Job Information
Eastern Bank Operational Risk Specialist III (AVP), Vendor Risk in Lynn, Massachusetts
The primary responsibilities of the AVP Vendor Risk Analyst are to support the monitoring and reporting requirements of Eastern’s Third Party Risk Management and New Initiative programs. This incumbent will report directly to the VP, Third-Party Risk Manager. This role will provide support to the first line of defense across all five (5) life-cycle phases (Risk Assessment, Due Diligence, Contracting, Oversight and Termination), assisting all with understanding and complying with Bank's TPRM regulatory requirements. A successful candidate will ensure risks introduced by the business units through the Third-Party Risk Management and New Initiative programs are effectively identified, assessed, mitigated, and reported within the Bank. The role will support continuous improvement of the Third Party and New Initiative risk management frameworks, tools, policies, and procedures to ensure the bank is complying with relevant regulations and guidance.
Assist in the inventory management and tracking of all third-party relationships across the Bank and ensuring the accuracy of the risk management system.
Help define program criteria and train business units on the third-party life cycle. This includes contracting, monitoring vendor performance, and enforcing appropriate vendor management tools to ensure high quality services and contractual commitments are received throughout the duration of the engagement.
Maintain/enhance tools for use in vendor management, including vendor tracking, analytics, and performance management tools.
Handle escalation issues with vendors and works with other business units to manage and proactively work to identify, resolve issues, and develop solutions. This includes findings management in the GRC tool.
Monitor negative media events and vendor industry developments. Actively remain current with industry standards, regulatory guidance, trends, competitive intelligence on vendor management best practices and provide recommendations accordingly.
Ensure risk assessments are completed for all new vendors and review for reasonableness.
Execute and oversees annual third-party vendor risk assessments and monitoring and coordinates with all business unit vendor owners to ensure review completion.
Supports execution an analysis of annual third-party SOX/SOC reviews and provides effective challenge.
Ensure policy standards and regulatory requirements for associated programs are adhered to and make recommendations for policy updates based upon regulatory guidance and corporate standards.
Assist with internal auditors and external examiners to support risk related audits and examinations.
Attend & participate in third-party and new initiative meetings.
Manages the Engagement and New Initiative modules of the Bank’s GRC tool.
Supports providing effective challenge on New Initiatives and ensuring program requirements and stakeholder feedback is addressed prior to launch
PROBLEM SOLVING & DECISION MAKING :
The AVP Vendor Risk Analyst plays a supportive role in making critical decisions that impact the Third Party and New Initiative Risk Management frameworks. This position requires a high level of problem-solving skills and the ability to analyze complex risk issues to develop effective solutions. The AVP Vendor Risk Analyst will need to work both independently and in collaborative environments and will require strong organizational and communication skills. The AVP Vendor Risk Analyst will work closely with management and collaborate with various stakeholders to establish and advance the risk frameworks and standards, ensuring alignment with industry best practices, and bank’s overall objectives. The decisions made by the AVP Vendor Risk Analyst directly impact the implementation of risk management initiatives and drives a risk focused culture within the organization. The role will require analysis and reporting on risk assessments to inform internal and external stakeholders. Program responsibilities are visible to management and the regulators.
Education and Experience
Bachelor's Degree or equivalent experience. Advanced degree is a plus.
3-5 years of proven experience in risk management, internal audit, bank operations, or banking industry, or other related risk or control function
Strong foundation in Third Party Risk Management a plus
Skills/Knowledge
Ability to apply risk management concepts to a business setting.
Strong analytical and problem-solving skills, with the ability to analyze complex risk management issues, provide effective solutions, strategic risk insights, lead change, and escalate significant concerns to their manager.
Effective communication and interpersonal skills to collaborate with stakeholders at all levels of the bank and convey complex concepts to diverse audiences.
Ability to lead and influence cross-functional teams and drive change management initiatives within a midsize bank setting.
Detail-oriented with excellent organizational and project management skills.
Proficient Microsoft Office and knowledge of GRC Systems (e.g., Archer)
Effective written and oral communication
At Eastern Bank, we pride ourselves on supporting our employees by offering tremendous opportunity for individual growth. As an inclusive company, we work to ensure that our valued employees are treated fairly, recognized for their individuality, and encouraged to reach their fullest potential. These values have earned us a reputation as a great place to work and provide a strong reason why you should consider a career with us. We are proud to offer comprehensive compensation plans and a benefits program called Total Rewards that includes medical, dental, vision, life and disability insurance, retirement, vacation and tuition reimbursement.
Eastern Bank is an Equal Opportunity Employer of women, people of color, LGBTQIA+, religion, national origin, citizenship, neurodivergence, age, Veterans, individuals with disabilities, or any other characteristic protected by law.
At Eastern Bank, we are dedicated to building a diverse, equitable, inclusive and authentic workplace. If you’re excited about this role but your experience doesn’t fully align with every qualification, we still encourage you to apply! You may be just the right candidate for this position or others across the company. Our Recruitment team is waiting to chat with YOU.