Vendor Risk Analyst

Position:                            Vendor Risk Analyst

Department:                      Risk Management

Reports To:                       Director of Third Party Risk Management    

Employment Status:         Full-Time, Exempt

Office Location:                Miami, Florida 

Job Summary

Reporting to the Director of Third Party Risk Management, the Vendor Risk Analyst plays a crucial role in managing and mitigating risks associated with the bank's third-party relationships. This position requires a thorough understanding of regulatory requirements, industry best practices, and internal policies to ensure vendor compliance and safeguard the bank against potential operational, financial, reputational, and regulatory risks. Using the Venminder system, the Vendor Risk Analyst will conduct due diligence, oversee risk assessments, monitor vendor performance, and support regulatory compliance in line with guidance from regulatory bodies such as the Federal Deposit Insurance Corporation (FDIC).

Essential Responsibilities and Duties:

• Conduct comprehensive due diligence assessments on new and existing vendors, including evaluating financial stability, operational resilience, cybersecurity posture, and regulatory compliance, using the Venminder system.
• Perform initial and ongoing risk assessments to categorize vendors based on risk level.
• Ensure that vendor selection and management adhere to regulatory expectations, such as the OCC Bulletin 2013-29 on Third-Party Relationships and other relevant guidelines.
• Facilitate the onboarding process for new vendors, ensuring proper documentation, risk ratings, and compliance checks are completed.
• Develop and maintain metrics and key risk indicators (KRIs) to monitor vendor performance, flagging areas of concern for prompt action.
• Monitor vendors, with heightened scrutiny on high-risk vendors, for changes in risk profile or potential regulatory non-compliance.
• Stay informed on current regulatory requirements related to third-party risk management and ensure the bank’s vendor management practices comply with guidance from the OCC, FRB, FDIC, and other relevant regulators.
• Prepare reports and presentations on vendor risk status, findings, and recommendations for senior management and regulatory bodies.
• Support internal and external audits and examinations, providing documentation, responses, and insights on vendor risk management processes.
  
  

 General Responsibilities:

• Comply with all safety policies, practices and procedures. Report all unsafe activities to supervisor and/or Human Resources.
• Participate in proactive team efforts to achieve departmental and company goals.
• Perform other duties as assigned.
• Provide leadership to others through example and sharing of knowledge/skill.
• Receive very general guidance with respect to overall objectives; work is usually quite independent of others; operate within specific policy guidelines.
• Prioritize, and organize assignments.
• Handle multiple tasks simultaneously.

Qualifications:

• 2-5 years of relevant experience vendor risk management, third-party risk, or a related risk management role within the financial services sector.
• Thorough knowledge of the laws and regulations from regulatory agencies, and solid understanding of internal controls.
• Bachelor’s Degree in a relevant discipline required.
• Proficiency in Venminder preferred.
• Preferred certifications include Certified Third-Party Risk Professional (CTPRP), Certified Regulatory Vendor Program Manager (CRVPM), Certified Information Systems Security Professional (CISSP), or other relevant certifications.

Additional Requirements:

• Superior verbal and written communication skills.
• Critical thinking.
• Entrepreneurial spirit and attitude necessary to establish and maintain positive working relationships with all management and personnel.
• Ability to communicate complex concepts with a diverse audience.
• Superior Microsoft Office skills required, with particular emphasis on outstanding Powerpoint presentation and Excel skills.
• Strong organizational and project management skills needed to handle the coordination of multiple priorities.
• Independent judgment with strong analytical and risk assessment skills.

The job description outlined above is considered a core list of job duties/requirements.  This document should not be considered a complete or comprehensive list.  The incumbent assigned to this position is required to perform the duties listed above.  The incumbent is also expected to adapt to changes and/or additions as needed.  Nothing contained within this document is intended or shall be construed to create or constitute a contract of employment between any employee or group of employees and Emigrant Bank and its Subsidiaries.  Emigrant Savings Bank and its Subsidiaries retain and reserve any and all rights to change, modify, amend, add to or delete from any section of this document as it deems, in its judgment, to be proper. Emigrant Savings Bank and its subsidiaries and affiliates are Equal Opportunity and Affirmative Action employers.