Third-Party Risk Specialist

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Date: Feb 16, 2019

Location: New York, NY, US

Company: New York Life Insurance Co

 

A career at New York Life offers many opportunities. To be part of a growing and successful business. To reach your full potential, whatever your specialty. Above all, to make a difference in the world by helping people achieve financial security. It’s a career journey you can be proud of, and you’ll find plenty of support along the way. Our development programs range from skill-building to management training, and we value our diverse and inclusive workplace where all voices can be heard. Recognized as one of Fortune’s World’s Most Admired Companies, New York Life is committed to improving local communities through a culture of employee giving and service, supported by our Foundation. It all adds up to a rewarding career at a company where doing right by our customers is part of who we are, as a mutual company without outside shareholders. We invite you to bring your talents to New York Life, so we can continue to help families and businesses “Be Good At Life.” To learn more, please visit LinkedIn, our Newsroom and the Careers page of www.NewYorkLife.com.

 

Summary: 

The Third-Party Risk Specialist is responsible for scheduling, coordinating and maintaining quality of the end-to-end assessment process for third-parties that do business with New York Life.  This individual will also be involved in the issue management process and management of issues identified through these third-party assessments.  In addition, this role will be supporting the implementation of a common and consistent Third-Party Risk Management (TPRM) program to effectively manage third-party risk in accordance with internal policy and regulatory requirements.

 

 Major Responsibilities:

Responsibilities include understanding the firm’s risk agenda, business priorities, and working with the enterprise wide Third-Party Management Office (TPMO), lines-of-business Relationship Owners, Business Continuity Officers and third-parties to efficiently accomplish the following:

  • Schedule, coordinate and review the end-to-end assessment process for new and existing third-parties
  • Perform due diligence on all new and existing third-parties in accordance with TPRM policies and procedures
  • Review and analyze all relevant third-party documentation received, perform required financial and regulatory checks.
  • Engage with Subject Matter Experts
  • Review and ensure that all third-party metadata, including status, is accurately maintained in TPRM database
  • Effectively communicate the status of open third-party issues
  • Assist other team members, including performing quality peer reviews
  • Contribute to the permanent improvement of the third-party risk management program (process, framework, indicators…)
  • Participate in the definition of roadmaps and manage accordingly
  • Promote a risk-aware culture, ensure efficient and effective risk and compliance management practices by adhering to required internal standards and regulations
  • Maintain broad knowledge of best practices and trends in Third-Party Risk Management
  • Work as a member of the team, supporting necessary activities to ensure the success of the TPRM program as may be delegated by the Head of TPRM

 

 Qualifications:

  • BA/BS required
  • More than 5 years of related experience (e.g. Third-Party Risk, Vendor Management, Supply Chain Management Operational Risk, Audit)
  • CTPRP preferred
  • Knowledge of various assessment types (e.g., Share Assessments for suppliers, self-assessments, SOC reports, audits, vulnerability assessments, penetration tests, third-party assurance)
  • Understanding of the key elements of the Third Party Risk Management Lifecycle
  • Experience in planning, organization and conducting Third-Party Assessments and Review
  • Proven capabilities in influencing and negotiating priorities.
  • Experience working in the Insurance or Financial services sector preferred

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