About this role
Senior Consultant, Third Party Risk Management
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.
Major Duties Serve as the institution’s central owner for the third party across all engagements and business units. Maintain a holistic view of the third party’s performance, risk posture, and concentration of exposure to the institution. Develops and cultivates strong relationships with assigned vendors and internal stakeholders. Ensure contractual terms, including risk, compliance, and resiliency provisions, are maintained, and enforced with third parties. Ensure timely completion of third-party risk assessments, periodic reviews, and issue remediation. Facilitate senior management or committee reporting on the third party, including performance against SLAs, material issues, concentration risk, exit strategies. Drives and supports proactive issue identification, mitigation, reporting and remediation by engaging internal stakeholders and third parties. Maintain strong documentation and evidence of controls, risk decisions, and remediations. Track milestones, dependencies, and deliverables across projects and/or an assigned portfolio of relationships. Rationalize supplier redundancy across the enterprise. Accountable for assisting and guiding business partners through various stages of third party lifecycle to ensure quality program execution. Use dashboards and key risk indicators (KRIs) to monitor third-party risk posture and performance and determine areas of focus. Performs ad-hoc business and operational data analytics to support management decision making, identify insights and make recommendations on a broad range of business initiatives.
Skills/Knowledge: Strong consultative skills ranging from structured problem solving, identifying and gathering relevant data, solution and business case development, influencing and communicating the risk posture of third parties. Outstanding communication skills, both written and verbal, with demonstrate