Vendor Due Diligence Specialist

Vendor Due Diligence Specialist

Requirements

• Strong problem solving, planning, communication, organizational and interpersonal skills.
• Insight and judgment to initiate timely and appropriate action.
• Thorough knowledge of vendor management and related due diligence practices.
• Must possess meticulous attention to detail.
• Ability to review financial statements and standard IT data security reports related to vendor due diligence.
• Ability to communicate complex ideas effectively, both verbally and in writing.
• Ability to establish and maintain effective working relationships with diverse groups of people.
• Ability to organize, coordinate and prioritize a variety of activities simultaneously.
• Ability to act independently and confidentially, using discretion, and tact.
• Ability to distinguish and manage confidential material and information.
• Ability and desire to work in a team environment, and ability to work independently.
• Skill in the operation of a PC and use of Microsoft Office software, browser-based applications, and internet and intranet applications.
• Basic knowledge of financial services, credit union industry and regulations, terminology, and procedures.

Responsibilities

• Review and analyze financial statements and other financial documents submitted by vendors to assess their financial health and stability.
• Identify potential financial risks and ensure vendors meet internal financial criteria before onboarding.
• Review SOC 1, SOC 2, and/or SOC 3 reports provided by vendors to assess compliance with security, privacy, and operational controls.
• Ensure that vendors adhere to applicable regulatory requirements, security policies, and industry best practices.
• Identify risks associated with vendor relationships, including financial, compliance, and operational risks.
• Document findings and provide recommendations to the relevant stakeholders to ensure informed decision-making.
• Collaborate with vendor management, legal, and compliance teams to ensure a seamless and compliant vendor onboarding process.
• Coordinate with vendors to gather necessary documentation, resolve discrepancies, and clarify any concerns related to financial or compliance reports.
• Support ongoing monitoring of vendor performance and compliance through regular reviews and audits of financial and SOC reports.
• Stay updated on changes in industry regulations, financial reporting standards, and SOC frameworks to ensure continued compliance.
• Work closely with Vendor Manager, line of business owners, risk management, and other departments to streamline vendor onboarding and risk management processes.
• Provide training and guidance to other teams on financial and compliance risk factors associated with vendor selection.

Preferred Qualifications

• A combination of education and experience equivalent to a bachelor’s degree with a minimum of three years’ experience in the financial services industry, vendor management, risk management, or paralegal.