Brief Role Description

This position is Career Level 20P located in Reston, VA with a Role Classification of Hybrid.

This position is Career Level 20P located in Reston, VA with a Role Classification of Hybrid.

Role Summary

The Vendor Risk Management (VRM) Supervisor role is responsible for leading the VRM team and enhancing the VRM standards, documenting, directing, implementing and successful integration of end-to-end management, including review and management of vendor contract process. The incumbent is responsible for providing independent oversight and developing the methodologies, policies, process, and tools to enhance the vendor risk management standards and support company business objectives while meeting stakeholder expectations; and create a structure to readily respond to risk, compliance and regulatory needs.

Responsibilities within this Role

VRM Standards & Guidelines: (40%)
•    Develop guidelines and enhance standards in accordance with VCI and/or regulatory requirements and company policies. 
o    Review and update vendor risk management guidelines, ensuring the effective integration of industry best practices and regulatory changes impacting third party risk management and the ongoing alignment of the standards and related policies. 
•    Assess/update policies and procedures to manage vendor risks, and to effectively respond to new risk, compliance and regulatory needs.
•    Continuously elevate business units’ working knowledge of VRM operations to enable the company to respond to new risk, compliance, and regulatory needs.
•    Develop, coordinate, and execute quality assurance and ensure process effectiveness. 
•    Ensure ongoing monitor and promptly reporting of vendor regulatory violations including determining course of action and documenting violations in the VRG system regularly.
•    Develop processes and methodologies in accordance with company policies, programs, standards, and expectations.
•    Create and continuously improve various vendor risk management standards (i.e., third party incident monitoring templates, monitoring guidelines).

Project Management, Relationship & Engagement: (45%)
•    Collaborate and build strong relationships with the business units and other stakeholders as needed to gain buy-in for various vendor risk management initiatives.
•    Influence and provide leadership and guidance to the VRM team and work with the business units in translating vendor management requirements into practical considerations. 
•    Provide subject matter expertise as it relates to VRM in cross functional discussions on compliance matters, integration, due diligence, standards, and other regulatory requirements.
•    Administrate contract activities such as proposal preparation, contract negotiation, and contract administration as it applies to the VRM function. 

Governance & Oversight: (10%)
•    Produce governance and oversight reporting (for management, executive, and Sub-committees) and work with the business units to establish key risk indicators to inform reporting on vendor risks. Work with Procurement on issues and escalations and ensure risk mitigation plans and actions are effectively implemented. 

Maintenance of Standards/Guidelines & Communication: (5%) 
•    Develop communications and training materials relevant to VRM guidelines, policies and processes to ensure effective implementation of existing and updated governing policies and processes.
•    Assess resource requirements and determine a feasible approach to skill-mix working in conjunction with key stakeholders.

Qualification requirements

Required Education:

•    BBA or BBS

Relevant Experience:

•    7-10 – Overall Financial Services experience 
•    6+ years – Experience in enterprise risk management and vendor risk management
•    3+ years – Qualitative and qualitative operational risks and exposures

Skills:

•    Risk reviews and assessments.
•    Vendor risk regulations and control standards.
•    Quantitative and qualitative knowledge of operational risks and exposures.
•    Basic Knowledge of Federal regulations regarding service providers.
•    Project management experience.

•    Analytical and conceptual thinking – using logic and reason, creative, and strategic
•    Communication skills – interpersonal, presentation, and written
•    Influencing and negotiation skills
•    Problem solving
•    Organized, detail-oriented with ability to understand big picture
•    People and resource management 
•    Computer savvy – skilled in the use of software