Understanding and analyse the need for a Third Party and the Risks that it could come with during the process of engagement
In-depth knowledge of Third-Party Due Diligence process of Identifying, assessing, and mitigating third party risks during and after entering contracts during onboarding, ongoing monitoring, and termination processes
In depth understanding on different type of Services and engagements with the third-Party Service provider
Gathering information from business on the service, evaluating them, finalizing compliance and risk evaluations, and updating them in the tool as a part of Due diligence activities
Follow up with the Risk Partners and provide adequate responses incase of any questions / queries about the provided responses – Collaborate with Lines of Business and other required stakeholders
Serving as a Subject Matter Expert (SME) to identify and address key third party related risks and areas of concern associated with new and existing third-party relationships.
Ability to translate the Risk Entities to the Line of business and address the requirements and concerns
Determine areas of strength or Business Execution opportunity within defined scope of work
Review and research strategies and action plans to establish effective processes while meeting performance metrics and policy expectations.
Present recommendations to develop, implement and monitor strategic approaches, effectiveness of support function, and business performance improvement opportunities for managing risks of the business.
Ability to challenge Lines of Business if needed during the process of Risk evaluation and also provide interim/ adequate communication wherever needed
Develop expertise in Enterprise Third Party Risk Management policies
Job Expectations.
Present recommendations to develop, implement and monitor strategic approaches, effectiveness of support function, and business performance improvement opportunities for managing risks of the business.
Ability to challenge Lines of Business if needed during the process of Risk evaluation and also provide interim/ adequate communication wherever needed
Develop expertise in the Enterprise Third Party Risk Management policies