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- Tasks: Manage third-party risks and contracts to ensure compliance and performance.
- Company: Join LGPS Central, a leading asset manager for local authority pension funds.
- Benefits: Enjoy competitive salary, generous holidays, hybrid working, and excellent development opportunities.
- Why this job: Shape the future of risk management while safeguarding operational resilience and reputation.
- Qualifications: 5+ years in risk management or contract management, ideally in financial services.
- Other info: Be part of a diverse team committed to responsible investment and community impact.
The predicted salary is between 60000 - 75000 £ per year.
Join us at a pivotal moment, where procurement expertise, contract management, and vendor oversight come together to shape the future of LGPS pooling. The Third Party Risk and Contracts Manager is responsible for developing, implementing, and maintaining a robust third-party risk management framework and to oversee the effective and efficient performance of suppliers. This role is to ensure that all vendors, service providers, and outsourced partners meet regulatory requirements and align with the firm’s risk appetite and supplier performance achieves LGPS Central’s objectives. This role is critical in safeguarding operational resilience, regulatory compliance, and protecting the firm’s reputation.
What you'll be doing:
- Framework Development & Governance
- Design and maintain the third-party risk management policy and procedures in line with FCA, PRA, and other relevant regulatory requirements.
- Establish governance structures for oversight of third-party relationships.
- Risk Assessment & Due Diligence
- Conduct initial and ongoing risk assessments of third-party vendors, including financial stability, operational resilience, cybersecurity, and compliance posture.
- Perform enhanced due diligence for critical and high-risk vendors.
- Supplier Performance and Relationship Management
- Monitor performance and ensure suppliers meet contractual obligations, escalating issues or disputes as needed.
- Support audits, due-diligence reviews and risk assessments where required.
- Contract Lifecycle Management
- Track and manage key dates such as renewals, expirations, notice periods, and obligations.
- Support contract extensions, variations, re-negotiations, and exit planning.
- Monitoring & Reporting
- Develop and maintain a vendor risk register and ensure timely updates.
- Monitor performance and risk indicators for third-party relationships and escalate issues as required.
- Prepare regular reports for senior management, risk committees, and regulators.
- Regulatory Compliance
- Ensure compliance with FCA SYSC 8 (Outsourcing) and other applicable regulations.
- Support regulatory audits and respond to information requests related to outsourcing and third-party risk.
- Incident Management & Contingency Planning
- Oversee third-party incident reporting and remediation processes.
- Ensure robust exit strategies and contingency plans for critical vendors.
- Stakeholder Engagement
- Work closely with Procurement, Legal, Compliance, and Operational teams to undertake robust contract management and align third-party risk management with broader risk frameworks.
- Provide training and guidance to internal stakeholders on contract management, third-party risk policies and best practices.
About Us
LGPS Central (LGPSC) Ltd is the FCA regulated asset manager for eight local authority pension funds across the Midlands. LGPSC is jointly owned on an equal shares basis by those Partner Fund, and it is responsible for managing £45bn+ of their assets. It is one of eight Local Government Pension Scheme (LGPS) asset pools in the UK. LGPS Central's Partner Funds are: Cheshire Pension Fund, Derbyshire Pension Fund, Leicestershire Pension Fund, Nottinghamshire Pension Fund, Shropshire Pension Fund, Staffordshire Pension Fund, West Midlands Pension Fund, Worcestershire Pension Fund.
The Company is committed to responsible investment and has made responsible investment a core part of the investment process in every asset class. LGPS Central offers a friendly and diverse, hybrid working environment with a range of employee benefits. The Company moved to new premises at i9, Wolverhampton Interchange in January 2022, close to local transport links. Our objective is to be a leading investment management company working with and for our Partner Funds. With a focus on value for money and performance we want to aspire to be one of the best because this is how we will deliver the superior investment returns and low costs for our Partner Funds.
Requirements
- Minimum 5 years’ experience in third-party risk management, contract management, or operational risk, ideally within financial services (preferably asset management).
