Third Party Management Process Design & Strategy Lead

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 strategize on the areas throughout the lifecycle of Third Party Management Program that are required to be designed, enhanced, and implemented. The Process Design & Strategy Lead will be responsible for designing and implementing certain program lifecycle areas; while strategizing to ensure the multi-year program plan is adhered to. This role will interact with business units globally to implement processes and providing 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 on-going program evolution and design, as well as, significant stakeholder management and collaboration across locations and across business units / functions as we look to evolve established programs to ensure risk management obligations while also addressing the 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.
• Responsible for creating gap analysis to identify all potential risks that require the design of risk-mitigating controls
• 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 the creation of operating models
• 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 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 mature 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 the third-party risk management lifecycle activities
• Ability to execute risk management strategy development to provide long term planning and managing ongoing risk performance
• Experience with supporting and/or leading system implementations
• 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 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)

Salary Range:
$114,700 - 194,900 USD

Salary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component.

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 MyHRHelp@ntrs.com.

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.