The Director of Third-Party Risk Management is responsible for managing relationships with vendors, suppliers, and partners and ensuring that they meet the organization’s security requirements. This role plays a crucial part in mitigating third-party risks, protecting the organization’s information and assets, and maintaining the integrity of the supply chain.

Roles and Responsibilities:

• Develop, implement, and maintain a comprehensive third-party risk management strategy and program that aligns with the organization’s goals, risk appetite, and regulatory requirements.
• Oversee the identification, assessment, and mitigation of third-party risks, including cybersecurity, data privacy, and operational risks.
• Establish and maintain a robust vendor risk assessment process, including the development of risk rating criteria, due diligence procedures, and ongoing monitoring activities.
• Collaborate with other departments, such as procurement, legal, and IT, to ensure that third-party risk management is integrated into the organization’s broader risk management and governance framework.
• Develop and implement third-party risk management policies and procedures, and ensure that they are understood and followed by stakeholders across the organization.
• Manage relationships with vendors, suppliers, and partners, ensuring that they meet the organization’s security requirements and adhere to relevant laws, regulations, and industry standards.
• Coordinate incident response efforts involving third parties, including the investigation and remediation of security breaches and other incidents.
• Develop and deliver third-party risk management training and awareness programs to educate employees on their responsibilities and best practices.
• Stay informed about emerging third-party risks, regulatory changes, and industry best practices, and incorporate this knowledge into the organization’s third-party risk management strategy and program.

Overall Goals:

1. Mitigate third-party risks and protect the organization’s information and assets.
2. Ensure the organization’s compliance with relevant laws, regulations, and industry standards regarding third-party risk management.
3. Foster a culture of third-party risk awareness and accountability within the organization.

Specific Skills and Qualifications:

• A bachelor’s or master’s degree in business, information technology, or a related field.
• Certifications such as CRISC, CISA, or CISSP are highly desirable.
• Extensive experience in third-party risk management, information security, or a related area, preferably in the organization’s industry.
• In-depth knowledge of third-party risk management best practices, as well as relevant laws, regulations, and industry standards.
• Strong leadership and management skills, with the ability to build and maintain a high-performing third-party risk management team.
• Excellent communication and presentation skills, with the ability to convey complex risk concepts to a variety of audiences.

Reporting Structure:

The Director of Third-Party Risk Management typically reports to the Chief Information Security Officer (CISO) or the Chief Risk Officer (CRO), depending on the organization’s size, industry, and specific risk management requirements. This reporting structure ensures that third-party risk management is aligned with the organization’s broader risk management and governance framework, and that it receives the appropriate level of attention and resources.