Northern Trust
Third Party Management Intercompany Risk Outsourcing Manager
Northern Trust, Chicago, IL
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.
As regulatory guidelines for financial institutions have led to increased requirements and responsibilities to effectively manage risks associated with the outsourcing of services to affiliates and third parties. The Intercompany Outsourcing Manager resides within the Third-Party Management Office and leads the Intercompany Outsourcing process for assigned Legal Entities - responsible for assisting with the development and execution of the regional outsourcing framework for said entities, with a focus on our extensive network of intercompany agreements within our US entity and across global regions. This role is accountable for the facilitation, implementation and enforcement of a consistent approach to the outsourcing framework within the region and will work closely with partners globally to ensure a consistent and coordinated approach to evolving and maintaining the regional outsourcing risk management framework.
The Intercompany Outsourcing Manager is responsible for assisting with the design, delivery, oversight and sustainability of the regional outsourcing risk management framework and target operating model, and for collaborating with other key functions/partners for this activity.
Key Responsibilities
Skills
Qualifications
#LI-Hybrid
Working with Us:
As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas.
Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve! Join a workplace with a greater purpose.
We'd love to learn more about how your interests and experience could be a fit with one of the world's most admired and sustainable companies! Build your career with us and apply today. #MadeForGreater
Reasonable accommodation
Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at MyHRH[redacted].
We hope you're excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people.
Apply today and talk to us about your flexible working requirements and together we can achieve greater.
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.
As regulatory guidelines for financial institutions have led to increased requirements and responsibilities to effectively manage risks associated with the outsourcing of services to affiliates and third parties. The Intercompany Outsourcing Manager resides within the Third-Party Management Office and leads the Intercompany Outsourcing process for assigned Legal Entities - responsible for assisting with the development and execution of the regional outsourcing framework for said entities, with a focus on our extensive network of intercompany agreements within our US entity and across global regions. This role is accountable for the facilitation, implementation and enforcement of a consistent approach to the outsourcing framework within the region and will work closely with partners globally to ensure a consistent and coordinated approach to evolving and maintaining the regional outsourcing risk management framework.
The Intercompany Outsourcing Manager is responsible for assisting with the design, delivery, oversight and sustainability of the regional outsourcing risk management framework and target operating model, and for collaborating with other key functions/partners for this activity.
Key Responsibilities
- Holding functions accountable to manage and oversee their relevant outsourcing risk
- Monitoring and escalating non-compliance with the framework
- Overseeing the internal aggregate monitoring and oversight of intercompany agreements across multiple legal entities, including collating data; challenging service recipients; identifying improvements; assisting with development of reporting for relevant Committees and Boards
- Supporting communication efforts and building a strong stakeholder engagement model to promote the intercompany outsourcing activities in the region and support firm-wide change management in the outsourcing functions
- Assisting with creating monthly/quarterly reporting packs for relevant Committee meetings, preparing status updates and collating management information required to monitor the effectiveness of intercompany outsourcing initiatives in the region
- Engaging with Third Party Officers to collate and report on the status of intercompany outsourcing arrangements to ensure alignment with the Third Party Program
- Maintaining and enhancing relevant procedures, guidance and processes to support the intercompany outsourcing framework
- Enhancing the use of Key Performance Indicators (KPIs) and Key Risk Indicators (KRIs) within intercompany agreements
- Assisting with the design and delivery of training and awareness for key framework stakeholders
- Supporting the completion of Regulatory submissions, as required for the outsourcing of material/critical services
- Assisting businesses in responding to regulatory queries and follow-on requests for information
- Overseeing and driving the execution of BAU and key strategic enhancement activities, in line with the established processes and best practice
- Supporting more junior team members in the execution of activities as necessary
- Planning and executing large scale and complex projects and initiatives to deliver a best practice intercompany outsourcing framework
Skills
- Extensive experience in outsourcing risk management in wholesale Banking or Financial Services organizations, including service governance and cost allocations
- Subject matter expertise in the global outsourcing regulatory landscape
- Deep knowledge of internal controls and risk management with strong understanding of business operations
- Ability to think strategically, build credibility and influence key stakeholders
- Knowledgeable about peer practices and market standards and able to provide thought-leadership on the target state risk management framework
- Experience in change management and project management
- Excellent communication skills, both verbal and written, and proven ability to effectively interact with senior management
- Ability to foster 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
- 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)
#LI-Hybrid
Working with Us:
As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas.
Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve! Join a workplace with a greater purpose.
We'd love to learn more about how your interests and experience could be a fit with one of the world's most admired and sustainable companies! Build your career with us and apply today. #MadeForGreater
Reasonable accommodation
Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at MyHRH[redacted].
We hope you're excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people.
Apply today and talk to us about your flexible working requirements and together we can achieve greater.