- Strong understanding of UK regulatory requirements (FCA, PRA) and outsourcing guidelines.
- Proven experience in developing and implementing risk frameworks and conducting vendor due diligence.
- Proven experience in contract management, preferably in a financial services environment.
Qualifications:
- Bachelor’s degree in Risk Management, Finance or related field (desirable).
- Professional certifications such as CIPS, or equivalent, is desirable.
What do we offer?
We are proud to provide our people with a premium and exclusive benefits package and we are continually improving the rewards we offer. Here are a few of the valuable rewards that you will enjoy:
- Competitive salary
- An enhanced and generous Pension Scheme
- 30 days' paid holiday plus bank holidays
- 2 days paid volunteering days
- An extra paid Company Day in addition to paid holidays
- Excellent Learning & Development Opportunities
- Welfare and Family friendly policies
- Enhanced pay for new parents
- Access to our Employee Assistance Programme 247 Health & Wellbeing Support
- Vitality Private Medical Insurance
- Hybrid Working
- Company Service Awards
- Cycle to Work Scheme
- Company Electric Vehicle Scheme
- Nominees of the Family Friendly Employer of the Year 2022 Personnel Today Awards 2022
- Winner of the Cultural Awareness Initiative of the Year FT Advisors Diversity in Finance Awards 2023
- Winner of Diversity and Inclusion Award LAPF In Investments Award 2023
Third Party Risk and Contracts Manager in Birmingham employer: LGPS Central
Contact Detail:
LGPS Central Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Third Party Risk and Contracts Manager in Birmingham
✨Tip Number 1
Network like a pro! Reach out to your connections in the industry, attend relevant events, and engage with professionals on platforms like LinkedIn. You never know who might have the inside scoop on job openings or can refer you directly.
✨Tip Number 2
Prepare for interviews by researching the company and its values. Understand their approach to third-party risk management and be ready to discuss how your experience aligns with their needs. Tailor your responses to show you’re the perfect fit for LGPS Central.
✨Tip Number 3
Practice makes perfect! Conduct mock interviews with friends or mentors to refine your answers and boost your confidence. Focus on articulating your experience in contract management and risk assessment clearly and concisely.
✨Tip Number 4
Don’t forget to apply through our website! It’s the best way to ensure your application gets noticed. Plus, it shows you’re genuinely interested in joining LGPS Central and contributing to our mission.
We think you need these skills to ace Third Party Risk and Contracts Manager in Birmingham
Some tips for your application 🫡
Tailor Your Application: Make sure to customise your CV and cover letter to highlight your experience in third-party risk management and contract oversight. We want to see how your skills align with our needs at LGPS Central!
Showcase Relevant Experience: When detailing your work history, focus on your achievements in developing risk frameworks and managing vendor relationships. We love seeing concrete examples of how you've made a difference in previous roles.
Be Clear and Concise: Keep your application straightforward and to the point. Use bullet points where possible to make it easy for us to read through your qualifications and experiences quickly.
Apply Through Our Website: We encourage you to submit your application directly through our website. It’s the best way for us to receive your details and ensures you’re considered for the role without any hiccups!
How to prepare for a job interview at LGPS Central
✨Know Your Regulations
Make sure you brush up on the FCA and PRA regulations relevant to third-party risk management. Being able to discuss these in detail will show that you understand the compliance landscape and can navigate it effectively.
✨Showcase Your Framework Skills
Prepare examples of frameworks you've developed or implemented in previous roles. Be ready to explain how these frameworks improved vendor oversight and risk management, as this is a key part of the role.
✨Demonstrate Relationship Management
Think of specific instances where you've successfully managed supplier relationships. Highlight how you monitored performance and resolved disputes, as strong relationship management is crucial for this position.
✨Prepare for Scenario Questions
Anticipate questions about how you'd handle various risk assessment scenarios or vendor issues. Practising your responses will help you articulate your thought process and decision-making skills during the interview.