Principal Risk Analyst (Third Party Risk Management)

Responsible for supporting the operation of the Third-Party Risk Management (TPRM) function in Procurement and Vendor Management by evaluating and analyzing third-party risk and managing relationships and performance of varying complexity. This role involves identifying and implementing approaches and solutions to mitigate these risks. 

Focus on post-contract execution TPRM activities and provide advice to management based on this knowledge base. Collaborate with vendor relationship owners in the development and management of their vendor oversight plans. Lead the annual enterprise vendor risk assessment process.

Promote adherence to the TPRM framework through collaboration with vendor relationship owners in developing and managing vendor oversight plans, managing third-party concerns, and conducting vendor risk assessment activities. Develop and maintain program tools and templates to document, manage, advise, and report on enterprise vendors and associated risks, enhancing the TPRM Program's oversight capabilities.

This position is eligible for the TalentQuest employee referral program. If an employee referred you for this job, please apply using the system-generated link that was sent to you.

• Plan the research for and development of specialized risk assessment scopes
• Collaborate with management and personnel to optimize risk assessment scope development
• Identify potential business risks, operational and regulatory process deficiencies and improvement opportunities 
• Gather and synthesize data; present conclusions and offer risk mitigation, remediation and process improvement solutions to management
• Lead/conduct and assists provide expertise in with the administration of specialized risk assessment and testing lifecycles of business activities, processes, policies and procedures for operational effectiveness and compliance with regulatory requirements, federal and state laws, and Navy Federal‘s quality control standards, policies and procedures
• Develop, lead and oversee efforts to improve the efficiency and effectiveness of third-party risk management and risk mitigation processes
• Prepare and present to management and/or affected business unit summaries, operational and regulatory third-party risk assessment reports, trending, and remedial or mitigation solutions
• Assist with the development and enhancement of practices, procedures, and instructions
• Develop and maintain strong working  relationships with team members, business unit stakeholders, subject matter experts, and leaders; work with senior management on complex issues
• Lead moderate to large projects and initiatives
• Mentor lower level staff
• Implement PVM TPRM Guidance, provide training and support to first line vendor relationship owners and BU stakeholders throughout the procurement lifecycle, collaborate with cross functional teams to ensure consistency and proactive management of vendor relationships 

• 7-10 years of experience in risk management 
• Subject matter expert within business area/specialization with understanding of interrelationships of different disciplines
• Significant knowledge and understanding of risk-based auditing techniques and methodologies
• Significant knowledge of applicable federal and state regulations, company policies, and industry best practices
• Significant experience managing multi-faceted projects simultaneously that have cross-departmental impact
• Significant knowledge of operational and regulatory risk control concepts and practices
• Proven ability to plan, organize and effectively execute risk mitigation and process improvement initiatives
• Advanced organizational, planning and time management skills
• Advanced research and analytical skills
• Bachelor’s Degree in Business Administration, Auditing, or related field or equivalent combination of training, education and experience

Desired Qualifications

• Experience in vendor management, strategic sourcing, procurement or third-party risk management
• Expert knowledge in vendor performance management including best practice in vendor performance management and action plans
• Effectively exercise discretion, takes initiative, and uses good judgment to make sound decisions
• Managing multiple priorities independently and/or in a team environment to achieve goals
• Effectively navigates through ambiguity and comfortable with iterative agile approaches
• Working knowledge of Navy Federal products, services, programs, policies and procedures
• Understanding of business objectives and strategies from the perspective of a vendor
• Third party management in a financial services setting including development or delivery of enterprise programs
• Vendor Management or third-party risk management