Head of Third Party Management, US - First Line of Defense Risk - HSBC - Chicago, Illinois - EXPIRED
This is an archive of an expired job.
North America-United States-Illinois-Arlington Heights
The Third Party Management (TPM) team, which delivers this service to HSBC’s 1st line businesses and functions, is on on-shore capability located in HSBC’s key regions and countries. The role of the Head of Third Party Management in each region is to lead the topics of Third Party Risk, Contracts Lifecycle Management and Supplier Management - collectively Third Party Management. The role holder will: interface with key local businesses, functions and stakeholders to drive support and improvement across the 3 topics underpinning TPM; tailor programs of work to improve third party management and control; provide MI and analytics from a risk, supplier management, outsourcing, and criticality perspective; and support with 1st line oversight of key third parties and regulatory matters.
The role holder will need to be a credible operational subject matter expert in Third Party Management and the regulatory context in financial services, with first-hand experience of developing, leading and improving aspects of third party risk and supplier management in large, complex organizations. In addition, the proven capability to network, communicate, influence and making strategic change happen pragmatically at pace will be key to success in this role.
Impact on the Business/Function
- Employ credible technical and professional practices to achieve tangible change in TPM practices (Third Party Risk, CLM and SM) in collaboration with key risk domains, business and functional COOs.
- Establish and maintain regular engagement with key 2LoD stakeholders and senior management (US COO) to continuously monitor and improve our service.
- Help ensure that the highest priority risk topics have the strongest controls and diligence, MI and reporting, balancing local requirements with adherence to global program design.
- Using broad Supplier and Third Party Risk expertise, be accountable for ensuring that key risk domains controls from the TPRM Policy land efficiently into the end to end 3PEET process.
- Proactively identify process and control weaknesses in any aspect of the process and ensure appropriate actions are put in place to rectify. Work closely with 2nd and 3rd line to ensure an effective 3LOD model is in place for Third Party risk in HSBC.
- Provide HSBC businesses and functions with consolidated, clear and accurate MI and data around their specific third party engagements, contracts and aggregated supplier performance metrics, as well as greatly enhanced visibility of which third parties they use across their global footprint and the risk / control associated with them.
- Play a key role in streamlining the current local third party on-boarding (3PEET) process while preserving the necessary coverage of operational risk
Customers / Stakeholders
- Excellent communication and influencing with senior business leaders around all aspects of TPM (risk, service, contract and performance).
- Respected and trusted as a senior source of expertise, support and information in relation to all aspects of TPM.
- Strong and effective relationships maintained with wide ranging stakeholders from US COO and risk domain leads through to local 1st line engagement owners within the US businesses and functions.
- Propagate common understanding of the third party lifecycle to help drive 2nd line risk domains to enhance their policy language and understanding of due diligence, contracting, control monitoring, testing and assurance in the context of HSBC third parties.
- Be the SME on all aspects of TPM and be actively sought by businesses, functions and risk domain owners.
Leadership & Teamwork
- Lead the topics of E2E third party risk; CLM and SM in region, and influence an extensive range of stakeholders across HSBC.
- Work closely and effectively with risk domain heads, Procurement, service delivery teams and Operational Risk leads to deliver clear and reportable solutions for TPM and its associated control.
- Maintain discipline around change programmes, governance, reporting, steering and coordination. Drive the enhancement and fight for the topic appropriately when conflicting priorities appear.
- Maintain a constructive and productive relationship with the 2nd line for third party risk and collaborate in the development of TPM strategy at HSBC.
- Demonstrate and promote the value of taking a true end to end perspective on TPM through workflow connecting CLM and SM
Operational Effectiveness & Control
- Define and deliver robust and accurate third party risk, contract lifecycle and supplier performance management related MI and data – meeting business / engagement owner needs as well as 2nd line.
- Evidence leadership over all regulatory and compliance matters and the management of operational risk.
- Maintain and evolve TPM capability in the region for HSBC while driving operational efficiencies through the on-going process streamlining initiatives in progress.
- Drive industry-wide initiatives to improve the efficiency and effectiveness of risk assessment and oversight.
- Bring insight and awareness to industry best-practices and strong knowledge of US regulatory environment and requirements
- Having, and maintaining, a very strong understanding of third party risk topics in financial services in order to be able to evolve the service.
- Influencing Risk Domain leaders across the firm to drive a balanced approach to supplier risk that takes operational feasibility into account alongside the need for robust sound practices for managing third party risk at HSBC.
- Staying ahead of 3rd line of defense observations on third party risk, contract lifecycle management and supplier performance management.
- Communications and branding of TPM in HSBC.
- Making sure that any revisions to HSBC third party processes (for example creation of a process for the risk assessment and management of Affiliates) are practical and workable for our businesses, functions and service / supplier managers – enabling better risk oversight, not disabling.
The role holder has to ultimately be the focal point of contact for all issues relating to Third Party Risk, Contract Lifecycle Management and Supplier Performance Management in the United States for HSBC (along with close support from the Global Head of Third Party Management and US Head of Procurement).
Providing expertise, direction and influence to Senior/Executive Management is critical for overall success of delivering a consistent solution to TPM in the 1st line. The role holder must be able to create effective relationships which provide confidence and understanding of the value of strategies being recommended (e.g. credible approach to the implementation of third party risk in HSBC).
The nature of the role requires close working contact with a very wide range of stakeholders, from 3rd line groups and Risk Domains in the 2nd line, through to service delivery functions, regional COOs and specific engagement owners.
Management of Risk
The role holder will continually reassess the operational risks associated with the role and inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, organizational structure, and the impact of new technology. This will be achieved by ensuring all actions take account of the likelihood of operational risk occurring and also by addressing any areas of concern in conjunction with line management and/or the appropriate department.
The role holder will play a key role in shaping and creation of new policy and governance around the risk elements of Third Party Risk Management in HSBC
Observation of Internal Controls
The role holder will adhere to, and be able to demonstrate adherence to, internal controls. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators.
The role holder will implement the Group Compliance policy by containing compliance risk in liaison with Global Head of Compliance, Global Compliance Officer, Area Compliance Officer or Local Compliance Officer. The term ‘compliance’ embraces all relevant financial services laws, rules and codes with which the business has to comply.
This will be achieved by adhering to all relevant processes/procedures and by liaising with the Compliance department about new business initiatives at the earliest opportunity. Also, and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimising relations with regulators
- The role holder’s responsibilities cover the US third party base and the end-to-end risk and supplier management environment associated with the highest risk third parties.
- The role holder will oversee and drive the enhancement of TPM (risk, contract and performance) practices over thousands of third parties and contracts, with spend under management exceeding $1.2bn.
- The role holder will be responsible for delivering effective TPM across all Global Businesses & Functions to accountable engagement owners.
- Scope of influence is many thousands of individual engagement users, global COO community, and all Risk Stewards in HSBC.