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For Companies At a Glance
- Tasks: Manage third-party risk and improve processes in a dynamic financial environment.
- Company: Join Northern Trust, a Fortune 500 leader in financial services with over 130 years of experience.
- Benefits: Enjoy a flexible work culture, career growth opportunities, and a commitment to community service.
- Why this job: Be part of a transformative team that values innovation and problem-solving.
- Qualifications: Experience in third-party risk management and strong communication skills are essential.
- Other info: Collaborate with diverse teams and make a real impact in a respected organisation.
The predicted salary is between 48000 - 72000 £ per year.
About Northern Trust
Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889. Northern Trust is proud to provide innovative financial services and guidance to the world’s most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.
About the Role
NT’s Chief Procurement Officer’s team for Third Party Management (TPMO) is responsible for design and execution of the Third Party risk management program in line with regulatory expectations, NT’s Third Party Risk Management Policy, and Third Party Practice Standard. We are in a phase of growth and transformation. While you’ll be hired for a specific role, your role may evolve as we scale – expanding into areas aligned with your strengths and program needs. We’re looking for partners who thrive in change, think like problem solvers, and bring skills in project management, process management, and change leadership. If you’re excited to grow with us and pivot when needed, you may be a fit for this role. This role will report to one of several team managers within the TPMO, which is the 1st line of defense for third party risk. Primarily, you will work closely with the TPMO team manager to assist in strategy and design decisions, business as usual process improvement and/or the direct execution or indirect execution (directing others on how to execute) of the program as per the Third Party Standard. The role holder will be an expert in Third Party Risk Management and would be well versed in execution aspect of the program related to the entire lifecycle of third party engagements. This is a central role interacting with business units, 2nd line of defense, other team leads and offshore quality control team.
Key Responsibilities
- Responsible for tracking program throughout the various third party management life cycle elements (Planning, IRQs, DDQs, Ongoing Monitoring, Contracting and Termination), periodic inventory review, open issues and open risk acceptance review and tracking of all internal projects.
- Responsible for designing and periodically reviewing program related artifacts, risk methodologies, service categories and associated risk profile, reporting thresholds etc.
- Accountable for assisting and guiding business partners through various stages of third party lifecycle to ensure quality program execution.
- Identify gaps and drive continuous improvement across the TPRM lifecycle (e.g., onboarding, due diligence, monitoring, offboarding).
- Suggest and participate in improvement projects that automate or streamline repetitive tasks (e.g., through Coupa tools or workflow automation platforms).
- 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.
- Engage with risk domain SME’s, vendors and vendor relationship managers.
- Serve as the point of contact for program performance updates, risk issue escalations, and regulatory reviews.
- Responsible for engaging with and assisting 2LOD partners by providing business users' input for 2LOD deliverables.
- Use dashboards and key risk indicators (KRIs) to monitor third-party risk posture and performance and determine areas of focus.
- Report progress to the board, risk committees, and regulators as needed.
- Participate in cross-functional teams associated with Third Party program requirements in areas such as design & strategy, enterprise critical vendor management, and other SMEs related subjects.
Skills and Experience
- Several years of related work experience with clear understanding of and experience in the Three Lines of Defense model.
- A thorough understanding of third-party (i.e., vendor, supplier, etc.) risk management, with prior experience in designing program solutions, risk scoring and aggregation methodologies and designing committee reporting.
- Understanding of global risk regulatory requirements with emphasis on US (OCC Bulletins, FFIEC, FRB, FDIC) or UK (PRA, FCA).
- A TPRM related certification such as CTPRP or CTPRA.
- Proven track record managing vendor risk and/or leading large-scale risk or compliance initiatives.
- Expertise in third-party risk frameworks and regulatory requirements.
- Experience with tools such as Coupa, ServiceNow, Cybeta, Interos or similar.
- Strong organizational skills.
- Ability to influence activities across multiple teams and across business units.
- Outstanding writing, communication, and presentation skills.
- Sound analytical and problem-solving skills.
- Strong networking ability to develop internal and external networks based on integrity and credibility through active listening and understanding.
Working With Us
As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve! Join a workplace with a greater purpose. We’d love to learn more about how your interests and experience could be a fit with one of the world’s most admired and sustainable companies! Build your career with us and apply today.
Reasonable Accommodation
Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center. We hope you’re excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people. Apply today and talk to us about your flexible working requirements and together we can achieve greater.
Senior Consultant, Due Diligence - Third Party Risk Management in London employer: Northern Trust
Contact Detail:
Northern Trust Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Senior Consultant, Due Diligence - Third Party Risk Management in London
✨Tip Number 1
Network like a pro! Reach out to current or former employees at Northern Trust on LinkedIn. A friendly chat can give you insider info and maybe even a referral, which can really boost your chances.
✨Tip Number 2
Prepare for the interview by understanding the Third Party Risk Management landscape. Brush up on relevant regulations and frameworks. Show us you’re not just a fit for the role, but that you’re genuinely passionate about the field!
✨Tip Number 3
Practice your problem-solving skills! Be ready to tackle hypothetical scenarios related to third-party risk management during interviews. We want to see how you think on your feet and approach challenges.
✨Tip Number 4
Don’t forget to apply through our website! It’s the best way to ensure your application gets seen. Plus, it shows us you’re serious about joining our team at Northern Trust.
We think you need these skills to ace Senior Consultant, Due Diligence - Third Party Risk Management in London
Some tips for your application 🫡
Tailor Your Application: Make sure to customise your CV and cover letter for the Senior Consultant role. Highlight your experience in Third Party Risk Management and how it aligns with our needs at Northern Trust. We want to see how you can bring your unique skills to our team!
Showcase Your Problem-Solving Skills: In your application, don’t just list your qualifications; share specific examples of how you've tackled challenges in previous roles. We love candidates who think like problem solvers and can adapt to change, so let that shine through!
Be Clear and Concise: When writing your application, keep it straightforward and to the point. Use clear language and avoid jargon unless it's relevant to the role. We appreciate well-structured applications that are easy to read and understand.
Apply Through Our Website: We encourage you to submit your application directly through our website. This way, you’ll ensure it reaches the right people and you can easily track your application status. Plus, it shows us you're keen on joining our team!
How to prepare for a job interview at Northern Trust
✨Know Your Stuff
Make sure you have a solid understanding of third-party risk management and the Three Lines of Defense model. Brush up on relevant regulatory requirements, especially those from the US and UK, as this will show your expertise and readiness for the role.
✨Showcase Your Problem-Solving Skills
Prepare examples of how you've identified gaps and driven improvements in previous roles. Think about specific projects where you’ve automated processes or improved workflows, as this aligns perfectly with what Northern Trust is looking for.
✨Engage with the Team
During the interview, demonstrate your ability to collaborate across teams. Share experiences where you’ve influenced activities or worked with multiple stakeholders, as this will highlight your networking skills and ability to work in a flexible environment.
✨Ask Insightful Questions
Prepare thoughtful questions about the team’s current challenges and future goals. This not only shows your interest in the role but also gives you a chance to assess if the company culture aligns with your values and career aspirations.
