Senior Consultant, Due Diligence - Third Party Risk Management

About Northern Trust

Northern Trust (Nasdaq: NTRS) is a global leader in innovative wealth management, asset servicing, asset management, and banking services. Founded in 1889, the company is guided by three Principles That Endure: Service, Expertise, and Integrity. These principles are reflected in the company's business conduct, which it strives to instill in its employees, called partners, and to provide to its clients and the communities it serves worldwide.

About The Role

The Chief Procurement Officer’s team for Third Party Management (TPMO) is responsible for designing and executing the Third Party risk management program in line with regulatory expectations, Northern Trust’s Third Party Risk Management Policy, and Third Party Practice Standard. The TPMO team is the 1st line of defense for third party risk.

• Assist in strategy and design decisions
• Work closely with the TPMO team manager
• Improve and execute the program as per the Third Party Standard
• Expand into areas aligned with your strengths and program needs
• Grow with us and pivot when needed

Key Responsibilities

• Track program throughout the various third party management life cycle elements (Planning, IRQs, DDQs, Ongoing Monitoring, Contracting and Termination)
• Periodic inventory review, open issues, and open risk acceptance review and tracking of all internal projects
• Design and periodically review program related artifacts, risk methodologies, service categories, and associated risk profile, reporting thresholds etc.
• Assist and guide business partners through various stages of third party lifecycle to ensure quality program execution
• Identify gaps and drive continuous improvement across the TPRM lifecycle (e.g., onboarding, due diligence, monitoring, offboarding)
• Suggest and participate in improvement projects that automate or streamline repetitive tasks (e.g., through Coupa tools or workflow automation platforms)
• Maintain strong documentation and evidence of controls, risk decisions, and remediations
• Engage with risk domain SME’s, vendors, and vendor relationship managers
• Provide business users' input for 2LOD deliverables
• Monitor third-party risk posture and performance and determine areas of focus
• Report progress to the board, risk committees, and regulators as needed
• Participate in cross-functional teams associated with Third Party program requirements

Skills/Experience

• 5+ years of related work experience with clear understanding of and experience in the Three Lines of Defense model
• A thorough understanding of third-party (i.e., vendor, supplier, etc.) risk management, with prior experience in designing program solutions, risk scoring and aggregation methodologies, and designing committee reporting
• Understanding of global risk regulatory requirements with emphasis on US (OCC Bulletins, FFIEC, FRB, FDIC) or UK (PRA, FCA)
• A TPRM related certification such as CTPRP or CTPRA
• Proven track record managing vendor risk and/or leading large-scale risk or compliance initiatives
• Expertise in third-party risk frameworks and regulatory requirements
• Experience with tools such as Coupa, ServiceNow, Supply Wisdom, BitSight or similar
• Strong organizational skills
• Ability to influence activities across multiple teams and across business units
• Outstanding writing, communication, and presentation skills
• Sound analytical and problem-solving skills
• Strong networking ability to develop internal and external networks based on integrity and credibility through active listening and understanding

Work Authorization

Applicants must be authorized to work in the U.S. without the need for employment-based visa sponsorship now or in the future. Northern Trust will not sponsor applicants for U.S. work visa status for this opportunity (no sponsorship is available for H-1B, L-1, TN, O-1, E-3, H-1B1, F-1, J-1, OPT, CPT or any other employment-based visa).