VP/FVP, Third Party Risk Manager

GENERAL SUMMARY

This role is responsible for the execution of Second Line of Defense (2LOD) governance and oversight of Third-Party Risk Management (TPRM) which includes all phases of the TPRM life cycle: Planning, Due Diligence, Contract Negotiation, Ongoing Monitoring, and Termination. This position has responsibility for overall management of enterprise TPRM governance, risk, and compliance (GRC), and assists with regular reporting to the Bank's governance committees. This position identifies and coordinates updates to all Third-Party Risk Management policies and standards across the Bank and is responsible for providing independent oversight and challenge of all risk management activities across the phases of the TPRM life cycle, ensuring that risks are sufficiently mitigated. This individual will continue to mature the Bank's Third-Party Risk Management program in line with the industry's best practice, legal, contractual, and regulatory requirements.

Manages a team of professionals who provide governance and oversight over all aspects of Third-Party Risk. This position will be responsible for the creation and implementation of the Second Line of Defense review and challenge program across the TPRM life cycle and oversee control testing, as required, to assess the design and operating effectiveness of First Line of Defense third-party risk related controls. This individual will make recommendations and assist in the implementation of changes to work methods and procedures to make them more effective, to strengthen controls, or manage risk across multiple financial service risk domain areas. Will assist the FVP, IT & Third-Party Risk Manager to provide executive management and the Board reporting across the Third-Party risk profile for the enterprise.

DIRECT REPORTS

This role will have two direct reports.

ESSENTIAL FUNCTIONS

• As the Second Line of Defense (2LOD), provide thought leadership and constructive challenge to the First Line of Defense (1LOD) for control and risk-related matters.
• Responsible for managing activities related to oversight of the Third-Party Risk Management Program.
• Supports the adoption of the Bank's eGRC platform throughout the enterprise and promotes its use among the stakeholders of the Third-Party Risk Management program.
• Provides technical and best practice guidance on Third-Party Risk Management, accounting for specific business platform complexities and issues.
• Builds, grows, and manages the team of professionals who oversee all aspects of the Third-Party Risk Management program.
• Provides input into the setting of the enterprise risk appetite related to Third-Party risk.
• Develops and provides quality assurance for the quarterly enterprise Third-Party risk profile.
• Reviews third-party risk alignment and integration with Compliance, Legal, Business Continuity Management, Information Security, Information Technology, and cybersecurity control processes along with associated documentation and reporting.
• Reviews key audit, regulatory observations/recommendations, and third-party due diligence/contracts/ongoing monitoring results to develop and communicate risk themes and guidance to the business.
• Establishes effective monitoring practices to ensure adherence to the TPRM framework, supporting policies and standards, and assists the business in the identification of issues.
• Provides planning and oversight of 2LOD control testing activities to verify the design and effectiveness of First Line of Defense third-party related controls.
• Develops and provides training to stakeholders on the requirements of the TPRM program and their roles and responsibilities to effectively manage Third-Party Risk.
• Advises and collaborates with IT and the business on appropriate ways to strengthen controls in non-compliant areas.
• Advises and provides credible challenge related to the mitigation of TPRM issues.
• Provides ongoing Third-Party Risk Management governance and direction for the enterprise.
• Manages, develops, and has a leadership role for the Bank's 2LOD Third-Party Risk Management staff.
• Manages the personnel processes for team members, including selection, training, performance management, development, and retention.
• Works effectively with the Bank's senior executives, as needed.
• Develops and maintains key business relationships to provide advice and oversight on new initiatives, products, and projects.
• Provides regular reporting of third-party risks as required by executive management, and the Bank's governance committees.

QUALIFICATIONS

Education:

• Bachelor's Degree required.
• Graduate degree in business or related discipline and / or MBA, CIA, or other professional related qualification a plus.
• CISA, CISSP, CIA or similar audit certifications
• Industry recognized certifications such as CTPRP and/or CRVPM Level IV

Experience:

• Minimum 7 years in Third-Party Risk roles in Banking or Financial Services.
• Minimum 5 years in a Managerial/Supervisory role.
• Minimum 5 years of experience in IT audit or control testing.
• Extensive knowledge of and experience in Third-Party Governance, Risk, and Compliance.

Skills/Ability:

• Strong leadership skills
• Strategic mindset, with excellent knowledge and understanding of the financial industry.
• Highly developed ability for conceptual thinking.
• Excellent communication and presentation skills.
• Proven track record of building strong relationships across business functions.
• Extensive knowledge and experience in regulatory guidance, most importantly for the FDIC, CFPB, and FFIEC requirements and supporting guidelines.
• Strong presentation skills, in anticipation of audiences with varying IT knowledge; ability to adjust presentation details based on audience.
• Demonstrated ability to interact effectively, internally, and externally, with the most senior representatives of the Bank, other organizations, regulators, and vendors.
• Strong Microsoft Excel, PowerPoint, and report writing skills, including the ability to evaluate the usefulness of data and use it in meaningful communication.

OTHER DETAILS

VP: $82K - $134K / year
FVP: $123K - $170K / year
Pay determined based on job-related knowledge, skills, experience, and location.
This position may be eligible for a discretionary bonus.

Cathay Bank offers its full-time employees a competitive benefits package which is a significant part of their total compensation. It is our goal to provide employees with a comprehensive benefits package to fit their needs which includes, coverage for medical insurance, dental insurance, vision insurance, life insurance, long-term disability insurance, and flexible spending accounts (FSAs), health saving account (HSA) with company contributions, voluntary coverages, and 401(k).

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Cathay Bank is an Equal Opportunity and Affirmative Action Employer. We believe in diversity, equity, and inclusion in the workplace. We welcome applications for employment from all qualified candidates, regardless of race, color, ethnicity, ancestry, citizenship, gender, national origin, religion, age, sex (including pregnancy and related medical conditions, childbirth and breastfeeding), reproductive health decision-making, sexual orientation, gender identity and expression, genetic information or characteristics, disability or medical condition, military status or status as a protected veteran, or any other status protected by applicable law.

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