Voya Financial

Director, Third Party Risk Management

Employment typeFull-Time

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  • Job Description

      Req#: JR0029375

      Together we fight for everyone’s opportunity for a better financial future.

      We will do this together — with customers, partners and colleagues. We will fight for others, not against: We will stand up for and champion everyone’s access to opportunities. The status quo is not good enough … we believe every individual and every community deserves access to financial opportunities. We are determined to support both individuals and communities in reaching a better financial future. We know that reaching this future depends on our actions today.

      Like our Purpose Statement, Voya believes in being bold and committed to action. We are committed to a work environment where the differences that we are born with — and those we acquire throughout our lives — are understood, valued and intentionally pursued. We believe that our employees own our culture and have a responsibility to foster an environment where we all feel comfortable bringing our whole selves to work. Purposefully bringing our differences together to positively influence our culture, serve our clients and enrich our communities is essential to our vision.

      Are you ready to join a company with a strong purpose and a winning culture? Start your Voyage – Apply Now

      Position Description:

      The Director of Third Party Risk Management (TPRM) is responsible for management and ongoing optimization of Voya's TPRM program covering suppliers across all commodities and engagements. Reporting to the Head of Risk Management for Technology, AI, and Third Parties , the Director of TPRM is responsible for policy setting, governance and oversight, risk advisory, and third party risk and controls assessments balancing; risk with business opportunities and maintaining alignment with Voya’s strategic objectives.

      Position Summary:

      • Maintain a risk-based framework for TPRM prioritizing critical vendors posing the greatest threat to Voya’s business objectives. Provide thought leadership to continuously improve and streamline the framework in line with risk vs. reward principles and applicable laws and regulations.
      • Effectively manage a team of subject matter experts in TPRM, playing a pivotal role in the identification, assessment, and mitigation of third party risks while providing real-time risk advisory throughout the vendor lifecycle.
      • Maintain and enforce adherence to fit for purpose third party risk policies and standards.
      • Maintain a comprehensive inventory of third-party vendors catalogued by commodity, engagement, service criticality, risk, and other key attributes to oversee critical vendors supporting critical business processes.
      • Conduct risk based due diligence activities across key areas of risk and interest, including information security, geographical factors, compliance, financial viability, and resilience.
      • Implement ongoing monitoring capabilities to track changes in vendors’ risks profiles, regularly reviewing, and updating risk assessments based on changes.
      • Develop clear and concise reports highlighting key risk metrics and insights for business leadership, facilitating informed decision-making and heightened awareness of potential threats.
      • Proactively identify and escalate risks associated with vendor concentration and dependencies, as well as risks stemming from fourth party relationships, ensuring that appropriate actions are taken to mitigate exposures including adequate contingency planning.
      • Develop and deliver educational, awareness, and training programs aimed at enhancing awareness and understanding of third party risks among key stakeholders and business leadership, empowering them to make risk informed decisions.
      • Collaborate closely with internal stakeholders, including sourcing, legal, technology, and risk management teams, to develop and implement effective risk mitigation strategies tailored to specific vendor relationships.
      • Determine optimal configuration of applications supporting the TPRM process, including TPRM components of Voya’s enterprise GRC solution and vendor monitoring tools; to streamline and enhance Voya’s TPRM program

      Knowledge & Experience:

      • 10 plus years minimum of related experience within Insurance, Banking or Asset Management preferred
      • A bachelors degree or equivalent work experience
      • Strong understanding of the TPRM life cycle, including vendor onboarding, due diligence, ongoing monitoring, and offboarding.
      • In-depth understanding of third-party vendor risks, including cyber, operational, and financial risks.
      • Demonstrated ability to build strong relationships across the organization.
      • Strong leadership skills with ability to influence, motivate and lead others, including those in other departments.
      • Ability to discern and measure business relevant risk from third party risks and issues, and to identify cost effective remediation options.
      • Excellent communication skills, with the ability to articulate complex risk scenarios to diverse audiences.
      • Strong analytical and problem-solving abilities.
      • Proven ability to operate independently and thrive in a dynamic, fast-paced setting.
      • Ability to balance and successfully manage competing priorities.
      • Strong industry participant with knowledge of best practices


      Compensation Pay Disclosure:

      Voya is committed to pay that’s fair and equitable, which means comparable pay for comparable roles and responsibilities.

      The below annual base salary range reflects the expected hiring range(s) for this position in the location(s) listed. In addition to base salary, Voya offers incentive opportunities (i.e., annual cash incentives, sales incentives, and/or long-term incentives) based on the role to reward the achievement of annual performance objectives. Please note that this salary information is solely for candidates hired to perform work within one of these locations, and refers to the amount Voya Financial is willing to pay at the time of this posting.

      Actual compensation offered may vary from the posted salary range based upon the candidate’s geographic location, work experience, education, licensure requirements and/or skill level and will be finalized at the time of offer. Salaries for part-time roles will be prorated based upon the agreed upon number of hours to be regularly worked.

      $148,500 - $185,620 USD

      Be Well. Stay Well.

      Voya provides the resources that can make a difference in your lives. To us, this means thriving physically, financially, socially and emotionally. Voya benefits are designed to help you do just that. That’s why we offer an array of plans, programs, tools and resources with one goal in mind: To help you and your family be well and stay well.

      What We Offer

      • Health, dental, vision and life insurance plans
      • 401(k) Savings plan – with generous company matching contributions (up to 6%)
      • Voya Retirement Plan – employer paid cash balance retirement plan (4%)
      • Tuition reimbursement up to $5,250/year
      • Paid time off – including 20 days paid time off, nine paid company holidays and a flexible Diversity Celebration Day.
      • Paid volunteer time — 40 hours per calendar year

      Learn more about Voya benefits (download PDF)

      Critical Skills

      At Voya, we have identified the following critical skills which are key to success in our culture:

      • Customer Focused: Passionate drive to delight our customers and offer unique solutions that deliver on their expectations.
      • Critical Thinking: Thoughtful process of analyzing data and problem solving data to reach a well-reasoned solution.
      • Team Mentality: Partnering effectively to drive our culture and execute on our common goals.
      • Business Acumen: Appreciation and understanding of the financial services industry in order to make sound business decisions.
      • Learning Agility: Openness to new ways of thinking and acquiring new skills to retain a competitive advantage.

      Learn more about Critical Skills

      Equal Employment Opportunity

      Voya Financial is an equal-opportunity employer. Voya Financial provides equal opportunity to qualified individuals regardless of race, color, sex, national origin, citizenship status, religion, age, disability, veteran status, creed, marital status, sexual orientation, gender identity, genetic information, or any other status protected by state or local law.

      Reasonable Accommodations

      Voya is committed to the inclusion of all qualified individuals. As part of this commitment, Voya will ensure that persons with disabilities are provided reasonable accommodations. If reasonable accommodation is needed to participate in the job application or interview process, to perform essential job functions, and/or to receive other benefits and privileges of employment, please reference resources for applicants with disabilities.

      Misuse of Voya's name in fraud schemes

  • About the company

      Voya Financial is here to help you plan, invest and protect your savings to get ready to retire better. See how America’s Retirement Company can help you!