About the Role
Manages the Third-Party Management team.
Ensures timely completion of inherent and residual risk assessments and control assessments.
Designs, develops, and continuously updates internal standards, policies, and procedures to ensure current processes are consistently applied across all client and business unit groups. Appropriately document in accordance with internal and external audit standards.
Leads and manages process excellence and quality initiatives to continually raise the firm’s third-party risk assessment function and standards to meet evolving regulatory, audit, risk and compliance rules and regulations.
Reviews assessment reports from each business function and coordinate assessments, findings, and recommendations with any appropriate internal risk governance committee(s) to mitigate risks and minimize losses for the company. May serve on or present findings to assigned risk committees.
Manages and responds to the highest level of escalated analytical and high-risk business client/vendor-related issues. Answers questions and concerns as they arise. Works directly with clients and internal relationship managers to educate them, brainstorm solutions, and recommend actions to improve risk profiles providing guidance and leadership as needed.
Builds strong strategic relationships with third-party clients and key internal business leaders to ensure compliance and risk issues are addressed quickly and efficiently. Assists in the development, review, and delivery of risk training to both internal and external clients addressing high-risk third-party vendor identification and monitoring to all business lines.
Maintains awareness of current and upcoming rules and regulations affecting third party risk management specifically governmental and regulatory developments from the FDIC, Federal Reserve, etc. Assesses the impact of changes on current operations and recommends methods to improve the risk scores and incorporate new standards into the operation.
Presents monthly, quarterly, annual, and ad hoc management reports detailing risk assessment results and areas of concern. Analyzes historical trends and patterns and prepares recommendations to highlight and mitigate issues.
Develops close working partnerships with internal and external teams to discuss and manage performance monitoring of key business partnerships. Leads routine and ad hoc meetings to market, communicate, and discuss new and improved operations, processes, procedures, and standards being used in performance monitoring activities.
Represents the Bank’s Third-Party Risk Management (TPRM) program in regulatory examinations, internal audits, and other assurance reviews.
Acts as the subject matter expert (SME) for TPRM controls, documentation, and risk mitigation activities
Provides insights to leadership on risk exposure and emerging third-party risks.
Performs other duties as assigned.
Manager Responsibilities
Manages team of employees by overseeing day-to-day operations.
Sets high performance standards and manages team performance in accordance with HR policies and procedures.
Creates a flexible and energized work environment, fostering an atmosphere that enables employee trust and engagement.
Inspires confidence and motivates employees to perform at their best level.
Develops employees while effectively addressing performance issues.
Requirements
Education/Experience Requirements
- Undergraduate degree in a related field.
- 5 years of relevant third-party risk management experience in the banking, insurance, or credit card industry, including 2 years of leadership, preferably in a third-party risk management or enterprise risk management capacity.
Preferred Qualifications
- Strong working knowledge of risk assessments and ongoing monitoring programs.
- In-depth understanding of credit card, pre-paid, commercial credit, and third-party risk management.
- Expertise with risk rating elements.
- Ability to manage a team with multiple and/or shifting priorities and produce professional and accurate work product sometimes under time constraints.
- Excellent verbal, written, and interpersonal communication skills.
- Team player, able to work effectively in a team fostered, multi-tasking environment.
- Proficient in Microsoft Office suite, e.g., Excel, PowerPoint, Word, Outlook, and Archer.
About the Company
The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving non-bank financial service companies' unique needs, ranging from entrepreneurial start-ups to those on the Fortune 500. The company’s subsidiary, The Bancorp Bank, N.A., has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (US), a top merchant sponsor bank, and a top ACH originator. Specialized lending distinctions include National Preferred SBA Lender, a leading provider of securities-backed lines of credit, and one of the nation's few bank-owned commercial vehicle leasing groups.