Vendor Management Program Officer
Vendor Management Program Officer
SUMMARY Responsible for developing, implementing, and directing the credit union’s overall Vendor Management (VM) program while performing daily vendor management activities in accordance with regulatory requirements and the credit union’s goals. Leading and supporting a sustainable Vendor Management Lifecycle (VML) process and proactively responding to all vendor management new and emerging risks that might affect the achievement of the credit union initiatives.
ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned.
- Leads an effective and compliant VM program and establishes strategic and operational plans to further the program across the credit union by providing insight and recommendations to the credit union Executive Leadership Team and their assigned business areas.
- Designs and executes VM policies and processes related to vendor monitoring and management needs across the entire Vendor Management Lifecycle (VML) and according to the VM and Enterprise Risk Management (ERM) framework.
- Develops and implements best vendor management practices to sustain transparency into all vendor residual risks from the point of initial contracting to the point of vendor termination while focusing on five key areas: contracts, performance, security, relationship, and risk.
- Oversees the credit union’s vendor due diligence review process to ensure that business requirements and the credit union’s VM program guidelines are met and appropriate level of risks assigned.
- Facilitates the resolving of any risk related issues, in coordination with business leaders that own the vendor / contract and subject matter experts such as Legal, Compliance, Finance, etc. and escalates any significant issues accordingly.
- Serves as a vendor monitoring and management subject matter expert and provides guidance to the credit union Executive Leadership Team, business owners/partners, and team members as appropriate.
- Performs various contract management responsibilities such as contract advice and guidance to business leaders for pre-procurement, contract and/or standard form agreements and related documentation reviews, routine correspondence with Legal, and contract documentation evaluation.
- Assists with drafting and review of contracts and RFPs and acts as a key team member in establishing negotiation tactics, targets, and minimum acceptable provisions for management approval of terms and conditions and pricing for all contracts and modifications.
- Assists with identification of third-party key risk indictors and monitoring protocols and performs assessment of cloud servicing arrangements to outline any risk arising from these third-party engagements.
- Leads and participates in the development of change management strategies as it relates to overall credit union vendor management program as well as manages the implementation of action plans.
- Establishes and maintains reporting accuracy and consistency in order to ensure SLAs are consistently met or exceeded in accordance with contractual obligations and vendors are achieving key business objectives.
- Produces and delivers reports to Executive Management to track productivity, quality and efficiency of third-party relationships,
- Serves as the key point of contact with the vendor for all contractual negotiation matters and primary liaison between vendor and internal departments for all matters affecting contract administration.
- Supports other team members and performs additional duties as required.
Education and/or Experience
Five to eight years of experience in Risk Management, Vendor Management, Procurement, Contract Management, and/or Compliance within the financial services industry, preferably including leadership and management responsibilities. Four-year college degree in risk management, or related field of study.
2355 W. Pinnacle Peak Rd., Phoenix, AZ 85027 USA