Third Party Risk Management Analyst

Job Title: Third Party Risk Management

Role Summary

Provides strong third party risk management support to the owners of outsourcing arrangements across the Bank (all areas), including ensuring compliance with regulatory requirements, laws and regulations and ongoing supplier risk management activities; including but not limited to, the completion of suppliers’ self-assessments and the arranging and undertaking of on-site reviews as applicable. Supports the Senior Manager – Third Party Risk Management

Key Accountabilities

Implements and monitors new and existing governance processes and provides executive and regulatory reporting over the supplier risk posture as required.

Collaborates with third party suppliers to introduce and gain their buy-in and support for supplier risk management – will be required to build mutually beneficial relations with the suppliers and gain access to third party suppliers’ to undertake independent risk assessments of their operations – gaining access to the actual operations of the suppliers to carry out risk assessments – are they capable to deliver on what the Bank is contracting them to and has adequate contingency / business continuity.

Manage the periodic risk reviews and updates of regional high risk suppliers during the supplier lifecycle, including reviewing risks at the supplier level across all engagements

Develops and promotes a deep understanding of supplier risk management within FirstCaribbean International Bank; developing and providing training as required to sourcing relationship managers. Assists as requested with the review of contracts to ensure that the regulatory requirements are met.

Maintains   an  accurate   central   repository  of   all  outsourcing   arrangements   and   the  associated

documentation as required by regulations and the existing Bank’s policies and banking regulations.

Completes and documents (at least annually) an assessment of all material outsourcing providers’ related control environments, with other outsourcing providers reporting tied to contract renewal or modification. Obtains copies of the independent auditors’ reports, analyses the results against the Bank’s control map for the respective outsourcing arrangement. Develops remediation plans / actions in collaboration with the sourcing relationship manager’s as necessary

Facilitates and manages the completion of the supplier assessment (SAT) within the agreed timelines - reviews the   operational performance of suppliers and assigns the risk ranking as defined in the methodology, accesses and reviews the financial statements of the suppliers and completes external research for any related events.

Lead the preliminary risk assessment and due diligence processes to ensure inherent risks are accurately identified and selected suppliers have effective controls and strong overall health.  Provides guidance to relationship managers on the supplier risk management process.