Director, Third Party Risk Management

Together we fight for everyone’s opportunity for a better financial future.

We will do this together — with customers, partners and colleagues. We will fight for others, not against: We will stand up for and champion everyone’s access to opportunities. The status quo is not good enough … we believe every individual and every community deserves access to financial opportunities. We are determined to support both individuals and communities in reaching a better financial future.  We know that reaching this future depends on our actions today.

Like our Purpose Statement, Voya believes in being bold and committed to action.  We are committed to a work environment where the differences that we are born with — and those we acquire throughout our lives — are understood, valued and intentionally pursued. We believe that our employees own our culture and have a responsibility to foster an environment where we all feel comfortable bringing our whole selves to work. Purposefully bringing our differences together to positively influence our culture, serve our clients and enrich our communities is essential to our vision.

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Position Description:

The Director of Third Party Risk Management (TPRM) is responsible for management and ongoing optimization of Voya's TPRM program covering suppliers across all commodities and engagements.  Reporting to the Head of Risk Management for Technology, AI, and Third Parties, the Director of TPRM is responsible for policy setting, governance and oversight, risk advisory, and third party risk and controls assessments balancing; risk with business opportunities and maintaining alignment with Voya’s strategic objectives.

Position Summary:

• Maintain a risk-based framework for TPRM prioritizing critical vendors posing the greatest threat to Voya’s business objectives. Provide thought leadership to continuously improve and streamline the framework in line with risk vs. reward principles and applicable laws and regulations.
• Effectively manage a team of subject matter experts in TPRM, playing a pivotal role in the identification, assessment, and mitigation of third party risks while providing real-time risk advisory throughout the vendor lifecycle.
• Maintain and enforce adherence to fit for purpose third party risk policies and standards.
• Maintain a comprehensive inventory of third-party vendors catalogued by commodity, engagement, service criticality, risk, and other key attributes to oversee critical vendors supporting critical business processes.
• Conduct risk based due diligence activities across key areas of risk and interest, including information security, geographical factors, compliance, financial viability, and resilience.
• Implement ongoing monitoring capabilities to track changes in vendors’ risks profiles, regularly reviewing, and updating risk assessments based on changes.
• Develop clear and concise reports highlighting key risk metrics and insights for business leadership, facilitating informed decision-making and heightened awareness of potential threats.
• Proactively identify and escalate risks associated with vendor concentration and dependencies, as well as risks stemming from fourth party relationships, ensuring that appropriate actions are taken to mitigate exposures including adequate contingency planning.
• Develop and deliver educational, awareness, and training programs aimed at enhancing awareness and understanding of third party risks among key stakeholders and business leadership, empowering them to make risk informed decisions.
• Collaborate closely with internal stakeholders, including sourcing, legal, technology, and risk management teams, to develop and implement effective risk mitigation strategies tailored to specific vendor relationships.
• Determine optimal configuration of applications supporting the TPRM process, including TPRM components of Voya’s enterprise GRC solution and vendor monitoring tools; to streamline and enhance Voya’s TPRM program

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Knowledge & Experience:

• 10 plus years minimum of related experience within Insurance, Banking or Asset Management preferred
• A bachelors degree or equivalent work experience
• Strong understanding of the TPRM life cycle, including  vendor onboarding, due diligence, ongoing monitoring, and offboarding.
• In-depth understanding of third-party vendor risks, including cyber, operational, and financial risks.
• Demonstrated ability to build strong relationships across the organization.
• Strong leadership skills with ability to influence, motivate and lead others, including those in other departments.
• Ability to discern and measure business relevant risk from third party risks and issues,