Vice President Third Party Risk Management

We are M&G Global Services Private Limited (formerly known as 10FA India Private Limited, and prior to that Prudential Global Services Private Limited). We are a fully owned subsidiary of the M&G group of companies, operating as a Global Capability Centre providing a range of value adding services to the Group since 2003.

Our purpose is to give everyone real confidence to put their money to work. With a heritage dating back more than 175 years, we have a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions. 

Our two distinct operating segments, Asset Management and Life, work together to provide access to balanced, long-term investment and savings solutions.

M&G Global Services has rapidly transformed itself into a powerhouse of capability that is playing an important role in M&G’s ambition to be the best loved and most successful savings and investments company in the world.

Our diversified service offerings extending from Digital Services (Digital Engineering, AI, Advanced Analytics, RPA, and BI & Insights), Business Transformation, Management Consulting & Strategy, Finance, Actuarial, Quants, Research, Information Technology, Customer Service, Risk & Compliance and Audit provide our people with exciting career growth opportunities. Through our behaviours of telling it like it is, owning it now, and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.

Primary Key Responsibilities (Top 3-5 KRA)

• Accountable for development of strategy and delivery of Third Party Risk Management services, ensure associated policy & procedures are developed, implemented and continually updated to ensure alignment with industry best practices, evolving regulatory requirements and changing risk landscapes.
• Design, implement and maintain the related strategy to align with business objectives.
• Set direction for associated processes, tools, technologies, team and service offerings and responsible for continuous improvement of the services
• Develop and maintain a comprehensive risk reporting framework that offers senior management and stakeholders insights into third-party risk exposure.
• Partner with leads across Business Areas and Functions to mature the operating model, framework delivery and governance to allow M&G to better manage risks associated with a complex supply chain including global outsourcing.
• Line manager for the Group third party risk team members

Accountabilities/Responsibilities

Commercial Function Collaboration:

• Serve as a trusted SME in third-party risk management, providing expert guidance and support to business units in the selection, onboarding and management of third-party relationships.
• Work closely with the commercial function to align third-party risk management practices with business goals and objectives.
• Ensure that third-party contracts and agreements reflect appropriate risk considerations.

Leadership:

• As a member of the Technology First line GRC Leadership Team, contribute to the overall strategic and operational management of Third party risks.
• Developing, agreeing & managing the Operating Plan and Budgets.
• Lead and oversee the management of teams of SMEs, including strategic guidance and performance management.
• Develop the team’s capabilities through appropriate levels of mentoring and training.
• Ensure teams are right-sized and TCO targets met for teams and software across the platforms.
• Attract and retain talent and expertise.
• Work closely with commercial team and business stakeholders to provide effective and efficient SME support as well as to ensure that framework is aligned to business objective and priorities
• Effectively manage a team of people. Ensuring motivation and commitment of the team at all times.

Risk Reporting Enhancement:

• Prepare and present regular risk reports and dashboards.

Policy Compliance Oversight:

• Establish and maintain third-party risk management standards & key controls that enable effective risk mitigation and implement robust processes for assessing and monitoring third-party risk controls and performance.
• Monitor and enforce compliance with third-party risk policies and standards across the organization.
• Conduct regular assessments and audits to identify and address compliance gaps.

Vendor Relationship Management:

• Collaborate with business units to establish and nurture strong relationships with key third-party vendors.
• Oversee ongoing vendor performance monitoring and risk assessments.

Regulatory Awareness:

• Stay up-to-date with regulatory changes and industry trends pertaining to third-party risk management.
• Ensure that the organization's policies and practices remain fully compliant with relevant regulations.

Third Party Risk Management

• Lead maintenance and oversight of the associated policy, standards and standard operating procedures (SOPs) throughout programme implementation and on an ongoing basis.
• Lead the maturing of the governance framework to enable data-driven insights and oversight of Third Party Risk to the M&G plc Board of Directors, subsidiary Boards, senior management and other key stakeholders.
• Support engagement with group entities on international Third Party Risk Management and Outsourcing regulatory rules and guidance, incorporating these where relevant into group policies, standards, methods and tooling.
• Deliver strategic projects and ad-hoc tasks to support both change and run of a maturing TPRMO framework.
• Take part in joint TPRMO testing with critical third parties.
• Facilitate any required TPRMO controls testing, assurance and / or audit examination requirements.

Knowledge & Skills:

• Profound knowledge of regulatory requirements and industry standards pertaining to third-party risk management.
• Strong knowledge of third party risk management and outsourcing best practices including relevant financial services regulations

Skills:

• Strong Leadership skills and ability to interact at all levels
• Collegiate and skilled relationship management across multiple stakeholders and cultures
• Confident and effective at advising and briefing at all levels, including senior stakeholders
• Proficiency in risk assessment methodologies, data analysis, and reporting tools.
• Ability to work independently within a defined remit, managing schedule and objectives with minimal oversight
• Strong communication skills displayed through confident interpersonal and presentation abilities
• Ability to work within a wider team and collaborate effectively across teams, functions and geographies
• Strong written and oral communication skills
• Communication and interpersonal abilities, with a proven track record of effective cross-departmental collaboration.
• Analytical mindset – to critically analyse plans and highlight critical paths, risks and gaps
• Strong influencing and negotiation skills – to effectively drive the leadership team and delivery leads
• Strong attention to detail and the capacity to manage multiple priorities independently.
• Coaching and training of people
• Effective coaching and empowering skills – strengthening the capabilities of the technical delivery teams and stretch them individually and collectively to ensure business areas get the best levels of service.
• Strategic thinking, able to articulate a clear vision for the function.
• Demonstrates a pragmatic approach to balancing risk and reward
• High degree of resilience – not afraid to identify and take tough/unpopular decisions as required
• Respond quickly to unexpected changes with creativity and optimism

Experience:

• 12-15 yrs experience in risk management (including Technology and/or third party).
• Minimum of 7 years of experience in third-party risk management or a related role within the financial services industry.
• Relevant management and business experience/proven ability to work effectively with senior management
• Experience in delivery of third party risk management and outsourcing oversight programmes
• Experience in third party due diligence, risk assessments and financial health monitoring
• Experience using third party management and third party risk management tooling and interest in supporting the maintenance of tools, supporting data sets
• Awareness of TPRMO regulatory expectations
• Experience of delivering training and awareness campaigns
• Experience of working within the financial services regulatory environment (Specifically the FCA, PRA, CSSF, EBA, MAS, and ICO) and delivering third party risk work in this context
• Experience and understanding of the risk implications of third party relationships and the management strategies required
• Experience of working in cross-functional teams as part of significant transformational project.
• Experience of delivering cultural change
• Experience of driving initiatives forward and successfully delivering against demanding targets in a rapidly changing environment.

Qualification:

• Graduate in any discipline / Bachelor's degree in Business, Finance, Risk Management, or a related field (Master's degree preferred).

We have a diverse workforce and an inclusive culture at M&G Global Services, regardless of gender, ethnicity, age, sexual orientation, nationality, disability or long term condition, we are looking to attract, promote and retain exceptional people. We also welcome those who take part in military service and those returning from career breaks.