At a Glance
- 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 pension, 30 days holiday, and hybrid working.
- Other info: Be part of a diverse team committed to responsible investment and community support.
- Why this job: Shape the future of procurement while safeguarding operational resilience and reputation.
- Qualifications: 5+ years in risk management or contract management, ideally in financial services.
The predicted salary is between 50000 - 60000 £ 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 ensures 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.
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, renegotiations, 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 elevate 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 (LGPS Central) Ltd is the FCA regulated asset manager for eight local authority pension funds across the Midlands. LGPS Central is jointly owned on an equal-share basis by those Partner Funds, 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.
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.
Benefits
- 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
Third Party Risk and Contracts Manager employer: Occupop
At LGPS Central, we pride ourselves on being an exceptional employer in the West Midlands, offering a dynamic work culture that fosters collaboration and innovation. Our commitment to employee growth is reflected in our extensive learning and development opportunities, alongside generous benefits such as a competitive salary, enhanced pension scheme, and family-friendly policies. Join us in shaping the future of responsible investment while enjoying a supportive environment that values your contributions and well-being.
StudySmarter Expert Advice🤫
We think this is how you could land Third Party Risk and Contracts Manager
✨Tip Number 1
Network like a pro! Reach out to people in the industry, attend events, and connect on LinkedIn. You never know who might have the inside scoop on job openings or can put in a good word for you.
✨Tip Number 2
Prepare for interviews by researching the company and its values. Tailor your answers to show how your experience aligns with their goals, especially in third-party risk management and compliance.
✨Tip Number 3
Practice makes perfect! Conduct mock interviews with friends or use online resources to refine your responses. Focus on articulating your experience in vendor oversight and contract management.
✨Tip Number 4
Don’t forget to apply through our website! It’s the best way to ensure your application gets noticed. Plus, we love seeing candidates who are proactive about their job search.
We think you need these skills to ace Third Party Risk and Contracts Manager
Some tips for your application 🫡
Tailor Your Application:Make sure to customise your CV and cover letter for the Third Party Risk and Contracts Manager role. Highlight your experience in risk management and contract oversight, and show how it aligns with our needs at LGPS Central.
Showcase Relevant Experience:We want to see your hands-on experience in third-party risk management and compliance. Be specific about your past roles and how they relate to the responsibilities outlined in the job description.
Be Clear and Concise:When writing your application, keep it straightforward. Use clear language and avoid jargon where possible. We appreciate a well-structured application that gets straight to the point!
Apply Through Our Website:Don’t forget to submit your application through our website! It’s the best way for us to receive your details and ensures you’re considered for the role. We can’t wait to hear from you!
How to prepare for a job interview at Occupop
✨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 Experience
Prepare specific examples from your past roles where you've developed risk frameworks or conducted vendor due diligence. Use the STAR method (Situation, Task, Action, Result) to structure your answers and highlight your achievements.
✨Understand the Company’s Objectives
Research LGPS Central and its partner funds. Understand their investment strategies and how third-party risk management plays a role in achieving their objectives. This knowledge will help you align your answers with their goals during the interview.
✨Engage with Stakeholders
Be ready to discuss how you’ve collaborated with different teams like Procurement, Legal, and Compliance in previous roles. Highlight your communication skills and ability to provide training on risk policies, as this is crucial for the role.
