Develop and facilitate risk management strategy; execute third party control risk assessment to identify and address control weaknesses. Ensure remediation action plans are properly documented and monitor action plans through resolution. Escalate to appropriate third-party risk management as appropriate.
Experience in implementing the requirements if OCC Bulletin 2013-2, Third Party Relationships: Risk Management Guidance or Federal Reserve Guidance on Managing Third Party Risk. Assess regulatory changes impacting areas of Third-Party Risk and Control assessment to determine and implement any actions required.
Stay updated on industry best practices to support continuous process improvement.