Job Classification:
Technology - Risk & Governance
Prudential has an established risk based Third Party Risk Management (TPRM) framework to ensure that use of third party risks are identified and managed before onboarding and throughout the third party lifecycle. Components of the framework includes information security, cyber security, privacy, business continuation, compliance, human rights, accessibility, as examples. The framework includes a variety of assessments to confirm our vendor controls. Ensuring these assessments are completed effectively and efficiently is the responsibility of Prudential’s Centralized Due Diligence team. This team partners with internal and external stakeholders to complete upwards of 1500 assessments annually as part of the end to end procurement processes.
Global Sourcing and Procurement is considered a strategic advisor to our business partners providing the essential insight to optimize cost, drive operational efficiencies, improve vendor performance, capture innovation, manage risk and enhance speed and quality of decision making. In this newly created role, the Director of Third Party Risk Management will be responsible to oversee execution of vendor assessments while continuing to expand and improve coverage for the group with a focus on streamlined processes and tools.
Prudential is a world leading Fortune 100 Global Insurance and Financial Services company. The Director of Third Party Risk Management will be a vital member of Prudential’s Global Sourcing & Procurement (GSP) function.
What you can Expect:
Strategy Execution for Risk Assessment and Due Diligence
- Execute the multi year strategy for execution of assessments in line with Prudential’s Third Party Risk Management framework.
- Ensure the work centralized with the team is managed in a cost effective and efficient manner with a focus on dynamic risk based processes and tools.
- Develop strong relationships across Global Sourcing & Procurement to support the advancement of vendor lifecycle end to end tools and processes, focused on those that support TPRM functions.
- Oversee and manage the outsourced work to ensure quality and timeliness expectations are met and when possible improve over time.
Governance
- Maintain strategic relationships with internal control partners to ensure the framework encompasses appropriate considerations for relevant regulations, internal standards and internal policies.
- Partner with the Vendor Governance Officers, TPRM team, Risk Management and Internal Audit to ensure compliance with the TPRM program.
Monitoring and Reporting
- Provide transparency to the assessments executed by the team, highlight cycle time, compliance, non compliance, risk and exceptions as applicable.
- Establish and measure KPIs, KRIs and metrics for processes.
Training and Awareness
- Create and deliver training and awareness programs for internal stakeholders to ensure they understand their roles and responsibilities in managing third-party risks.
- Promote a strong risk culture within the organization, emphasizing the importance of third-party risk management and proactive risk mitigation.
Service Management & Continuous Improvement
- Benchmark to stay informed about industry trends and best practices to enhance the organization’s capabilities.
- Standardize, streamline and automate related activities to deliver greater speed, agility and collaboration. Substantially reducing manual efforts, lengthy approvals processes and associated administrative costs.
- Establish a technology and analytics first philosophy to enable continual evaluation, refinement, and optimization.
What you'll need:
- 5+ years relevant experience with vendor governance, risk management, third party risk management or related procurement experience
- Experience in project management leading large, more complex initiatives with various stakeholders and timelines
- Writing experience in relevant areas, including presentation of reports and results as well as project summaries or program requirements
- Strong communication skills with the ability to build relationships and influence decision making at all levels of an organization
- Proven track record in leading initiatives with cross-functional relationships
- Strong problem solving skills, ability to work well independently and as part of a team.
- Process and systems management with experience identifying and implementing enhancements is a plus
- Preference for a relevant degree such as Bachelor's in Business, Risk or Finance
The position is hybrid and with some on-site presence in Newark, NJ required. Part of the team is based in India.
What we offer you:
- Market competitive base salaries, with a yearly bonus potential at every level
- Medical, dental, vision, life insurance, disability insurance, Paid Time Off (PTO), and leave of absences, such as parental and military leave
- Retirement plans:
- 401(k) plan with company match (up to 4%)
- Company-funded pension plan
- Wellness Programs to help you achieve your wellbeing goals, including up to $1,600 a year for reimbursement of items purchased to support personal wellbeing needs
- Work/Life Resources to help support topics such as parenting, housing, senior care, finances, pets, legal matters, education, emotional and mental health, and career development.
- Tuition Assistance to help finance traditional college enrollment toward obtaining an approved degree, many accredited certificate programs, and industry designations.
- Employee Stock Purchase Plan: Shares can be purchased at 85% of the lower of two prices (Beginning or End of the purchase period), after one year of service.
What we offer you:
Prudential is required by state specific laws to include the salary range for this role when hiring a resident in applicable locations. The salary range for this role is from $148,800.00 to $201,200.00. Specific pricing for the role may vary within the above range based on many factors including geographic location, candidate experience, and skills.
Medical, dental, vision, life insurance, disability insurance, Paid Time Off (PTO), and leave of absences, such as parental and military leave.
Work/Life Resources to help support topics such as parenting, housing, senior care, finances, pets, legal matters, education, emotional and mental health, and career development.
Eligibility to participate in a discretionary annual incentive program is subject to the rules governing the program, whereby an award, if any, depends on various factors including, without limitation, individual and organizational performance. To find out more about our Total Rewards package, visit Work Life Balance | Prudential Careers. Some of the above benefits may not apply to part-time employees scheduled to work less than 20 hours per week.
Prudential Financial, Inc. of the United States is not affiliated with Prudential plc. which is headquartered in the United Kingdom.
Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, national origin, ancestry, sex, sexual orientation, gender identity, national origin, genetics, disability, marital status, age, veteran status, domestic partner status, medical condition or any other characteristic protected by law.
