Role description
- The Third-Party Control Assurance Analyst is responsible for supporting the Bank with the execution of control assurance process for the relevant third-party vendors in line with the defined policy, process and guidelines. The analyst will be coordinating with relevant internal and external stakeholders to assess and verify third-party vendor control effectiveness to meet the organizations control requirements. The role is essential for monitoring third-party risks and enabling risk mitigation to protect the organization.
Your Key Responsibilities:
- Conduct outreach to relevant internal stakeholders and third-party vendors to initiate the assurance process and gather responses to the assurance testing questionnaire including other necessary information.
- Support Service Owners and Vendor Managers in organizing governance meetings and preparing agenda to ensure continuous third-party vendor risk monitoring.
- Provide ongoing support to Service Owners and Vendor Managers by participating in governance meetings and answering queries related to Assurance Testing.
- Perform due diligence on third-party vendor by assessing gathered responses according to the defined internal process and guidelines.
- Escalate identified gaps to relevant Assessment Teams or 2LoD Risk Type Controllers.
- Assign risk scores to the third-party vendors according to the defined scoring matrix.
- Create and publish Assurance Testing risk assessment reports which outline identified risks, mitigation actions and outcomes.
- Support with setting up and conducting Assurance Testing training sessions for internal stakeholders such as Service Owners and Vendor Managers.
Your Skills & Experience:
- Professional experience in either audit, risk management, compliance, procurement are an advantage
- Understanding of third-party risk management framework, processes and best practices
- Have a strong appreciation of risks, regulatory requirements and controls generally and in particular in the vendor outsourcing and service delivery environment
- Analytical, problem-solving and critical thinking abilities
- Ability to diagnose improvement areas across processes, tools and systems
- Excellent oral and written communication skills
- Relationship building and stakeholder management skill set.
