Sr. Consultant, Third Party Management

Chicago, Illinois, United States
26 Jan 2022
04 Feb 2022
Contract type
Full time
Experience level
Qualified accountant

Role summary

Northern Trust Asset Management (NTAM) is an over a trillion dollar investment management firm entrusted by investors around the globe to help them navigate changing market environments, so they can confidently realize their long-term objectives.

The Consultant- Third Party Management role will sit in NTAM’s newly formed Third Party Oversight Center of Excellence and provide support to NTAM Leadership on managing and overseeing third parties including market data vendors, key spend and vendor analytics, and management reporting. This role will also help drive impact by supporting the development and operationalization of a strong control framework, processes and governance model as it relates to third parties, intercompany or fourth parties across NTAM business. It will also involve engaging with process reengineering/automation teams, as needed, to drive efficiency in third party oversight and reporting efforts.

Key duties and responsibilities

Responsibilities include partnering with key stakeholders and our supply chain to support the organization’s 3rd party vendor oversight program, including intercompany arrangements and in future fourth party suppliers, for a portfolio of suppliers in Northern Trust Asset Management (NTAM).

  • Support transformation of NTAM’s Third Party Management (TPRM) program by partnering with Business, Procurement, Risk, 1st line Controls function and external consultants, including cross NTAM communication and change management efforts.
  • Provide ongoing monitoring and oversight of assigned critical or high priority vendors to ensure that the terms of the contracts are achieved. Includes reporting on adherence to KPIs, SLAs and financial targets.
  • Lead periodic QA/QC of TPRM deliverables submitted by NTAM vendor managers to ensure quality deliverables and compliance against policies.
  • Drive and support proactive issue identification, mitigation, reporting and remediation by engaging internal stakeholders and vendors.
  • Shepherd discussions and coach assigned vendor managers within the broader NTAM business on TPRM program requirements to ensure compliance with regulatory and business requirements.
  • Develop and cultivate strong relationships with assigned vendors and internal stakeholders.
  • Drive and support implementation of automated controls and reporting to mitigate third party risk.
  • Perform ad-hoc business and operational data analytics to support management decision making, identify insights and make recommendations on a broad range of business initiatives.
  • Perform market data spend review by conducting market research, consulting stakeholders and developing a structured approach to identifying and realizing savings opportunities in alignment with NTAM priorities.
  • Support full lifecycle of market data enablement which is critical to NTAM business – drive entire lifecycle from understanding business needs for market data, identifying alternative vendors, engaging with Procurement, vendors and business to achieve commercially favorable terms, prepare business cases, steering its enablement and supporting governance and reporting.

Necessary knowledge and skills

  • Strong consultative skills ranging from structured problem solving, identifying and gathering relevant data, solution and business case development, influencing and communicating the story.
  • Outstanding communication skills, both written and verbal, with demonstrated ability to develop presentation materials and effectively present to and persuade executive audiences.
  • Intellectually curious with the ability to roll up the sleeves to drive change and business outcomes.
  • Strong project management skills with experience leading projects in a highly matrixed agile organization.
  • Advanced analytical and financial modeling skills using Excel, with ability to organize, structure and process moderate to large sets of data efficiently and effectively into meaningful and actionable insights.
  • Data Visualization skills using Tableau, Power BI or equivalent tools is highly desirable.
  • Highly flexible, adaptable to change and comfortable in a dynamic and fast paced work environment.
  • Excellent prioritization skills and comfort dealing with ambiguity.
  • Global outlook with sensitivity and awareness of social and cultural differences.

Necessary experience and education

  • An undergraduate or graduate degree in Finance or Risk and/or other appropriate academic major.
  • Demonstrated hands-on experience working with vendors/clients in other large financial institutions in a Risk/ Vendor Management/Market Data Vendor oversight practice. Experience working with Market Data Vendors in an Asset Management or Asset Servicing organization is highly desired.
  • 2-3 years of experience as a Consultant/ Senior Consultant with a public accounting firm, or particular business/industry experience to meet special needs of vendor manager/ 3rd party oversight.
  • Experience leading small cross-functional teams or projects with moderate risk and/or complexity.

About Northern Trust Asset Management

As a global leader in investment management, Northern Trust Asset Management (NTAM) serves the world’s most-sophisticated investing clients – from sovereign wealth funds, pension plan sponsors and financial intermediaries to wealthy families and the advisors that serve them. Northern Trust Asset Management manages approximately $1 Trillion in client assets contributing over $1 Billion in annual revenue to the Northern Trust Corporation.

Working with us

As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company that is committed to strengthening the communities we serve!

We recognize the value of inclusion and diversity in culture, in thought, and in experience, which is why we are honored to receive the following awards in 2021:

  • Gender Equality Index Member, Bloomberg
  • Top Financial & Banking Company, Black EOE Journal, Hispanic Network Magazine, Professional WOMAN'S Magazine

We’d love to learn more about how your interests and experience could be a fit with one of America’s best banks and most sustainable companies! Build your career with us and apply today.

For further information, and to apply, please visit our website via the “Apply” button below.

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