Vendor Management Coordinator (Finance)

Summary:

The Vendor Management Coordinator plays a crucial role in ensuring the effective management of third-party vendor relationships. This position is responsible for coordinating vendor onboarding, risk assessment, and performance monitoring to mitigate potential risks and optimize vendor performance.

Essential Duties and Responsibilities:

• Vendor Onboarding:
  • Coordinate the vendor onboarding process, including collecting necessary documentation, conducting due diligence, and ensuring compliance with bank policies and regulations.
  • Maintain accurate and up-to-date vendor information in the vendor management system.
• Contract Monitoring:
  • Track contract expiration dates and renewal processes to avoid service interruptions.
  • Maintain a centralized repository of vendor contracts and related documentation.
• Risk Management:
  • Conduct ongoing risk assessments of vendor relationships to identify potential vulnerabilities.
  • Develop and implement risk mitigation plans.
  • Monitor vendor performance and compliance with contractual obligations.
• Performance Monitoring:
  • Establish key performance indicators (KPIs) for vendor performance and track progress.
  • Conduct regular vendor performance reviews and address any issues or concerns.
  • Identify opportunities for vendor improvement and cost optimization.
• Vendor Relationship Management:
  • Build and maintain strong relationships with vendors to ensure effective communication and collaboration.
  • Resolve vendor-related issues and disputes in a timely manner.
• Regulatory Compliance:
  • Stay informed of relevant regulations and industry best practices for vendor management.
  • Ensure compliance with all applicable laws and regulations related to vendor relationships.

Education And/Or Experience:

• High School Diploma or equivalent required
• Bachelor's degree in business or finance preferred
• Experience in the banking or financial services industry required
• Project management experience

Knowledge/Skills/Abilities:

• Knowledge of relevant regulatory requirements (e.g. SOX, GDPR)
• Functional knowledge of Microsoft Office applications (Excel, Word, Powerpoint)
• Strong verbal and written communication skills
• Strong understanding of vendor management principles and best practices
• Proficiency in vendor management software and tools
• Excellent organizational and time management skills
• Ability to work independently and as part of a team
• Detail-oriented and able to work under pressure of deadlines
• All candidates will be required to complete a pre-employment background, credit, and drug screening

Physical Requirements:

• Must be able to exert up to 25 pounds of force occasionally and/or a negligible amount of force frequently.
• Must occasionally lift and/or move up to 25 lbs.
• Specific vision abilities required by this job include close vision and the ability to adjust focus.
• Sitting for long periods.

Working Conditions:

The working conditions are generally comfortable, with minimal exposure to noise, heat, dust, and other related items. All employees are required to maintain a neat and safe work area.