RISK ANALYST (SUBCONTRACTOR PREQUALIFICATION) The Subcontractor Prequalification Risk Analyst is responsible for managing McGough's corporate risk assessment process for third-party partners ...
RISK ANALYST (SUBCONTRACTOR PREQUALIFICATION) The Subcontractor Prequalification Risk Analyst is responsible for managing McGough's corporate risk assessment process for third-party partners ...
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Third Party Risk Management information
See Minnesota salary details
$50.4K - $61K
4% of jobs
$61K - $71.5K
6% of jobs
$71.5K - $82.1K
11% of jobs
$86K is the 25th percentile. Wages below this are outliers.
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The median wage is $101K / yr.
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$120.7K is the 75th percentile. Wages above this are outliers.
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2% of jobs
$50.4K
$109.3K
$166.5K
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What is a third party risk management?
A Third Party Risk Management (TPRM) job involves assessing, monitoring, and mitigating risks associated with an organization's external vendors, suppliers, and service providers. Professionals in this role evaluate third parties for compliance, cybersecurity vulnerabilities, financial stability, and operational risks. They develop frameworks, conduct risk assessments, and ensure that vendors meet regulatory and organizational standards. TPRM specialists collaborate with internal teams like compliance, procurement, and IT security to protect the organization's interests. Their goal is to minimize potential disruptions, data breaches, or regulatory non-compliance stemming from third-party relationships.
What are some common challenges faced in a third party risk management role, and how are they addressed?
One of the primary challenges in Third Party Risk Management is keeping up with evolving regulatory requirements and the diverse risk profiles of different vendors. Professionals in this role often encounter situations where they must coordinate risk assessments across multiple departments and ensure timely responses from both internal teams and external partners. To address these challenges, strong project management skills, proactive communication, and the use of dedicated risk management tools are essential. Many organizations also emphasize ongoing training and cross-functional collaboration to stay ahead of emerging risks and regulatory changes.
What are the key skills and qualifications needed to thrive in third party risk management, and why are they important?
To thrive in Third Party Risk Management, you need a strong understanding of risk assessment, compliance regulations, vendor management, and data analysis, typically supported by a bachelor's degree in business, finance, or a related field. Familiarity with risk assessment tools, third-party risk management platforms (such as Archer or ProcessUnity), and certifications like Certified Third Party Risk Professional (CTPRP) are common in this field. Exceptional communication, negotiation, and analytical-thinking skills are crucial soft skills for engaging vendors and stakeholders effectively. These abilities ensure comprehensive risk mitigation and help organizations maintain compliance and security while building strong external partnerships.
Is third party risk management a good career?
What does a third party risk management do?
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The most popular types of Third Party Risk Management jobs in Minnesota are:
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For Third Party Risk Management jobs in Minnesota, the most frequently searched job titles are:
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Cities in Minnesota with the most Third Party Risk Management job openings:

Full-time
Medical, Dental, Vision, Life, Retirement, PTO
Re-posted 7 days ago
Job description
RISK ANALYST (SUBCONTRACTOR PREQUALIFICATION)
The Subcontractor Prequalification Risk Analyst is responsible for managing McGough's corporate risk assessment process for third-party partners, primarily subcontractors and other critical vendors. This role supports project teams by evaluating subcontractors against established financial, safety, insurance, bonding, and risk standards prior to engagement. The analyst collaborates closely with Operations, Finance, Safety, Legal, and external partners to ensure consistent application of the company's prequalification and risk management processes.
QUALIFICATIONS
Required:
- 2-4+ years of experience in finance, accounting, insurance, risk management, or a related field
- Detail oriented and ability to work with a high degree of accuracy
Preferred:
- 4-7 years of industry experience in insurance or risk management or similar experience.
- Four-year degree in Business or related degree
Skills:
- Strong attention to detail with the ability to produce accurate, high-quality work.
- Demonstrated ability to work independently, manage multiple priorities, and meet established deadlines.
- Excellent organizational skills with the ability to manage multiple projects simultaneously.
