Northern Trust
Third Party Management Process Design & Execution Lead
Northern Trust, Chicago, Illinois, United States, 60290
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.This position will be responsible for leading operational support of the Third Party Management Office (TPMO) within the First Line of Defense to design, build and oversee various areas throughout the lifecycle of the Third Party Management Program. The Process Design & Execution Lead will be responsible for designing, implementing, executing and ensuring sustainability for certain program lifecycle areas. This role will interact with business units globally to implement processes and provide oversight once fully rolled out. The lead also serves as a seasoned thought leader and subject matter expert that has strong technical understanding of third party, risk management, reporting and gap analysis within the risk and/or financial services industries.The role will involve ongoing program evolution and design, as well as significant stakeholder management and collaboration across locations and business units/functions as we look to evolve established programs to ensure risk management obligations while also addressing existing and imminent cross-jurisdictional regulations and regulatory expectations.Key Responsibilities
Providing strategic thought leadership in designing and operationalizing third party risk management programs.Responsible for designing certain enterprise-wide third party risk management processes and managing through roll out and maturity.Responsible for designing and periodically reviewing program-related artifacts, risk methodologies, service categories and associated risk profile, reporting thresholds, etc.Accountable for program documentation including development, periodic review, version control and organized storage for various program documents such as Third Party Management Practice Standard, training materials, desk procedures, etc.Accountable for developing training materials, conducting firmwide TPM training and overseeing training performance for the program areas they have designed.Monitor regulatory updates that correspond to the assigned area being designed and provide team with guidance on impact of changes in the regulatory environment and how to adjust enterprise-wide program to support.Responsible for review and prioritization of user specifications for technology enablement and process automations.Responsible for managing, designing, and enhancing program activities and maturing the program including serving as the TPM Program Subject Matter Expert for technology enablement.Success candidates will benefit from having:
Excellent verbal and written communication skills.In-depth Functional/Industry Knowledge is required.In-depth knowledge of concentration risk frameworks and/or in-depth knowledge of intercompany operational resiliency requirements.Ability to execute risk management strategy development to provide long term planning and managing ongoing risk performance.Analytical and communication skills are required to analyze information and disseminate information.Leadership and organizational skills to direct the activities for the multiple business units.Ability to foster a positive and proactive approach to process assessment and improvement and to identify trends and improve processes for both the customer and the business.Strong organization, attention to detail, time management, planning skills and the ability to handle multiple competing priorities.Ability to make independent decisions and also to be a team player and effective communicator to ensure that issues are appropriately resolved.Confidence and expertise to advise management and the business.Ability to use initiative and work unsupervised in a proactive manner.Strong organizational skills, a collaborative approach to work, with strong interpersonal skills.Demonstrates strong analytical skills with the ability to generate complex reports.Highly flexible and adaptable to change in a high demand environment.Proficiency in Microsoft Word, Excel, PowerPoint as well as data analytic tools including PowerBI.Qualifications
Bachelor's degree and approximately 5-10 years of related work experience with clear understanding of and experience in financial services/internal audit/risk consulting preferred.An undergraduate or graduate degree in Accounting, Finance or Risk and/or another appropriate academic major is highly preferred.A thorough understanding of third-party (i.e., vendor, supplier, etc.) risk management, with prior experience in designing program solutions, risk scoring and aggregation methodologies and designing committee reporting.Understanding of global risk regulatory requirements with emphasis on US (OCC Bulletins, FFIEC, FRB, FDIC) or UK (PRA, FCA).
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Providing strategic thought leadership in designing and operationalizing third party risk management programs.Responsible for designing certain enterprise-wide third party risk management processes and managing through roll out and maturity.Responsible for designing and periodically reviewing program-related artifacts, risk methodologies, service categories and associated risk profile, reporting thresholds, etc.Accountable for program documentation including development, periodic review, version control and organized storage for various program documents such as Third Party Management Practice Standard, training materials, desk procedures, etc.Accountable for developing training materials, conducting firmwide TPM training and overseeing training performance for the program areas they have designed.Monitor regulatory updates that correspond to the assigned area being designed and provide team with guidance on impact of changes in the regulatory environment and how to adjust enterprise-wide program to support.Responsible for review and prioritization of user specifications for technology enablement and process automations.Responsible for managing, designing, and enhancing program activities and maturing the program including serving as the TPM Program Subject Matter Expert for technology enablement.Success candidates will benefit from having:
Excellent verbal and written communication skills.In-depth Functional/Industry Knowledge is required.In-depth knowledge of concentration risk frameworks and/or in-depth knowledge of intercompany operational resiliency requirements.Ability to execute risk management strategy development to provide long term planning and managing ongoing risk performance.Analytical and communication skills are required to analyze information and disseminate information.Leadership and organizational skills to direct the activities for the multiple business units.Ability to foster a positive and proactive approach to process assessment and improvement and to identify trends and improve processes for both the customer and the business.Strong organization, attention to detail, time management, planning skills and the ability to handle multiple competing priorities.Ability to make independent decisions and also to be a team player and effective communicator to ensure that issues are appropriately resolved.Confidence and expertise to advise management and the business.Ability to use initiative and work unsupervised in a proactive manner.Strong organizational skills, a collaborative approach to work, with strong interpersonal skills.Demonstrates strong analytical skills with the ability to generate complex reports.Highly flexible and adaptable to change in a high demand environment.Proficiency in Microsoft Word, Excel, PowerPoint as well as data analytic tools including PowerBI.Qualifications
Bachelor's degree and approximately 5-10 years of related work experience with clear understanding of and experience in financial services/internal audit/risk consulting preferred.An undergraduate or graduate degree in Accounting, Finance or Risk and/or another appropriate academic major is highly preferred.A thorough understanding of third-party (i.e., vendor, supplier, etc.) risk management, with prior experience in designing program solutions, risk scoring and aggregation methodologies and designing committee reporting.Understanding of global risk regulatory requirements with emphasis on US (OCC Bulletins, FFIEC, FRB, FDIC) or UK (PRA, FCA).
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