Third Party Risk Management - Asst. Manager Job Description Template
As the Third Party Risk Management - Asst. Manager, you will play a critical role in mitigating risks associated with third-party relationships. You will assess, monitor, and manage risks to ensure compliance with regulatory requirements and internal policies, while also safeguarding the organization's assets and reputation.
Responsibilities
- Conduct thorough risk assessments of third-party vendors and partners.
- Monitor and report on compliance with internal standards and regulatory requirements.
- Develop and implement risk mitigation strategies and action plans.
- Collaborate with various departments to understand and document third-party relationships.
- Maintain and update third-party risk management policies and procedures.
- Prepare and present risk assessment reports to senior management.
- Assist in the development of training programs for staff on third-party risk management.
- Respond promptly to incidents and issues concerning third-party risks.
Qualifications
- Bachelor's degree in Finance, Accounting, Business Administration, or a related field.
- Minimum of 3-5 years of experience in risk management, compliance, or a related field.
- Strong understanding of regulatory requirements and industry standards.
- Excellent analytical and problem-solving skills.
- Ability to work independently and as part of a team.
- Strong communication and interpersonal skills.
Skills
- Risk assessment
- Compliance monitoring
- Regulatory knowledge
- Policy development
- Vendor management
- Report writing
- Incident response
- Stakeholder collaboration
Frequently Asked Questions
A Third Party Risk Management Assistant Manager is responsible for identifying, assessing, and mitigating risks associated with third-party vendors and partners. This role involves conducting risk assessments, establishing risk mitigation strategies, and ensuring compliance with regulatory requirements. They also work closely with procurement and legal teams to develop risk management frameworks and may oversee vendor audit processes to ensure adherence to the organization's standards.
To become a Third Party Risk Management Assistant Manager, candidates typically need a bachelor's degree in business, finance, risk management, or a related field. Relevant experience in risk management, compliance, or vendor management is crucial. Obtaining certifications such as Certified Third Party Risk Professional (CTPRP) or Certified Information Systems Auditor (CISA) can be beneficial. Strong analytical, communication, and organizational skills are essential to succeed in this role.
The average salary for a Third Party Risk Management Assistant Manager varies based on location, experience, and industry. Typically, salaries are competitive and may be influenced by the complexity of the risk management program and the size of the organization. Benefits such as performance bonuses, health insurance, and retirement plans may also be offered as part of the compensation package.
Qualifications for a Third Party Risk Management Assistant Manager include a bachelor's degree in business, finance, or a related discipline. Experience in risk management, regulatory compliance, or vendor management is essential. Advanced competencies in risk assessment methodologies, contract management, and regulatory knowledge enhance a candidate's qualifications. Certifications like CTPRP or CISA are often preferred by employers.
A Third Party Risk Management Assistant Manager must possess analytical skills to evaluate vendor risks and develop mitigation plans. Strong communication skills are crucial for collaborating with cross-functional teams and presenting findings to senior management. Responsibilities include conducting risk assessments, monitoring third-party compliance, and developing risk management frameworks. They must stay updated with industry regulations and best practices to effectively manage third-party risks.