Are you looking to make an impactful difference in your work, yourself, and your community? Why settle for just a job when you can land a career? At ICW Group, we are hiring team members who are ready to use their skills, curiosity, and drive to be part of our journey as we strive to transform the insurance carrier space. We're proud to be in business for over 50 years, and its change agents like yourself that will help us continue to deliver our mission to create the best insurance experience possible.
Headquartered in San Diego with regional offices located throughout the United States, ICW Group has been named for ten consecutive years as a Top 50 performing P&C organization offering the stability of a large, profitable and growing company combined with a focus on all things people. It's our team members who make us an employer of choice and the vibrant company we are today. We strive to make both our internal and external communities better everyday! Learn more about why you want to be here!
PURPOSE OF THE JOB
The purpose of this job is to provide full-service enterprise third party risk services required to analyze and assess third party products/third parties for level of risk to the organization’s financial plans and goals for growth. This position exists to ensure compliance with regulatory requirements, such as NYDFS.
ESSENTIAL DUTIES AND RESPONSIBILITIES
Recommends and implements innovations to continuously improve processes.
- Manages third party risk program templates, tools, procedures, and processes and updates as necessary.
- Designs and maintains Third Party Risk program tools, such as third party risk scorecards, risk assessments, workflows, reports and process improvement initiatives.
- Trains team members on tools and processes to ensure standards for purchasing are met.
- Partners and collaborates with the Legal, Information Security, IT, Finance and Business Continuity departments with complex risk assessments and related contractual matters.
Gathers data for preparing reports and documents as requested.
- Synthesizes and prepares data for inclusion in reports and departmental presentations as requested.
- Prepares market analysis or data related to third party risk as necessary.
- Designs and manages complex data sets and draws conclusions related to third party and contract data.
- Maintains current knowledge of trends and best practices for third party risk and insurance industry.
Analyzes the risk posed by third parties in the purchasing and third party relationship.
- Executes a risk-based engagement and monitoring program consistent with the third party risk program, regulatory requirements and third party Company policies.
- Produces robust governance and oversight reporting consistent with risk rating and program requirements.
- Analyzes complex financial reports and risk related reports to assess the third party’s financial viability and business legitimacy.
- Uses independent judgment based on data compilation and well documented processes to recommend or disqualify third parties from consideration in doing business with ICW Group.
- Completes information security review by assessing required third party documentation such as SOC reports, incident response plans and Cloud security protocols.
Executes the third party risk management life cycle to include planning, due diligence, negotiation, ongoing monitoring, and termination of third party relationships.
- Manages relationships with third parties, current and prospective third parties, and other external constituencies involved in the third party risk program.
- Completes due diligence risk assessments, including financial viability reviews and information security requirements for potential ICW Group third parties.
- Vets third parties and negotiates terms related to risk remediation that are consistent with regulatory requirements and policies of ICW Group.
- Assesses third party on-going financial and commercial viability and identifies associated risks.
- Monitors third party performance for consistency with service level expectations.
- Collects and reviews supporting documentation for potential and existing Third Parties.
- Drives completion of ongoing assessments of ICW GROUP Third Parties.
- Manages library of Third Party documentation, scorecards and other applicable documents in applicable systems.
- Manages process improvements, contract standardization, and other departmental projects.
Provides specialized advice and risk analysis results to various departments throughout the Company.
- Provides vetted third party related data and recommendations to business stakeholders in departments such as legal, compliance, information security, information technology and finance.
- Articulates and presents recommendations to stakeholders based on findings during the third party analysis process including financial strength data, information security practices and other operational risk measur