Compliance Vendor Risk Monitoring Officer

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GENERAL SUMMARY

The Compliance Vendor Risk Monitoring Officer is responsible for the ongoing monitoring of vendor relationships, coordinating and facilitating vendor risk assessments, conducting and performing compliance related due diligence/quality assurance reviews. Maintains the compliance business-owned vendor, contract, and engagement inventories. Assists in the analyzing and assessing of third-party risk results and recommending courses of action. Participates in working groups and meetings and assists in the preparation of enterprise level and management reporting. Assists in the development and implementation of compliance monitoring and testing of the Third-Party Risk area, and for the development and maintenance of compliance Third Party Risk Assessment. As assigned, assists in the completion of other compliance monitoring and testing reviews and compliance risk assessments.

ESSENTIAL FUNCTIONS

Vendor Risk:
• Responsible for the coordinating and facilitating of the Vendor Management risk assessments pertaining to Compliance risks, resolving issues with the business unit, subject matter expert, and/or relationship manager, and performing quality assurance reviews.
• Provides consultation on Compliance risks identified that need to be considered by the business unit/relationship manager and ensures risks identified are properly documented, as appropriate.
• Provides third-party risk assessment results that aggregates the results of the Compliance risk and other subject matter expert reviews, clearly documenting and analyzing risk exceptions and, where applicable, working with the business owners to assist in documenting the appropriate action plans to remediate identified risks.
• Aggregates risk assessment results to create enterprise-level Compliance risk reporting for Senior Level Management.
• Ensures all required Compliance-related due diligence documents are on file and have undergone proper subject matter expert (SME) reviews.
• Partners with Third-Party Risk Management to provide feedback on policies, procedures, processes, and workflows as needed.
• Stays current of any Vendor Management regulatory requirements and changes as well as industry best practices which would influence the Vendor Management Office processes as it relates to Compliance risks.
• Partners with SMEs to ensure that business units comply with pertinent laws and regulations as it relates to vendors and compliance risks.
Compliance Monitoring:
• Assists in the development and implementation of compliance testing of the Third-Party Risk area.
• Develops and maintains Compliance Third Party Risk Assessment.
• Assists with completion of other assigned regulatory compliance reviews.
• Provides clearly written reports that identify the “root cause” of identified violations of regulation or Bank policy/procedure.
• Maintains sufficient work papers to support compliance monitoring findings and observations.
• Documents findings in workpapers and generates written report of findings.
• Assists with the completion of assigned risk assessments.

QUALIFICATIONS
• Education: BA/BS Business Administration, Accounting, or equivalent work experience.
• Experience: Minimum 2 years of vendor management experience, or compliance related work experience required. Demonstrated understanding of vendor management concepts and implementation / program administration techniques including vendor performance monitoring. Some experience in compliance monitoring and testing or auditing including risk assessment completion is preferred. High-level understanding of contract clauses and concepts. Experience using Governance, Risk, and Compliance tools.
• Skills/Ability: Perform essential job functions with minimal supervision. Must possess excellent organizational and attention to detail skills. Regularly exercise discretion and independent judgment. Must be proficient with Microsoft Word, Excel, PowerPoint, and/or other similar software packages. Proven ability to work autonomously and adjust quickly to shift