Vendor Management Officer

The Vendor Management Officer is responsible for managing third-party vendor and business partner relationships of the Bank throughout their life cycle and ensuring the Bank maintains an effective Vendor Management Program in compliance with all applicable laws, rules, and regulations

Essential Functions

1. Maintains a comprehensive inventory of all vendors and their associated contracts, ensuring the accuracy and completeness of the vendor information.

2. Performs risk assessments and ongoing due diligence measures, reviews and writes related policies and procedures, makes recommendations to Senior Management when and where appropriate, and submits reports to the Risk Management Committee and the Audit Committee of the Board of Directors detailing the Bank’s vendor management risk-related compliance issues.

3. Partners with Bank management (Vendor Owners) to ensure that vendor financial, performance, risk, and compliance requirements are being met and remediates any gaps or deficiencies related to third-party service provider’s compliance management system or ability to comply with applicable laws, rules, and regulations.

4. Works internally with information security, information technology, operations, internal audit, credit, compliance, and accounting to address liability, financial and operational risks that tie to vendor contracts.

5. Develops and maintains a strong relationship with Vendor Owners, acting as the primary point of contact for contract-related inquiries and issues.

6. Ensures Bank policies, procedures, and processes are updated to reflect changes in law or regulations, and recommends changes to policies, procedures, and processes to minimize risk.

7. Ensures contract approval routing and authorization of executed contracts meets Bank policy relative to signature approval as defined in the Bank’s purchasing policy.

8. Evaluates vendor performance through key performance indicators and service level agreements and works with Vendor Owners to address deficiencies.

9. Collaborates with various departments to identify and mitigate vendor-related risks, ensuring that vendors comply with regulatory requirements and Bank policies.

10. Conducts regular vendor risk assessments and due diligence reviews to assess vendor stability, security, and compliance, including those related to consumer protection and security of customer information.

11. Manages the vendor onboarding and offboarding process, including due diligence, contract negotiation, and termination procedures.

12. Coordinates with management to ensure that the vendor contracts align with business requirements and comply with legal and regulatory standards.

13. Manages adherence to contract terms and conditions by both the Bank and its vendors.

14. Tracks current contract information related to renewal/expiration dates, service level requirements, pricing, and products.

15. Maintains a strong working knowledge of contract management guidelines related to supplier contracts and customizes legal contract language within those guidelines to address specific business issues.

16. Acts as the administrator of the Bank’s vendor management software.

17. Assures compliance with all Bank policies, procedures, and processes, and all applicable state and federal banking laws, rules, and regulations, and adheres to Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) responsibilities that are specific to the position.