Third Party Risk Management - TPRM - Manager Job Description Template
As a Third Party Risk Management (TPRM) Manager, you will be responsible for developing and executing the third-party risk management framework. You will work closely with various departments to assess, identify, and mitigate risks associated with third-party vendors and partners, ensuring compliance and optimizing risk controls.
Responsibilities
- Develop and implement the third-party risk management framework.
- Conduct comprehensive risk assessments of third-party vendors and partners.
- Ensure compliance with internal policies and regulatory requirements.
- Collaborate with internal stakeholders to identify and mitigate potential risks.
- Monitor and report on the risk status of third-party relationships.
- Establish and maintain effective vendor management processes.
- Provide risk management guidance and training to internal teams.
- Stay up-to-date with industry best practices and regulatory changes.
Qualifications
- Bachelor's degree in Finance, Business Administration, or a related field.
- 5+ years of experience in risk management, vendor management, or a related role.
- Strong understanding of risk management principles and regulatory requirements.
- Proven ability to conduct detailed risk assessments and develop mitigation strategies.
- Excellent communication and interpersonal skills.
- Strong analytical skills and attention to detail.
Skills
- Risk assessment
- Vendor management
- Compliance
- Analytical skills
- Interpersonal communication
- Project management
- Risk mitigation
- Regulatory knowledge
Frequently Asked Questions
A Third Party Risk Management (TPRM) Manager is responsible for overseeing the identification, assessment, and mitigation of risks associated with third-party vendors. They ensure compliance with company policies, manage vendor risk assessments, and develop strategies to minimize potential threats from external partners. Their role includes analyzing vendor data, coordinating with cross-functional teams, and implementing risk controls to protect organizational interests.
Becoming a Third Party Risk Management (TPRM) Manager typically requires a combination of related education and experience. Candidates usually have a degree in risk management, finance, or business administration, coupled with several years of experience in risk assessment or vendor management. Obtaining certifications such as Certified Third Party Risk Professional (CTPRP) can enhance career prospects, along with skills in analytical thinking and compliance management.
The average salary for a Third Party Risk Management (TPRM) Manager varies by region, experience, and industry. On average, these professionals earn a competitive salary commensurate with their expertise in risk management and vendor relations. Salary levels are influenced by factors such as specific industry demands, an individual's experience level, and additional certifications or qualifications they may hold.
Qualifications for a Third Party Risk Management (TPRM) Manager typically include a bachelor's degree in a relevant field such as risk management, finance, or business. Experience in risk assessment, compliance, and vendor management is highly valued. Professional certifications such as Certified Information Systems Auditor (CISA) or Certified Information Security Manager (CISM), along with strong analytical and communication skills, are often desirable.
Key skills and responsibilities for a Third Party Risk Management (TPRM) Manager include conducting thorough risk assessments, developing risk mitigation strategies, and managing relationships with third-party vendors. Strong analytical skills are essential for evaluating vendor performance and compliance with regulations. Additionally, a TPRM Manager must effectively communicate and collaborate with internal teams to ensure a comprehensive risk management framework is maintained.