Vendor Management Specialist
Carmel, IN Merchants Bank of Indiana
Job Type

Summary: The Vendor Management Specialist is responsible for the ongoing management of the organization’s vendor relationships. This role engages in the initial risk assessment for new relationships and is responsible for the onboarding and ongoing risk management, analysis, and reporting on those relationships. This position will work closely with senior management to ensure there is an appropriate level of understanding and monitoring of each vendor’s obligations under its contract.

Expected Outcomes: A successful Vendor Management Specialist will allow the bank to minimize vendor-rated risk and operate with confidence in services rendered for fees paid. The incumbent’s success will mean executive management has a full and appropriate understanding of all vendor relationships and can effectively make business decisions based on those relationships.

Essential Duties and Responsibilities:

  • Participate in the management and oversight of the bank’s vendor management program.
  • Lead and present to members of senior management on matters relating to vendor and contract risk assessments and general due diligence requirements and findings.
  • Review vendor due diligence materials, including SOC reports, business continuity plans, and data security policies.
  • Support the negotiation of business terms and ongoing monitoring of those terms.
  • Manage the annual risk assessment process for critical vendors, including the collection of all due diligence and user entity control documentation.
  • Conduct business reviews for critical vendors on a regular basis, enabling respective relationship managers to better manage vendor performance.
  • Ensure the bank’s policies and procedures are updated and satisfy regulatory requirements and incorporate best practices.
  • Ensure vendor risk exposures are accurately measured and reported, escalating issues to the relevant internal partner to develop an appropriate remediation plan.
  • Communicate vendor responsibilities and findings of vendor reviews to the bank’s key stakeholders.
  • Identify areas of improvement and drive implementation of improvements within the vendor management program.
  • Collaborate with internal business partners throughout the vendor selection, negotiation, and onboarding process to understand expectations and identify risks.
  • Work toward the standardization of vendor management processes that achieve compliance standards and enable practical, efficient business function.
  • Bachelor's degree or equivalent job-related experience required.
  • 2-5 years of total project management or vendor relationship management experience
  • Experience in a similar role within banking or at financial institution is preferred.
  • Familiarity with conducting vendor due diligence, including review of SOC reports.
  • Ability to review complex data and documentation, draw appropriate conclusions, and write reports detailing those conclusions.
  • An innate ability to identify issues and work through them to closure, including remediation and escalation where appropriate.
  • Strong analytical mindset with the ability to manage risks both at the micro and macro levels.
  • The ability to consistently multi-task, manage details, and execute effective follow-through.
  • Must demonstrate the ability to successfully work independently and within a team.
  • Requires effective communication and collaboration skills with an ability to work across multiple business functions.
  • Must demonstrate an understanding of business operations and be able to discern the individual role’s impact on broader business outcomes.

All employees are expected to contribute to the overall success of the organization by performing requested duties regardless of explicit inclusion in the job description or reasonable relation to an employee’s primary role. Additionally, all employees must understand and adhere to all federal and state laws and banking regulations and company policies and procedures applicable to assigned job responsibilities, including compliance as appropriate under the Bank Secrecy Act and Anti-Money Laundering regulations.

Additionally, all employees are expected to demonstrate the following Core Competencies:

Professionalism – acting with responsibility, integrity and accountability; demonstrating consistent trustworthiness and reliability; always remaining flexible, adaptable and willing to accept coaching; building and managing professionally healthy relationships; deliberately managing career decisions; and continually developing awareness of business-related topics.

Communication – understanding various active and passive tools and styles and their effects; and exhibiting appropriate, effective, timely use of tools and styles to connect, collaborate, facilitate teamwork and serve customers.

Work Quality – demonstrating an ongoing commitment to compliance, safety and security; executing work with efficiency, a sense of urgency and attention to detail; and displaying organized work practices and a results-oriented mindset.

Analytical Ability – navigating work-related circumstances with practical, sound reasoning; and demonstrating creativity in problem solving.

Leadership – displaying good judgment and certainty in decision making; taking initiative with job-related demands; demonstrating innovative thinking and sound planning with business practices; managing individual performance toward shared organizational goals; and thinking strategically to set and accomplish goals.

Merchants Bancorp and its affiliates and subsidiaries are committed to being equal opportunity employers. All job candidates and incumbents will be assessed based on only criteria relevant to successfully performing the job as defined in this job description and as generally accepted in the job’s relevant industries.