Job purpose:
The Third-party Risk Management (TPRM) Officer is responsible for implementing the third-party risk management program in Singapore Branch, ensuring effective risk management practices are in place for external third-party relationships
- Compliance and risk management of external third-parties, intracompany and affiliate service providers in accordance with the local regulatory guidelines and adherence to the Group Outsourcing Policy
- The ongoing development, management and monitoring of the TPRM Framework / Infrastructure / platform, ensuring effective end-to-end management and governance of Vendor/Third-Party Risk of the Bank, driving standardized engagement and execution of third-party risk management across Singapore Branch.
- Creating and maintaining a sustainable and scalable Third-party Risk Management framework that ensures Third-party Risk management is comprehensive and consistent with regulatory requirements as well as being accountable for Third-party Risk management, due diligence, contract recommendations and monitoring
- The portfolio of third-party risk profile, and ensure compliance of the Third-party Risk Management process, escalate issues as it relates to third-party management, govern the policies, procedures and escalations around our third-party risk, and interface with all facets of the business to help Singapore Branch understand, improve and insulate itself from intolerable risks
Leading or contributing to special projects that support key focus areas or the program and related areas within the Third-party Risk Management framework
Key activities:
Key Responsibilities
- Provide leadership, strategic direction, oversight and management to ensure the successful execution of the Third-party Risk Management (TPRM) program that promotes a consistent risk-based approach
- Create, manage, enhance and implement TPRM Policy, procedures and program governance, ensuring that they are effectively managing risks posed by Vendor/Third Parties in accordance with the global risk management guidelines, the Bank’s risk appetite and Regulatory requirements
- Manage the Third-party Risk Management program including the Coordination of TPRM due diligence efforts to assess and mitigate the risks of new and existing third-party suppliers
- Partner with business operations, technology teams and internal functions to conduct on-site visits of third party when required
- Actively engage and collaborate with internal key stakeholders/subject matter experts across various risk areas and team members, to contribute to the effective management of third party relationships and ensure the program is encompassing all potential risks for continuous improvement
- Drive implementation of TPRM and process in alignment with regulatory requirements
- Continuously monitor regulatory changes impacting TPRM and ensure TPRM framework and related policies are aligned to regulatory requirements
- Promote and deliver continuous training and awareness to business on TPRM including Outsourcing
- Lead Vendor evaluation and contract recommendations
- Identify, Monitor, track and escalate issues requiring remediation
- Manage regulatory and internal audit interactions related to TPRM
- Ongoing Vendor/Third-party monitoring, including coordination with the first line of Business Unit for completion of required TPRM program documentation
- Lead continuous improvement initiatives
- Ensure program quality and expectations are met and exceeded including that all Vendor/Third-party relationships are captured in a centralized inventory in a timely manner
- Actively participate in internal and external forums for developing and providing thought leadership in third-party risk management
Formal education:
- Bachelor’s/University degree
- 10 years’ related experience within Financial Services industry.
- 5 years’ experience in Vendor / 3rd Party Risk Management in the Banking and Financial Services industry
Specialist knowledge (work experience, further qualification):
- Excellent written and oral communication skills with ability to influence senior management
- Leadership, staff management, and motivation skills.
- Demonstrated ability to build strong relationships with stakeholders, demonstrating a thorough understanding of their business
- Strong knowledge and experience in enforcing compliance with MAS regulations and guidelines
- Ability to prioritise work and deliver results in a pressurised environment, through tactical and strategic planning. Ability to set clear and measurable goals and deliver demonstrable results that meet these targets
