Essentials of the Opportunity:
Reporting to the VP, Corporate Real Estate and Procurement, the Program Manager, Vendor Risk Management is responsible to execute and continuously enhance Meridian’s enterprise-wide Vendor Risk Management program (VRMP). The Program Manager ensures that the VRMP is effectively deployed and consistently applied across the organization ensuring all processes, tools and technology are kept current and are easy to find and understand by all employees engaged in managing a vendor. They closely collaborate with risk partners within the organization (Legal, Information Security, Information Technology, Risk Management, Audit, etc.) to ensure that the VRMP is aligned with and inclusive of all cross-functional or supporting controls.
At Meridian, the Line of Business (LOB) owners are accountable to select their own third party vendors and manage them according to the VRMP that governs all vendor relationships. The Program Manager is a single contributor accountable to create program awareness and ultimately support all lines of business to ensure vendor risk is adequately managed in order that expected benefits from the vendor relationship are fully realized. The Program Manager will develop and execute a fulsome training program to ensure new employees with VM duties are aware of the program, as well as more in-depth training and mentoring sessions for those who wish to further hone their vendor management skills. This position is also accountable to report on the VRM program, including successful vendor relationships as well as vendors who are dropping below the expected thresholds. Operational Risk Committee, Executive Leadership Team and Board reporting will be developed and produced by the Program Manager. Presentations are thoughtfully and professionally prepared by the Program Manager with consideration for the intended audience and the objective of creating awareness and transparency.
As a member of the Corporate Real Estate & Procurement leadership team, this position will promote effective Procurement and Vendor Risk Management practices.
What you’ll get to do:
Design, develop and continuously improve effective leading-edge program elements including policies, procedures, standards, checklists, templates, forms and Service Now’s Vendor Management system which is the VM data repository and workflow system
Be responsible for ensuring vendor governance activities are occurring in line with policy requirement, business goals and objectives.
Provide guidance and consulting on third party governance, oversight, and risk mitigation approaches throughout the third-party lifecycle to support business owners and management in areas such as vendor onboarding and offboarding, contract clauses and negotiations, due diligence, risk assessment, vendor scorecard and performance assessment, vendor meetings, contract adherence, issue management, OSFI B10 compliance and program interpretation
Act as a single point of contact for business executives and managers to leverage Vendor Management expertise to productively resolve issues and help sustain and drive the business forward
Evaluate vendor performance and ensure the prompt and thorough resolution or escalation of performance issues, understanding / managing risks associated with customer facing / impacting vendors
Actively build dynamic working relationships with business owners by building and maintaining a working knowledge of the business’s third-party relationships and leveraging that understanding when providing advice and support
Conduct audits for Tier A vendors on a regular basis, conduct audits comparing Accounts Payable files to validate all payees are vendors in the VRMP
Develop VRMP communication strategies, awareness campaigns and training programs and execute as planned
Develop vendor performance & risk metrics and VRMP statistics, then measure, monitor and report against those targets, creating presentations for appropriate audiences. Report to:
Operational Risk Committee on a monthly basis
Executive level on a semi-annual basis
Board on an annual basis
Keep senior management well informed on all matters relating to VRMP including strategic and operational initiative activities
Perform Corporate Records governance duties for all contract documents, confidentiality agreements and licensures. Maintain and update contract attestation for board reporting
Monitor new industry developments and best practices to incorporate into the VM Program
Actively participate in and support all internal / external audits and assessments relating to VRMP
Participate fully as a member of the team and contribute to a positive work environment that encourages productivity, professionalism and teamwork
Provide support for Strategic Procurement that includes reviewing and providing input into P&P, and providing RFP support as required as well as SME advice to business owners when the Strategic Procurement Manager is unavailable.
Knowledge, Experience and Skills
Demonstrated leadership and proven ability to effectively partner and collaborate with enterprise wide business partners, all levels of management and vendors/outsourcers to effectively manage risk and achieve best value for Meridian
Demonstrated expertise in developing a comprehensive enterprise-wide vendor management program and technology system which includes data repository and workflows
Proven track record of developing and executing Vendor Management communication strategies, awareness campaigns and training programs to ensure all users fully understand the program requirements
Highly polished professional communication skills (speaking, writing) with the ability to convey complex information in a way that others can readily follow
Superior relationship management skills
Experienced facilitation and presentation skills in a classroom style setting or individual mentoring sessions
Enthusiasm and passion for helping others improve or develop new skills
Strong analytical, data mining and reporting capabilities using Excel
Advanced proficiency in developing professional presentations and business reports for senior management and executives
Ability to operate simultaneously and effectively in both tactical and strategic modes
Self-starter with a strong sense of ownership and a passion for process improvement (LEAN)
Action oriented with a drive to overcome obstacles and exceed goals
Ability to manage ambiguity and bring focus with recommendations on solving challenges
Highly effective project management and organizational skills with an ability to quickly prioritize and adjust project plans and solutions when faced with unexpected situations
Strong at identifying key control points within a process, and then provide assessment of the preventative and detective controls
Strong working knowledge of contract management law principles, methods and strategies to ensure supplier compliance and mitigate risk to the organization
Advanced proficiency in Microsoft Office tools (especially Word, PowerPoint, Outlook, Excel) and Visio and presentation development applications
Exceptional organizational and time management skills
Experience with using and configuring Service Now’s Vendor Management module is a definite asset
Education, Designations, Training, and Experience
Bachelor’s degree or higher in business or related field, or equivalent
6+ years of progressive work experience in vendor management, strategic sourcing and/or risk management areas with at least 2 years leading a Vendor Risk Management program or Vendor Management Office
Familiarity with banking/financial institution regulations, specifically Third-Party Risk regulatory requirements, including OSFI B10
Experience the Difference!
Thank you for your interest in Meridian Credit Union. Please note that due to the volume of applications, only those under consideration will be contacted for an interview.
Meridian is committed to providing accommodations for people with disabilities. Should you require an accommodation, we will partner with you to meet your needs.