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PRIMARY PURPOSE OF THIS POSITION:

The Third-Party Risk Management Specialist is responsible for executing operational components of the Third-Party Risk Management (TPRM) lifecycle: initial risk assessment, due diligence, ongoing monitoring, and offboarding in collaboration with the various business units.

KEY PERFORMANCE AREAS (KPA’s):

Vendor Onboarding:

• Determine whether arrangements and functions are classified as outsourced or insourced activities and ensure proper classification as core/material or non-material by Business Units.
• Determine the applicability of cloud computing provisions.
• Provide compliance advisory services to Business Units during vendor onboarding, ensuring materiality and risk assessments are conducted.
• Ensure due diligence is completed on prospective third-party service providers before entering into outsourcing agreements.

Risk Assessment:

• Ensure Business Units conduct risk assessments for existing and potential vendors, evaluating cybersecurity posture, data protection, and overall risk profile.
• Ensure continuous review, updating, and implementation of Policies and Frameworks.
• Implement and enforce third-party risk management policies in line with industry standards and regulatory requirements.
• Verify that Business Units have prepared a suitable business case.

Contractual Reviews:

• Collaborate with legal and procurement teams to review vendor contracts, ensuring security and compliance requirements are met.

Continuous Monitoring:

• Implement a continuous monitoring program to track third-party vendors' security and performance over time.
• Oversee the renewal process for outsourcing agreements and ensure proper management.
• Ensure Business Units effectively manage and monitor outsourcing relationships.

Issue Resolution:

• Work closely with Business Units to address security issues or gaps, offering guidance and support for remediation.

Documentation and Reporting:

• Maintain comprehensive records of third-party risk assessments and associated documentation for regulatory access.
• Generate regular reports on third-party risk management activities for management and relevant stakeholders.
• Prepare and submit approval or notification requests to the Bank of Namibia.
• Facilitate the submission of annual returns to the Bank of Namibia.
• Prepare submissions for various Risk Committees.

Regulatory Compliance:

• Stay updated on regulatory changes and industry standards related to third-party risk management to ensure compliance.
• Engage proactively with stakeholders on business, regulatory, and industry levels.

Training and Awareness:

• Provide training and awareness sessions to internal stakeholders on best practices for third-party risk management.

Incident Response Coordination:

• Collaborate with the incident response team to develop and implement plans for addressing security incidents involving third-party vendors.

General:

• Be willing to perform any other reasonable and lawful tasks or instructions delegated by a supervisor or manager, ensuring they are carried out correctly and on time.

Qualification & Expereince:

• Bachelor's degree in business, Information Security, Risk Management, or a related field
• Proven experience with three (3) years in third-party risk management, vendor management, or a related role
• Knowledge of cybersecurity, data protection, and privacy principles will be an added advantage
• Strong analytical and problem-solving skills
• Excellent communication and interpersonal skills
• Ability to work collaboratively across departments and with external vendors
• Relevant certifications (e.g., CTPRP, CRISC, CISSP, CISA, CISM) will be an added advantage

CORE COMPETENCIES

• Sound knowledge of the bank’s products.
• Sound knowledge of Acts and Regulations applicable to the banking industry
• Logical thinking /reasoning
• Leadership and management skills
• Self-starter and dedicated
• Persuading and Influencing

The company ONLY accept applications via their career portal. Interested candidates can apply via the link below:

Apply online via: Bank Windhoek Career Portal

Closing Date: 29 November 2024