Third Party Risk Officer

Job Posting Organization:
The International Monetary Fund (IMF) is a global organization established to promote international monetary cooperation, facilitate sustainable economic growth, and reduce poverty around the world. Founded in 1944, the IMF has grown to include 190 member countries and employs over 2,700 staff members. The organization operates in various countries, providing financial assistance, policy advice, and technical assistance to its member nations. The IMF's mission is to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

Job Overview:
The Third Party Risk Officer position is a contractual role within the Corporate Services and Facilities (CSF) Department of the IMF, specifically in the Third-Party Risk Management (TPRM) Section of the General Services Division. The primary function of this role is to identify, assess, report, and manage risks associated with third-party vendors. The selected candidate will play a crucial role in supporting the TPRM program by evaluating and mitigating various risks, including operational, legal, reputational, and financial risks that may arise when engaging with existing and potential vendors. This position requires the officer to conduct thorough risk assessments, ensuring that vendors are properly vetted before the Request for Proposal (RFP) award and that appropriate controls are established during the vendor engagement process. The officer will also be responsible for fostering strong relationships with subject matter experts, the Information Technology Department, the Legal Department, the Office of Risk Management, and project managers to effectively apply TPRM assessment criteria.

Duties and Responsibilities:
The Third Party Risk Officer will have a comprehensive set of duties and responsibilities, including but not limited to: coordinating the management of third-party risk and due diligence by ensuring that appropriate risk assessments are completed; identifying, measuring, and communicating operational and third-party risks for both new and existing vendors; providing support for the deployment of an integrated procurement-risk tool; performing financial risk assessments for vendors and analyzing their financial statements; maintaining adequate and current third-party risk documentation; developing corrective action plans and managing changes as necessary; providing risk oversight and documenting vendor risk analyses; evaluating vendors to determine their risk tier; assisting project managers and business sponsors with RFP development and due diligence documentation; offering guidance and training to stakeholders on TPRM program requirements; collaborating with other functions to support the development and implementation of controls that mitigate risks; and creating policies, procedures, and governance documents for TPRM processes. Additionally, the officer may be assigned other duties as required.

Required Qualifications:
The ideal candidate for the Third Party Risk Officer position should possess a strong educational background, typically acquired through the completion of an advanced university degree in business administration, compliance, audit, technology/IT, finance, risk management, legal, procurement/contract management, or a related field of study. Alternatively, a university degree or equivalent, supplemented by a minimum of six years of relevant professional experience, is acceptable. The successful candidate must also demonstrate familiarity with the RFP process, contract negotiation, invoice processing, or legal terms review. A strong knowledge of operational risks and controls, as well as an understanding of financial risks related to vendors, is essential. The candidate should possess facilitation and conflict management skills that enable effective working relationships and efficient interactions among work groups or teams. Excellent communication skills are necessary to develop communication strategies across multiple stakeholder groups. Relevant risk management certification is considered a plus, and the candidate should be self-motivated, able to work independently, and possess strong organizational skills. Proficiency in Microsoft Word, Excel, Outlook, and PowerPoint is required, and prior experience in managing third-party risk management processes would be advantageous.

Educational Background:
Candidates are expected to have an advanced university degree in relevant fields such as business administration, compliance, audit, technology/IT, finance, risk management, legal, procurement/contract management, or a related area. Alternatively, a university degree or equivalent, along with a minimum of six years of relevant professional experience, is acceptable. This educational background is crucial for understanding the complexities of third-party risk management and the associated financial and operational risks.

Experience:
The position requires a minimum of six years of relevant professional experience in fields related to risk management, compliance, finance, or procurement. Candidates with prior experience in managing third-party risk management processes will have a competitive advantage. The experience should demonstrate a strong understanding of operational and financial risks, as well as familiarity with the RFP process and contract negotiation.

Languages:
While the job description does not specify mandatory languages, proficiency in English is essential for effective communication within the IMF and with external stakeholders. Additional language skills may be considered an asset, particularly if they facilitate communication with vendors or stakeholders in different regions.

Additional Notes:
This is a two-year contractual appointment, with the possibility of renewal for up to four years of cumulative contractual service, depending on the incumbent's performance, budget availability, and ongoing business needs. The position is classified at levels A09 and A10 within the IMF. The organization is committed to non-discrimination in employment and welcomes requests for reasonable accommodations for disabilities during the selection process. Information on how to request accommodations will be provided during the application process.