Senior Program Manager, Third Party Risk And Vendor Management

03/28/2024

Address:

100 King Street WestProcurement

The Senior Program Manager, Third Party Risk and Vendor Management contributes to the achievement of People and Culture’s short and long-term objectives through effective management of Third Party Risk and the effective execution of vendor contract renewals. Reporting to the Head, Vendor Management, the role manages Third Party Risk and seeks to maximize the value of existing and new relationships through the development of effective strategies for a portfolio of the division’s most complex vendors. The role builds strong partnerships with the domain leaders, vendor service owners, Procurement, Risk Specialties Areas, Finance and Technology.

• Builds strong partnerships with senior leaders across the division, understanding the short and long term strategies for their programs, services and the vendors that support their delivery. Understands the connections between functional areas and seeks opportunities to maximize value.
• Maintains a thorough and up to date understanding of the Bank’s Third Party Risk programs and Regulatory Guidance, recommending process changes within the Vendor Management Office to align with requirements.
• Manages the execution of the Third Party Risk programs through effective partnerships with GTPRM, Risk Specialty Areas, Legal, Operational Risk and the Service Owners for the vendors. Ensures on-going compliance with Third Party Risk programs, partnering in the resolution of issues, tracking outstanding issues, and documenting outcomes. Ensures service owners and the Accountable Executives are kept up to date on the status of GTPRM programs, identifying any issues, and plans to achieve resolution.
• Effectively plans for upcoming contract renewals in partnership with service owners and Procurement Sourcing. Builds and maintains roadmaps for renewals, collaborates with Procurement Sourcing to execute the market assessment process, including RFPs, partnering with the service owners to understand requirements and review results. In partnership with Procurement Sourcing and the service owners, identifies opportunities to maximize value at renewal, builds and executes negotiation strategies. Tracks financial objectives and associated outcomes from negotiations. Ensures the Accountable Executive and service owners are aware of status throughout the negotiation. Reviews the final outcome of negotiations with the Accountable Executive and service owner, obtaining approval to proceed.
• Leads the approval process for new vendors and Vendor renewals, ensuring all GTPRM and Operational Risk programs are complete, partnering with Risk areas to follow the Bank’s contract approval processes, preparing approval materials including Board materials, as required.
• Partners with Procurement Sourcing, Legal, and Risk Specialties in the development of new vendor contracts and updates to existing contracts. Negotiate terms with the vendors, ensuring contracts protect the Bank and adhere to the Bank’s requirements.
• Establishes and maintains joint governance routines with Service Owners and Vendors, ensuring all aspects of the vendor relationship are monitored and contract obligations are met.
• Ensures data integrity for vendors on the Bank’s Procurement systems, partnering with Procurement to update vendor records and information as required.
• Acts as point of contact for domains when a new vendor is being considered, following the Bank’s processes to review and assess the vendor prior to establishing a new relationship.
• Partners with service owners and Technology to onboard new vendors, supporting the required reviews of vendor technology solutions in accordance with the Bank’s requirements. Supports the assessment of technology changes for existing vendors.
• Drives consistency and efficiency by documenting best practices and processes for contract renewals, RFPs, contract development and technology assessments. Contributes to the development and maintenance of the Vendor Management Office’s database, providing reporting as required.

• Builds, develops and maintains a network of key relationships both at a tactical and strategic level within the various lines of business, Technology, Procurement, Procurement Risk, and Finance.

• Maintains an awareness and understanding of relevant industry trends in contract negotiations, competitive landscape, pricing and the economic environment.

Qualifications:

• Strong relationship management and partnership skills
• Strong strategy and negotiation skills
• A business mindset, with the ability to develop and execute strategies
• Broad knowledge of Third Party Risk and the Bank’s GTPRM Programs and Policies
• Detail oriented and works well under pressure
• Bachelors or equivalent degree
• Broad knowledge of Bank structure, services organization and Banking Group interrelationships

$84,000.00 - $156,000.00Salaried

The above represents BMO Financial Group’s pay range and type.

Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group’s expected target for the first year in this position.

BMO Financial Group’s total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: https://jobs.bmo.com/global/en/Total-Rewards

We’re here to help

At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.

To find out more visit us at https://jobs.bmo.com/ca/en.

BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.