Trainee Third Party Risk Management Jobs (NOW HIRING)

At OceanFirst Bank, each one of our employees plays an important role in delivering value to our customers and executing daily tasks in accordance with our core values. We recognize that our employees are essential to our success, making OceanFirst a great place to work and do business.
Great benefits include: on-site fitness facility at Red Bank and Toms River headquarter offices, employee perks & discount programs, tuition assistance, incentive compensation program, professional development opportunities, and more! Apply today to #BecomeOceanFirst and make an impact in the local community!
ABOUT YOUR ROLE
The primary responsibility of this position is to support the assessment and oversight of Third-Party Risk, as a component of Operational Risk, and to enhance the Bank's risk management program. This includes analysis of processes to identify key risks and controls associated with third-party relationships as well as aggregate operational risk and third-party risk data to ensure compliance with the Bank's Risk Appetite. This position is also responsible for collaborating with all three lines of defense to increase consistency across the Bank and to identify opportunities to mitigate operational risk and third-party risk. It includes evaluating the Bank's vendors and monitoring vendor performance to ensure compliance with regulatory standards and assisting with vendor related Risk Control Self-Assessments (RCSAs), incidents, and issues.
WHAT YOU WILL DO LIST
Manage the ongoing third-party risk assessment process by monitoring vendor performance, re-evaluating vendors, and ensuring compliance with operational standards.
Coordinate with internal lines of business to drive remediation efforts with vendors ensuring timely closure of identified gaps and alignment with regulatory requirements.
Develop and track quantitative measures to improve monitoring of existing third-party risk to stated tolerance and to identify emerging third-party risk trends.
Prepare monthly and quarterly third-party risk reports highlighting trends and recommended mitigation strategies for Business Units, Management, and the Board.
Provide training for the line of business on the vendor management tool to conduct the risk assessments.
Collaborate with vendor management tool partner to ensure timely and efficient completion of vendor risk assessments.
Perform review of the Third-Party Risk Management Policy and propose updates to comport with industry practices and regulatory expectations.
Deliver guidance and training on third-party risk management policies and procedures.
Assist with documentation of bank-wide processes and execution of Risk Control Self-Assessment (RCSA) to assess inherent and residual risks of in-scope front-to-back processes at the aggregated bank and branch levels.
Track and categorize vendor related operational risk incidents and losses. Conduct deep dives on significant vendor caused incidents to assure root causes have been identified and mitigation applied at bank-wide level where appropriate. Provide guidance and prepare reports to track remediation activities.
Monitor and test operational risk controls to verify effectiveness of design and execution.
WHAT WE EXPECT OF YOU
Knowledge of third-party risk management best practices and frameworks including vendor evaluation, vendor monitoring, vendor documentation and reporting.
Knowledge of operational risk best practices including conducting risk control self-assessments, incident management, and issues management.
Demonstrated ability to critically evaluate risk, consider relevant business factors, and make well-supported recommendations.
Proven ability to interact effectively across the Bank with stakeholders at all levels with the added skill to challenge the status quo thereby becoming a change agent.
Strong analytical thinking, attention to detail, and problem-solving skills.
Knowledge of vendor risk management solutions and usage.
Knowledge of federal and state banking laws, and third-party interagency regulations and guidance.
Understanding of Artificial Intelligence (AI) and Machine Learning (ML) capabilities.
Proficiency in Microsoft Office.
Excellent verbal and written communication skills.
Demonstrated ability to work independently with limited direct supervision.
YOUR QUALIFICATIONS
Bachelors degree in Supply Chain Management, Risk Management, Finance, Business or a related equivalent field is required.
Minimum 5 years of experience in banking or financial services with direct experience in third-party and operational risk management, with data analysis.
INTERNAL AND EXTERNAL CONTACTS
Internal contact with all levels of bank personnel and senior management
External contact with Auditors and Regulators
WORKING CONDITIONS/PHYSICAL REQUIREMENTS
Office environment. Ability to operate a computer. Ability to communicate in order to exchange simple to complex information with individuals and groups. Ability to travel throughout Bank footprint.