- Strong verbal and written communication skills, with the ability to build relationships and effectively advise stakeholders at all levels of the organization.
- Strong analytical, critical thinking, and problem-solving skills, with the ability to gather, synthesize, and evaluate information from multiple sources.
- Ability to handle confidential and sensitive information with discretion and maintain privacy.
- Ability to professionally communicate concerns, navigate conflict, and exercise sound judgment.
- Positive, proactive attitude with a commitment to continuous learning and professional development.
- Advanced proficiency in Microsoft Office Suite, particularly Excel, Word, and Outlook.
CORE RESPONSIBILITIES
Subcontractor Prequalification
- Administer McGough's prequalification process for all trade partners
- Review and analyze all documentation submitted for subcontractor prequalification, including financial statements, safety records (OSHA 300A logs, EMR, etc.), certificates of insurance, bonding capacity letters, litigation history, and other relevant information to assess compliance with prequalification requirements.
- Review external financial statements and prepare financial analysis summaries
- Assist in maintaining the subcontractor prequalification database, ensuring the accuracy of records, supporting documentation, and expiration tracking.
- Manage and maintain the subcontractor restricted list, serving as the primary point of contact for internal stakeholders regarding restricted statuses.
- Evaluate requests for exceptions involving restricted subcontractors and assist in developing and implementing risk mitigation plans when appropriate.
Subcontractor Default Insurance Referrals
- Partner with Operations and other internal stakeholders to determine subcontractor referral requirements on a project-specific basis.
- Collect, track, and review all documentation and information required for subcontractor default insurance referrals.
- Coordinate with the Risk Manager and external partners to ensure information is distributed accurately and within required timeframes.
- Monitor referral approvals and denials and communicate outcomes to internal stakeholders as needed.
Additional Responsibilities
- Serve as an active member of the Risk Team, contributing to departmental objectives and collaborating on key initiatives and priorities.
- Work closely with internal teams, subcontractors, and external stakeholders to support and align risk management efforts across the organization.
- Perform additional duties and responsibilities as assigned.
OFFICE AND TRAVEL
Office: Primarily works in corporate office out of Roseville. Eligible for hybrid position.
Travel: May be minimal travel between office locations and to insurance/risk related conferences. 5% of travel time with additional opportunities for travel if interested.
PHYSICAL REQUIREMENTS
The physical requirements listed here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
Position involves sitting for extended periods of time at employee's work station. Employee needs to be able to lift up to 20 pounds as frequently as needed to move objects; dexterity to write and manipulate computer keyboard and mouse; ability to hear and speak clearly; and ability to distinguish between colors on graphs and charts.
Occasionally, employee will be required to visit construction jobsites which may expose the employee to dirt, dust, uneven surfaces, outdoor weather conditions and extreme temperatures.
In alignment with our commitment to pay transparency, the base salary range for this position is $69,300-90,000, excluding fringe benefits or potential bonuses. If you join McGough, your final base salary will be determined by several factors, including geography, location, skills, education, and experience. Furthermore, we place significant value on pay equity among our current team members as part of any final job offer.
Please note that the range provided above reflects the hiring range for this role. Hiring near the top end of this range would be atypical, as we aim to allow room for future salary growth. Additionally, McGough offers a comprehensive compensation and benefits package. This includes insurance coverage for medical, dental, vision, life, and disability. We also provide generous retirement plans, voluntary benefit plans, parental leave, substantial paid time off, and holiday pay.
Accessibility: If you need an accommodation as part of the employment process please contact Human Resources at
Email: HR@mcgough.com
Equal Opportunity Employer, including disabled and veterans.
If you want to view the Know Your Rights: Workplace Discrimination is Illegal poster, please choose your language: English - Spanish - Arabic - Chinese
English - Spanish - Chinese
If you want to view the Pay Transparency Policy Statement, please click the link: English
About MCGOUGH CONSTRUCTION
Sourced by ZipRecruiter
Industry
Construction
Company size
501 - 1,000 Employees
Headquarters location
Saint Paul, MN, US