Lead for Third-Party Risk Management
4 weeks ago
The Opportunity
The Third-Party Risk Management Lead will spearhead, implement, and oversee the Third-Party Supplier Risk Management Framework, ensuring the effective execution of the Third Party Risk Management Program.This role is pivotal in responding to the dynamic needs of the business while facilitating thorough supplier due diligence and continuous control management activities through collaboration with internal teams and external suppliers.
Responsibilities include assessing new suppliers, pinpointing and documenting deficiencies in supplier security measures, and ensuring that all residual supplier risks are formally recorded and managed, with appropriate treatment and approval prior to any operational changes. Additionally, it involves incorporating relevant security obligations into contracts for ongoing assurance. This position operates in a hybrid model, requiring 2 days per week in the office.
Benefits:
• Salary - up to £65,000
• Bonus scheme - on target bonus - 10%
• Pension scheme - contribute up to 5% of your salary, matched by Openwork with an additional 5%
• Critical illness coverage
• Income protection - 1x salary
• Death in service - 4x salary
• 25 days of annual leave plus bank holidays, with the option to purchase up to an additional 10 days
• A variety of flexible benefits including private medical and dental insurance, among others.
Key Responsibilities
Lead, implement, and manage the Third-Party Supplier Risk Management Framework and oversee the daily operations of the Third Party Risk Management Program. Evaluate new suppliers and determine the necessity for third-party security assessments. Identify and document gaps in supplier security measures to assess any residual risks to services or data. Ensure all residual supplier risks are recorded and managed, with treatment and approval secured before operational changes. Incorporate relevant security obligations into contracts for ongoing assurance. Build and maintain relationships with third parties and their security and account teams for continuous contract assurance. Assist in conducting accurate materiality assessments and reporting for potential and existing suppliers, facilitating supplier segmentation and compliance monitoring. Maintain thorough documentation and records in designated systems and tools, ensuring updates are made at required intervals. Support business stakeholders and suppliers in developing effective risk management plans. Collaborate with suppliers to identify and address risks, while also identifying critical suppliers. Keep an updated record of all suppliers that access, store, process, and provide critical services, including the supplier assurance risk register. Deliver high-quality risk reports with guidance and recommendations to enable senior business leaders to make informed risk decisions regarding supplier usage. Monitor ongoing compliance of suppliers according to established schedules based on their risk profiles. Work closely with relevant business owners, legal, and procurement teams to ensure third-party risks are addressed throughout the supplier lifecycle. Assist colleagues with inquiries related to supplier assurance. Contribute to Business Continuity Planning efforts related to Third-Party Risk Management. Participate in key business forums relevant to Third-Party Risk Management (such as Technical Design Authority, Change Assessment Board, Risk Management forums, etc.).
What You Will Need to Succeed:
Qualifications: BA/BS degree, practitioner-level qualifications, or equivalent experience in Information Security / Risk Management. Professional certifications such as CISSP, CISA, CRISC, IRM, CTPRP, or equivalent are preferred. Experience: Strong understanding of Third-Party Risk Management practices and strategies. Experience in Third Party Risk from a supplier/vendor management, category management, or business development perspective. Proven track record in developing or maintaining risk policies related to suppliers, with appropriate risk management levels. Background in IT audit/risk management, with examples of managing technology risk and compliance within an organization. Familiarity with ISO standards related to information security and business continuity. Subject Matter Expert level knowledge in information security risk management processes, frameworks, and procedures. Experience in leading, planning, and conducting interviews with suppliers or similar stakeholders to gain insights into the areas being reviewed. Ability to foster strong working relationships with peers and both internal and external stakeholders. Knowledge of regulatory frameworks, ideally in the context of Financial Services.Why Join Us?
We are a dynamic, fast-growing organization with ambitious goals, made possible by the talented individuals who are part of The Openwork Partnership family. We are committed to investing in our colleagues, continuously striving to provide opportunities for personal and professional development to help them reach their full potential.We take pride in our culture, recognized as one of the Best 100 Large Companies to work for in 2022. The Openwork Partnership values individuality and is dedicated to fostering an inclusive environment where you can balance a successful career with your personal commitments and interests. We believe that you will perform at your best when you are trusted to choose when, where, and how you work.
In addition to offering a modern workplace with ample development opportunities, we provide a highly attractive benefits package to reward your hard work, including a competitive base salary, an industry-leading annual bonus, enhanced pension contributions, critical illness coverage, income protection, and a range of flexible benefits.
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