Third-Party Risk Management Analyst (TPRM) – Vendor Risk & Due Diligence

Third-Party Risk Management Analyst (TPRM) – Vendor Risk & Due Diligence

Take the next step in your career in the insurance sector for our client, where you will contribute to third-party risk management across the vendor lifecycle. Put your risk assessment and analytical skills to work while supporting due diligence, ongoing monitoring, governance, and continuous improvement in a regulated environment.

What is in it for you:

• Salaried: $42-47 per hour.

• Incorporated Business Rate: $50-55 per hour.

• 6-month contract.

• Full-time position: 37.50 hours per week.

• Hybrid: 3 days/week in Toronto office.

Responsibilities:

• Conduct and provide effective challenge of Inherent Risk Questionnaires completed by Contract Owners and business stakeholders, assessing whether responses are accurate, complete, internally consistent, and appropriately reflect the nature of the supplier engagement.

• Challenge responses where information appears incomplete, inconsistent, or does not appropriately reflect service criticality, data sensitivity, technology dependencies, regulatory impact, or other relevant risk considerations.

• Ensure the Inherent Risk Questionnaire appropriately identifies the supplier’s inherent risk, as this assessment determines the scope and level of required due diligence and ongoing monitoring.

• Escalate material gaps, inconsistencies, or unresolved concerns before the inherent risk assessment is finalized.

• Perform financial due diligence, including reviews of supplier financial health, financial risk indicators, and credit information.

• Conduct adverse and negative media reviews to identify potential reputational, legal, regulatory, or operational concerns.

• Assess supplier risk information and identify areas requiring additional due diligence, escalation, or risk mitigation.

• Review relevant third-party risk documentation and supporting evidence to assess completeness and identify potential risk concerns.

• Provide guidance to Contract Owners and business stakeholders on third-party risk management requirements and their responsibilities throughout the vendor lifecycle.

• Conduct risk-based ongoing monitoring of third parties in accordance with established policies, standards, and monitoring requirements.

• Monitor supplier risk indicators, including financial health and performance, adverse and negative media, emerging global risks, and material changes to the supplier or services provided.

• Assess changes in supplier risk and determine whether additional review, escalation, or risk mitigation is required.

• Support periodic supplier reviews and maintain clear documentation of the supplier’s current risk posture.

• Track risk findings, issues, remediation actions, and policy exceptions through resolution.

• Identify and escalate material changes in supplier risk in accordance with established governance requirements.

• Support a consistent, risk-based approach to third-party oversight, with appropriate focus on higher-risk and critical suppliers.

• Support adherence to internal Third-Party Risk Management policies, standards, procedures, and governance requirements.

• Support compliance with applicable third-party risk regulatory requirements, including OSFI Guideline B-10, where relevant.

• Assist with internal audit, external audit, regulatory reviews, and other assurance activities, including evidence gathering and remediation tracking.

• Maintain accurate, complete, and appropriately documented risk assessments and audit trails.

• Support the tracking and remediation of identified control gaps, risk findings, and regulatory or audit issues.

• Partner with business units, Procurement, Contract Owners, and Risk and Control functions.

• Clearly communicate risk assessment results, identified concerns, and required actions to relevant stakeholders.

• Provide constructive and effective challenge where risk information, assessments, or supporting evidence are incomplete or inconsistent.

• Provide training and guidance to Contract Owners and other stakeholders on third-party risk requirements and processes.

• Support Contract Owners in understanding and fulfilling their accountability for third-party risk throughout the vendor lifecycle.

• Contribute to enhancements to third-party risk management processes, controls, tools, and frameworks.

• Support the preparation of risk reporting, dashboards, metrics, and governance materials.

• Identify opportunities to improve data quality, risk assessment effectiveness, process efficiency, and risk oversight.

• Support improvements to inherent risk assessment and ongoing monitoring processes.

• Stay informed of emerging third-party risks, regulatory developments, industry practices, and technology-related risks.

What you will need to succeed:

Required qualifications

• 2-5 years of relevant experience in Third-Party Risk Management or Vendor Risk Management, compliance, internal or external audit, or technology or information risk.

• Experience conducting or supporting inherent risk assessments and effective challenge of risk questionnaires, third-party due diligence, financial risk reviews, adverse or negative media reviews, ongoing supplier monitoring, and issue and remediation tracking.

• Strong understanding of the third-party lifecycle, including onboarding, risk assessment, due diligence, ongoing monitoring, governance, and offboarding.

• Understanding of risk-based assessment and monitoring methodologies.

• Demonstrated ability to critically evaluate information, identify inconsistencies or gaps, and appropriately challenge risk assessments and supporting information.

• Strong risk assessment and analytical skills.

• Effective challenge and critical-thinking capabilities.

• Understanding of risk, controls, compliance, and audit principles.

• Ability to analyze information from multiple sources and develop a clear risk view.

• Training and facilitation skills.

Preferred qualifications

• Familiarity with third-party risk regulatory expectations, including OSFI Guideline B-10 or comparable regulatory requirements, is an asset.

• Experience reviewing SOC reports, ISO certifications, audit reports, or similar risk and control documentation is preferred.

• Experience with third-party risk or vendor management platforms such as Archer, Ivalua, or ProcessUnity.

• Understanding of cybersecurity, information security, privacy, business continuity, and technology risk concepts.

• Exposure to emerging third-party technology risks, including artificial intelligence, cloud services, and concentration risk.

• Experience working within a financial institution or other regulated environment.

Required soft skills

• Sound judgment and the ability to identify and escalate material risk concerns.

• Strong attention to detail and documentation discipline.

• Strong stakeholder management and communication skills.

• Ability to manage multiple assessments and priorities.

Why Recruit Action?

Recruit Action (agency permit: AP-2504511) provides recruitment services through quality support and a personalized approach. As part of the screening process, some applications may be reviewed using artificial intelligence tools. Only candidates who meet the hiring criteria will be contacted.