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We are currently seeking an experienced professional to join our team in the role of Business Manager

Business: COO IT

Principal responsibilities

Risk Identification

- Inventory Management:
- Develop and maintain a comprehensive inventory of all third - party relationships across the organization. This includes gathering details such as the nature of the service provided, contract terms, and the criticality of the third - party to business operations.
- Regularly update the inventory to account for new third - party on - boarding, changes in existing relationships, and terminations.
- Risk Categorization:
- Identify different types of risks associated with third - parties, such as financial risks (e.g., the third - party's financial stability), operational risks (e.g., service disruptions, quality issues), compliance risks (e.g., violations of regulatory requirements), and information security risks (e.g., data breaches).

Risk Assessment

- Risk Rating:
- Design and implement a risk - rating framework for third - parties. This framework should consider factors like the third - party's financial health, industry reputation, security controls, and past performance.
- Assign a risk rating to each third - party based on the assessment, ranging from low to high risk.
- In - Depth Analysis:
- For high - risk third - parties, conduct in - depth due - diligence reviews. This may involve financial statement analysis, on - site audits, and background checks on the third - party's management team.
- Use data analytics and industry benchmarks to support the assessment process and identify trends or outliers in third - party performance.

Risk Mitigation

- Contract Negotiation and Management:
- Collaborate with the legal and procurement departments to ensure that third - party contracts include appropriate risk - mitigation clauses. These may include service - level agreements (SLAs), indemnification provisions, and data security requirements.
- Monitor third - party compliance with contract terms throughout the relationship, and take appropriate action in case of non - compliance.
- Risk Mitigation Strategies:
- Develop and implement risk - mitigation strategies tailored to the specific risks identified for each third - party. For example, if a third - party is at high risk of financial failure, the strategy may involve having a contingency plan in place to quickly switch to an alternative provider.
- Work with business units to ensure that they understand and implement the risk - mitigation strategies related to their third - party relationships.

Monitoring and Reporting

- Ongoing Monitoring:
- Continuously monitor third - party relationships for any signs of emerging risks. This can be through regular performance reviews, financial monitoring, and staying updated on industry news related to the third - party.
- Use key risk indicators (KRIs) to track the health of third - party relationships and trigger alerts when thresholds are breached.
- Reporting:
- Prepare regular reports on third - party risk for senior management and the board of directors. These reports should summarize the overall risk profile, key risks identified, and the effectiveness of risk - mitigation measures.
- Provide timely and accurate information to support decision - making regarding third - party relationships, such as whether to continue, modify, or terminate a relationship.