The Vendor Relationship Owner position is assigned responsibility for managing the third-party relationship throughout an engagement lifecycle. This includes gathering due diligence materials on the service provider, coordinating with key stakeholders for risk assessments to occur, monitoring and managing the risk, assessing performance, and ensuring compliance with Policy and reporting requirements. They must also be able to monitor any changes in the status of the service provider, along with the Service Owners (SOs), and escalate any material issues that may arise over the duration of the relationship.