Commercial Manager

Vendor Management & Contract/Commercial Governance

Under general supervision, the Commercial Manager is responsible for commercial governance, contract oversight, and financial risk management for Human Resources vendor relationships within a regulated financial services environment. This role partners with HR Centers of Excellence (COEs), Procurement, Legal, Finance, and Risk to ensure commercial terms, pricing structures, and contractual obligations are appropriately managed throughout the vendor lifecycle and aligned with internal governance and Third‑Party Risk Management (TPRM) requirements.

The role provides commercial subject‑matter expertise to support informed decision‑making related to vendor selection, negotiations, renewals, amendments, and exits, with a focus on cost saving, value optimization, and risk mitigation.

Major Duties

• Provide commercial oversight for HR vendor contracts, including coordination of negotiations, renewals, amendments, and terminations in partnership with HR COEs, Procurement and Legal.
• Ensure commercial terms appropriately address financial, operational, regulatory, and data protection risk, in alignment with TPRM standards and internal policies.
• Review and maintain pricing models, fee structures, SLAs, incentives, and contractual remedies to ensure clarity, enforceability, and alignment with business objectives.
• Monitor vendor spend, contractual entitlements, and cost drivers, identifying cost optimization opportunities and potential financial risk exposure.
• Partner with HR COEs to support renewal strategy, back‑loaded risk assessment, and exit or transition planning for critical vendors.
• Provide clear escalation and reporting on commercial risks, issues, and key decision points to senior stakeholders.
• Support audits, reviews, and regulatory inquiries by providing commercial documentation, analysis, and risk assessments as required.
• Contribute to the ongoing enha

About Northern Trust

As a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world’s most successful individuals, families, corporations and institutions.

Since 1889, we have aligned our efforts with our three guiding Principles That Endure: Service, Expertise, and Integrity. Together, they reflect the three cornerstones of business conduct which we strive to instill in our employees, whom we call partners, and to provide to our clients and the communities we serve worldwide.

With more than 135 years of financial experience and over 24,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

Summary

Under general supervision, the Commercial Manager is responsible for commercial governance, contract oversight, and financial risk management for Human Resources vendor relationships within a regulated financial services environment. This role partners with HR Centers of Excellence (COEs), Procurement, Legal, Finance, and Risk to ensure commercial terms, pricing structures, and contractual obligations are appropriately managed throughout the vendor lifecycle and aligned with internal governance and Third‑Party Risk Management (TPRM) requirements.

The role provides commercial subject‑matter expertise to support informed decision‑making related to vendor selection, negotiations, renewals, amendments, and exits, with a focus on cost saving, value optimization, and risk mitigation.

Major Duties

• Provide commercial oversight for HR vendor contracts, including coordination of negotiations, renewals, amendments, and terminations in partnership with HR COEs, Procurement and Legal.
• Ensure commercial terms appropriately address financial, operational, regulatory, and data protection risk, in alignment with TPRM standards and internal policies.
• Review and maintain pricing models, fee structures, SLAs, incentives, and contractual remedies to ensure clarity, enforceability, and alignment with business objectives.
• Monitor vendor spend, contractual entitlements, and cost drivers, identifying cost optimization opportunities and potential financial risk exposure.
• Partner with HR COEs to support renewal strategy, back‑loaded risk assessment, and exit or transition planning for critical vendors.
• Provide clear escalation and reporting on commercial risks, issues, and key decision points to senior stakeholders.
• Support audits, reviews, and regulatory inquiries by providing commercial documentation, analysis, and risk assessments as required.
• Contribute to the ongoing enha