Manager, Procurement and Third-Party Governance & Compliance

About Northern Trust:

Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.  

Northern Trust is proud to provide innovative financial services and guidance to the world’s most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

The Head of Procurement Governance & Compliance is a senior leadership role responsible for designing, implementing, and sustaining a comprehensive governance, audit, and compliance framework across Global Procurement and Third-Party Management. This role serves as the First Line of Defense (1LOD) subject matter leader, accountable for audit readiness, regulatory change management, risk and control effectiveness, and remediation execution.

The role partners closely with the Global Sourcing, Third-Party Management Office (TPMO), Risk, Compliance, Internal Audit, and business stakeholders to ensure strong control discipline, timely issue resolution, and transparent executive reporting.

Major Duties :

Governance, Risk & Compliance Leadership

• Design, implement, and sustain a comprehensive Procurement and Third-Party governance and compliance program, aligned with enterprise risk and regulatory requirements.
• Implement and maintain the Risk and Control Matrix (RACM) for Procurement and Third-Party Management, ensuring control clarity, ownership, and operating effectiveness.
• Establish and maintain a structured Regulatory Change Management intake and oversight process for Procurement and Third-Party programs.
• Launch and manage internal governance dashboards, reporting, and metrics to enable proactive monitoring of audit status, risks, issues, and remediation progress.
• Track, monitor, and report on self-identified issues, ensuring timely escalation and resolution.

Audit Management & Readiness

• Lead and efficiently complete Third-Party, Procurement, and TPMO audits, serving as the primary 1LOD owner.
• Design and execute a sustainable audit readiness program, including control documentation, evidence standards, and walkthrough preparedness.
• Proactively address audit findings and regulatory feedback, ensuring timely and effective remediation.
• Continue to mature the audit function, driving consistency, discipline, and continuous improvement.
• Establish and oversee a 1LOD testing program within Third-Party Management to proactively validate control operating effectiveness.

Risk & Control Execution (RCE) Oversight

• Sustain the 1LOD RCE Quality Control (QC) process for Procurement and Third-Party deliverables prior to submission.
• Partner with the TPMO Control Tower to support RCE submission packages and executive memos, as required.
• Provide bi-weekly RCE status updates to the Chief Procurement Officer.
• Deliver monthly executive reporting to the CPO on audit outcomes, issue remediation status, and emerging risk themes.

Policies, Procedures & Standards

• Review, maintain, and enhance Procurement and Third-Party policies, standards, and SOPs, ensuring alignment with regulatory expectations and operational reality.
• Develop new SOPs as needed to support new regulations, control enhancements, or operating model changes.
• Ensure policy and procedure governance is consistently embedded across Global Procurement.

Stakeholder Management

• Act as a trusted advisor to the CPO, TPMO, Risk, Compliance, and Internal Audit teams.
• Represent Procurement in regulatory discussions, audits, and control forums as the authoritative 1LOD leader.

Knowledge :

• • Audit & Regulatory Readiness
  • Risk & Control Design (RACM, RCE, 1LOD Testing)
  • Third-Party Risk & Procurement Compliance
  • Executive Reporting & Governance Metrics
  • Policy & Procedure Governance
  • Stakeholder Influence & Cross-Functional Leadership

Experience :

• 10+ years of experience in procurement governance, risk management, audit, compliance, or third-party risk, preferably within financial services or a highly regulated environment.
• Demonstrated experience leading regulatory exams, audits, issue remediation, and control programs within a First Line of Defense model.
• Deep knowledge of Third-Party