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Third Party Oversight Specialist

Virgin Money
Telford, Shropshire, United Kingdom
Competitive Salary
Closing date
Sep 23, 2022

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Job Role
Contract Type
Full Time
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Business Unit: Digital & InnovationSalary Range: Circa £46,800 (DoE)Contract Type: Permanent

Are you passionate about Third Party Risk Management, then this might be the right job for you!

Virgin Money Procurement are responsible for all Procurement as well as Third Party Risk Management. Virgin Money's strategy of becoming a digital first bank is predicated on third parties who can bring their expertise and innovation into the Bank. The Procurement team ensure that in the Bank engages with our chosen third parties under the right commercial terms to deliver innovation, growth as well as cost.

What's in it for you? RED HOT Rewards of course

  • 38.5 days annual leave for all colleagues (including bank holidays and pro rata if part-time)
  • Up to five extra paid well-being days per year
  • A 35 hour working week
  • 20 weeks paid, gender neutral family leave (52 weeks in total) for expectant parents and those looking to adopt
  • Market leading Pension
  • Private Medical Insurance
  • Flexible benefits including Cycle to Work, Wellness & Health Assessments and Critical Illness
  • A digital-first colleague experience
  • Ability to work anywhere in the UK (where the role allows)

And the great news is, all these benefits are available to colleagues from day one!

Each year Virgin Money spends c£500m with c800 third parties and it is vital that governance and regulatory compliance is delivered to support this.

You'll play a key role in ensuring compliance with the Bank's policies. Failure to deliver against these policies, could place the Bank at risk of failing to meet the regulatory standards which could lead to the Bank being fined and or find our reputation damaged. You'll ensure the Bank is complying with regulations, ensuring third parties are segmented according and risks identified.

Here's what you'll be doing...

  • Ensuring Third Party Risk Management meets regulatory requirements and risks are managed within the Bank's risk appetite.
  • Actively partaking in the development of the Supplier Management Framework and supporting activities.
  • Utilising knowledge of the Regulatory environment develop the supporting processes required to underpin regulatory and Bank compliance.
  • Contributing towards Third Party Risk Management reporting.
  • Ensure procurement policies and processes are aligned to our organisational strategy and values enabling the business to grow through the contracting with third parties.
  • Encourage and support third party risk management compliance across the bank, providing guidance and knowledge transfer to Supplier Relationship Manager (SRM) community and internal SME (Subject Matter Experts).
  • Support Supplier Relationship Managers and business areas with Third Party Risk Management across the bank, providing guidance, challenge and reviewing inputs. Provide input into reporting on third party assessments, including trend analysis and key insights.
  • Develop, support the management of and continually look to improve the procurement processes.
  • On an on-going basis, check for regulatory changes or notifications and provide overview and potential impact of any relevant Outsourcing and Third-Party regulatory activity to key stakeholders.
  • Support the Assurance activities in relation to Third Party Risk Management.
  • Ensure processes and procedures within Supplier Management comply with regulations.
  • Support the delivery of training on risk and assurance activities for our team, SRMs and stakeholders.
  • Work collaboratively with the Third Party Risk Management Teams to support the development of future policies and frameworks to ensure third party management remains compliant and follows best practice.
  • Build productive relationship with stakeholders that support the achievement of business goals and enhances the reputation of procurement at VM.
  • Be a key advocate to driving third party risk management compliance at VM.

There are a few essentials you need to bring...

  • Strong analytical and problem-solving skills.
  • Ability to cope with multiple priorities in a changing environment.
  • Excellent interpersonal & communication skills with the ability to influence in a collaborative manner.
  • Superb communication and rapport building skills to engage and motivate staff and customers.
  • Highly articulate with exceptional communications and inter-personal skills.
  • Working in a regulated environment and / or suppliers.

The following would be brilliant...but not essential...

  • Knowledge of relevant Microsoft software, including Project, Visio; Excel; PowerPoint, SharePoint and Word.
  • Knowledge of Risk Processes.
  • An understanding of the regulatory environment, especially in relation to Third Party Risk Management.

We really need you to have the skills and experience listed in the 'There are a few essentials you need to bring' section above, but the rest is just our wish list, so please don't let that put you off applying, we'd love to hear from you!

Inclusion at Virgin Money

Inclusion is at the heart of everything we do here at Virgin Money. It's good for you, it's good for us and it's amazing for our customers. We know that great minds don't think alike, so we rely on your diverse thoughts, feelings, beliefs and backgrounds to be the best we can possibly be. Got any questions about this or need some support with your application? We'd love to hear from you so get in touch with our careers team at .

Now the legal bit...

Living A Life More Virgin allows our colleagues to be based anywhere in the UK (if the role allows it) but we will need to you to confirm you have the Right to Work in the UK.

If we offer you a job and you accept, there are some checks we need to complete before you can start with us. This will include a credit and criminal record check, as well as providing 3 years' worth of satisfactory references.

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