Third Party

2 days ago

Singapore Commerzbank Aktiengesellschaft Full time $80,000 - $120,000 per year

Job purpose:

We are seeking a detail-oriented and proactive Third-Party Risk Management (TPRM) Specialist to oversee and manage the organization's third-party risk framework and outsourcing arrangements in the region.

This role involves assessing and monitoring third-party relationships to ensure regulatory compliance, mitigate risks, and safeguard the organization's interests.

The TPRM Specialist will implement and manage a regional TPRM program aligned with the global framework, standardizing risk governance across APAC regions, with a focus on Singapore, Japan, and China. Additionally, the specialist will maintain an up-to-date outsourcing register, ensure compliance with local outsourcing and technology risk regulations, and collaborate with various stakeholders to manage outsourcing and third-party engagements effectively.

Providing subject matter expertise on regulatory requirements, including knowledge of DORA as an advantage, is key to success in this role.

Key activities:

Key Responsibilities

  • Oversee outsourcing and vendor risk management across APAC, with a primary focus on Singapore, Japan, and China.
  • Implement and manage a regional third-party risk management (TPRM) program in alignment with the global framework to effectively manage risks in external third-party relationships.
  • Collaborate with the TPRM department at Head Office to ensure global requirements are implemented while also ensuring compliance with regional regulatory needs.
  • Undertake the role of the Local Outsourcing Coordinator by overseeing the updates to the outsourcing register and acting as the primary liaison for the business retained functions.
  • Provide training and guidance on TPRM or Outsourcing matters as needed.
  • Manage and monitor the TPRM framework to ensure effective governance of vendor risks, enabling standardized third-party risk management across regional branches.
  • Oversight & reporting of vendor performance and incident escalation into the local committee as required
  • Offer expert advice on regulatory compliance requirements surrounding outsourcing (e.g MAS Notice 658) and third-party risks,
  • Prepare periodic third-party compliance reports for senior management and assist in internal and external audits, as well as regulatory inspections.
  • Regularly review and enhance third-party risk processes to improve efficiency, effectiveness, and alignment with industry best practices and emerging regulatory requirements.

Formal education:

  • University or college degree or comparable.
  • Suitable experience in similar roles, preferable within the Financial Services industry

Specialist knowledge (work experience, further qualification):

  • Experience in vendor / third-party risk, outsourcing governance, IT/operational risk (financial services) in the Banking and Financial Services industry
  • Excellent project management, organizational, and communication skills.
  • Strong knowledge of MAS outsourcing/technology risk regulations (experience with FSA/JFSA and NFRA/CAC is considered an advantage)
  • Experience in vendor risk assessments, contract risk reviews, and regulatory engagement.
  • Knowledge of DORA beneficial.
  • Strong stakeholder and regulator engagement skills.
  • Fluency in English required; Mandarin is desirable.

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