Vendor Management Specialist

Job Title: Vendor Management Specialist

Reports to: Information Security Officer

The Vendor Management Specialist will help play a role in ensuring that the bank's vendor management relationships are managed effectively. The role works closely with the bank's Information Security Officer (ISO) to support our commitment to delivering exceptional service and value to our customers while maintaining compliance with regulatory requirements. The vendor management specialist will assist the ISO in the coordination, evaluation, and monitoring of the Bank's vendor management program to ensure compliance with regulatory requirements by assessing vendor performance, mitigating risks, and optimizing vendor relationships to enhance operational efficiency and effectiveness.

ESSENTIAL FUNCTIONS

• Identify, evaluate, and onboard new vendors, conducting due diligence assessments to assess their capabilities, financial stability, and compliance with applicable laws and regulations.
• Establish and maintain strong relationships with vendors, serving as the primary point of contact for vendor-related inquiries and issue resolution.
• Monitor vendor performance, conducting regular reviews and audits to ensure quality and compliance. Assist with implementing risk mitigation strategies as necessary.
• Collaborate with internal stakeholders, including risk management, legal, compliance, and business units, to assess and mitigate vendor-related risks.
• Manage vendor contract tickers systems, ensuring system is updated for terminations or renewals.
• Stay informed about industry best practices, regulatory developments, and emerging risks related to vendor management, and make recommendations for continuous improvement.
• Prepare and present reports and updates to senior management and relevant committees on vendor performance, risk exposure, and compliance status.
• Provide guidance and training to internal staff on vendor management policies, procedures, and best practices.

REQUIRED EDUCATION, EXPERIENCE, AND SKILLS

• Minimum of Two (2) years in IT or specialized training/work experience in vendor management
• Knowledge of vendor management and processes a plus
• Must be thorough, precise, and detail-oriented
• Ability to work with all levels of management under pressure and strict deadlines
• Must be able to communicate tactfully and professionally
• Strong writing skills and ability to minimize grammatical error
• Ability to interact and communicate professionally with customers and fellow employees
• Proficient in basic computer programs (Microsoft Word, Excel, etc.)

POSITION SPECIFIC COMPETENCIES:

• Analytical Skills- The ability to observe, evaluate, summarize, and apply meaningful data in the problem-solving process. The level of logical reasoning necessary to connect required actions to desired outcomes. The ability to forecast events based upon current situations. Demonstrated skill in generating alternative solutions to problems.
• Organizational Skills- Demonstrates the ability to have multiple projects and assignments are completed according to established timeframes. Information is maintained and it easily accessible. Materials and work areas are very orderly and easy to find and share.
• Dependability- Always completes assignments timely and thoroughly. Frequently works beyond expectations demonstrating exceptional initiative.
• Communication- Demonstrates active listening and interpersonal skills. Be able to effectively communicate on written documents are clear, concise, and well-constructed.

PHYSICAL REQUIREMENTS

Must be capable of operating all types of office equipment.

EQUIPMENT USED

Computer, telephone, fax machine, scanner, copier, printer

SUPERVISORY REQUIREMENTS

None

WORKING CONDITIONS

• Requires incumbent to remain sedentary within office
• Requires some travel for training/seminars

The requirements listed above are representative of the knowledge, skill, and/or ability required. Reasonable accommodations can be made to enable individuals with disabilities to perform the essential functions.

This job description is not intended to be and should not be construed as an all-inclusive list of the responsibilities, skills, or working conditions associated with the position. While this job description is intended to accurately reflect the position's activities and requirements, management reserves the right to modify, add, or remove duties and assign other duties as necessary.