IT Vendor Risk Management Specialist

Position Summary

The IT Vendor Management Lead will be responsible for overall vendor management, including but not limited to vendor contracting and cost management, performance management (e.g., KPIs and SLAs tracking, risk and compliance management in line with regulatory and legal requirements, and continuous improvement), and risk management (e.g., due diligence).

Key Responsibilities

• Oversee IT vendor management and manages risks associated with IT vendors
• Manage contracting processes and costs, ensuring all vendor agreements align with BCS’s focus, budget, and regulatory requirements
• Track and analyse vendor performance against defined KPIs and SLAs, ensuring vendors fulfil performance standards; conduct period review and proactive improvement of KPIs and SLAs
• Continuously monitor vendor security posture to track compliance and performance
• Ensure all vendor activities comply with regulatory, security and legal requirements, conducting regular audits and assessments to mitigate risks
• Drive initiatives for continuous improvement in vendor management processes, enhancing efficiency and effectiveness to align with evolving security standards, regulatory requirements and emerging risks in third-party ecosystems
• Maintain strong relationships with vendors, acting as the primary point of contact to address any issues and foster collaborative partnerships
• Conduct thorough due diligence on potential vendors to ensure they meet BCS’s standards for reliability, security, and compliance
• Prepare and present detailed reports on vendor performance, risks, and compliance to senior management and other stakeholders
• Collaborate with internal stakeholders, including Technology division, NETS’s shared services in Finance, to align vendor management standards with business objectives and requirement

Requirements

• Degree in Information Technology, Business Administration, or a related field
• Minimum 5-7 years of experience in IT vendor management, procurement, or a related area
• Proven experience in managing vendor relationships within the payments industry including vendor performance management and dispute resolution
• Strong understanding of regulatory and legal requirements related to IT vendor management
• Exhibit strong risk mindset, ensuring rigorous execution and adherence to best practices in line with BCS's role as an operator of the national critical payment infrastructure
• Excellent analytical skills with the ability to assess vendor performance, track KPIs, and develop improvement plans
• Good written and verbal communication skills
• Strong problem-solving skills with a proactive approach to identifying issues, developing solutions, and implementing changes to improve vendor management processes
• Certifications such as CISA, CISM, CISSP, CRISC or any relevant certification is an advantage