Third Party Risk Mgmt Specialist

The NETS Group is a leading payments services group, enabling digital payments for merchants, consumers and banks across the entire payments value chain. 
 

The Group operates Singapore’s national debit scheme enabling customers of DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB to make payments using their ATM cards or mobile devices at more than 130,000 acceptance points in the country as well as online payments.

Position Summary

The Third Party Risk Management (TPRM) function forms an integral part of NETS Group Procurement, which owns and manages the TPRM program. 

As an overview, the function maintains oversight of vendors’ performance and compliance with contractual and regulatory requirements, across all NETS Group entities and divisions. 

The TPRM Specialist role is a senior single contributor role, supporting the VP of Corporate & Workplace Solutions in running the TPRM program and ensuring efficient and effective execution of processes and controls.

Key Responsibilities

• Propose improvement initiatives and adjustments to the TPRM program to reflect changes in overall third-party risk profile, evolving security standards, regulatory requirements, and operating environment
• Conduct reviews on existing TPRM-related policies and procedures to assess ongoing effectiveness and compliance with regulatory and legal requirements
• Serve as Subject Matter Expert (SME) in third-party risk, providing advisory and guidance to business and IT stakeholders on matters such as due diligence assessments, ongoing risk monitoring, service level agreements, and contractual clauses to meet regulatory requirements
• Advise on handling adverse developments, contractual breaches, and non-compliance issues
• Conduct reviews of both new and existing third-party arrangements, working alongside SMEs from BCM, IT Security, IT Governance, Legal, and other functions to provide effective challenge on risk assessments and vendor management processes
• Conduct TPRM Committee meetings, including setting agendas covering due diligence assessment approvals, monitoring and control activities, and status of remediation actions by business and IT stakeholders
• Track and report gaps, deviations, and adverse developments identified in third-party risk management processes
• Perform independent testing to ascertain effective implementation of TPRM processes and controls
• Support internal and external audit requirements relating to third-party risk management

Requirements

Education and Experience

• Degree in Information Technology, Business Administration, or a related field
• Minimum 3–5 years of experience in vendor management, procurement, risk and compliance, business audit, or a related area within the financial industry

Skills and Knowledge

• Good knowledge and understanding of regulatory and legal requirements related to IT vendor management and contracts
• Strong risk mindset, with ability to execute tasks rigorously while adhering to best practices in a critical payment infrastructure environment
• Ability to independently engage and work with business and IT stakeholders to deliver TPRM objectives
• Strong organizational and problem-solving skills with meticulous attention to detail
• Good written and verbal communication skills
• Effective project and time management skills, with the ability to prioritise and meet tight timelines

Network for Electronic Transfers (Singapore) Pte Ltd.