Third-Party Risk Manager

Description :

Story Behind the Need Project Overview :

B-10 Third-Party Risk Initiative for Law Firm Relationships routinely engages with third-party service providers to support the day-to-day management operations of its businesses and the delivery of products and services to customers and stakeholders.

Risks can arise from third-party arrangements that can threaten operational and financial resilience. It is important to understand how these arrangements are structured to manage and mitigate risks across the third-party arrangement lifecycle.

Position Summary :

The Third-Party Risk Manager will be part of the Strategy & Operations, Law, Compliance, and Government Relations team and support the implementation of a holistic approach for the identification, assessment, management, monitoring, and reporting of third-party risks within the law department.

This individual will enhance third-party risk controls by reviewing current state assessments, collecting feedback from legal teams, and implementing toolkits and processes to ensure compliance with B-10 third-party risks.

Key Responsibilities :

• Develop and update toolkits, processes, and overall approach to facilitate the management of third-party risks, tailored to the needs of the law firm and its legal department.
• Collaborate with legal teams, risk management, procurement, IT, and other stakeholders to evaluate and ensure the acceptance of new toolkits, processes, and procedures.
• Collect and analyze feedback from various teams to refine risk management practices and ensure continuous compliance with B-10 Third-Party Risk Standards.
• Lead the implementation of third-party risk management capabilities and enhance existing controls.
• Establish mechanisms for monitoring and reporting on third-party risk management activities, ensuring alignment with regulatory requirements and internal policies.

Typical Day in the Role :

• Engage with cross-functional teams to gather requirements and feedback.
• Review and update existing third-party risk management processes and toolkits.
• Conduct meetings and workshops to facilitate the acceptance and implementation of new risk management practices.
• Analyze data and feedback to identify areas for improvement and ensure regulatory compliance.
• Prepare and present reports on the status of third-party risk management initiatives.

Candidate Value Proposition : The successful candidate will have the opportunity to lead the implementation of a major regulatory and transformational program within Law department.

This role involves collaborating closely with senior stakeholders from across the company. The candidate will work directly with these teams to oversee and execute transformational changes, gaining visibility into key functions and driving effective implementation.

Qualifications :

• Bachelor’s degree in Law, Business Administration, Risk Management, or a related field.
• Proven experience in third-party risk management and transformational initiatives, preferably in a legal or financial services environment.
• Strong understanding of regulatory requirements related to third-party risk (e.g., B-10 guidelines).
• Excellent project management and organizational skills.
• Strong analytical and problem-solving abilities.
• Effective communication and collaboration skills, with the ability to work with cross-functional teams and senior stakeholders.
• Experience in developing and implementing risk management processes and toolkits.

Nice-To-Have Skills :

Lean-Six Sigma certification