Senior Associate/ Assistant Vice President - Enterprise Risk (Outsourcing and Third party risk focused)

Senior Associate/ Assistant Vice President - Enterprise Risk (Outsourcing and Third party risk focused)

Overview

The Singapore Exchange Group (SGX) owns and operates the only integrated securities exchange and derivatives exchange in Singapore and their related clearing houses. The securities exchange was the first fully electronic and floorless exchange in Asia. SGX serves a wide array of international and domestic investors and end users, including many of the world’s largest financial institutions, and have been among the most innovative exchanges in the world in technological and new product development. Therefore, the ability to prepare for contingencies and to mitigate against them, is of utmost importance to SGX.

The Enterprise Risk team has overall responsibility for enabling the organization to identify, assess and manage risks in the face of uncertainty, and is integral to its value creation and preservation. ER Team reports into Head, Enterprise Risk and has oversight across all SGX functions and subsidiaries.

As the AVP of Enterprise Risk with a focus on managing outsourcing and third party risks, you will play a critical role in safeguarding and enhancing the third party risk management of SGX. This role will work closely with various departments to ensure the effective management of the related risks.

The role requires an individual with high commitment, organization skills and the ability to handle stress in a fast paced and ever changing environment. An individual that thrives on challenges, with a goal of achievement and success will be suitable for the role.

Key Responsibilities:

• Stay updated on industry regulations, compliance standards, and best practices related to third party risk management across the globe, especial in regions where SGX operates or having offices in. Monitors potential threats and informs and advises the organization.

• Gatekeeper of the Vendor-Managed Services Policy in SGX, and ensure consistency in the application across the organization and compliance with application laws/ regulations.

• Secretariat function supporting the Outsourcing Committee meetings

• Support engagement owners in the assessment of engagement risk and materiality, and establishing the relevant set of risk-based controls required.

• Review onboarding/ periodic vendor due diligence which includes performance, operational, internal controls, security, business continuity management and onsite visits of vendor’s premises.

• Working with engagement owners/ subject matter experts on resolution of gaps identified through the due diligence process or from independent auditors.

• Conduct independent reviews on the outsourcing arrangements and vendor-managed services to ensure compliance to the Vendor-Managed Services Policy.

• Management reporting of material outsourcing arrangement matters to the relevant Committee/ Board

• Monthly key risk indicator reporting on deviations/ non-performance of contractual provisions of material outsourcing arrangements and vendor-managed services.

• Support the wider Enterprise risk management and controls matters, including but not limited to risk and control self-assessments, root-cause analysis of operational incident, risk reporting and etc.

• Process improvements to drive operational efficiency and adoption of industry best practices. Develop, maintain and improve risk monitoring and reporting tools and systems.

• Conduct trainings to raise awareness.

• Any other projects assigned.

Requirements:

• Good Bachelor degree in relevant field, with 4-8 years of experience in the third party vendor management and/ or outsourcing arrangements in an established financial institution.
• Strong knowledge of relevant regulatory requirements, including but limited to the MAS Guidelines on Outsourcing, MAS Technology Risk Management Guidelines, MAS Guidelines on Business Continuity Management, Cybersecurity Act, Personal Data Protection Act, ABS Guidelines on Control Objectives and Procedures for Outsourced Service Providers and ABS Cloud Computing Implementation Guide.
• Strong verbal/written communications. Able to interface and coordinate work efficiently and effectively with representatives from various business units across the organization.
• Capable of making sound judgments based on the weight of available data.
• Ownership of new ideas and ability to challenge ideas constructively.
• Strong relationship building skills and stakeholder management to work with multiple stakeholders at various levels.
• Proven successful track record of working in highly stressful environments with unexpected challenges in times of crisis.
• Ability to work under pressure with a high degree of efficiency and manage and prioritize workload.
• Effective team player.
• Strong sense of responsibility with the ability to work alone with minimum supervision.