Vendor Management Specialist

Vendor Management Specialist

Requirements

• Bachelor’s degree and one to two years’ experience in insurance preferred.
• Prior experience with Prevalent/BitSight Systems or other third-party vendor and security systems a plus.
• Prior experience in Compliance, Technology and/or Systems Administration a plus.
• Strong interpersonal and communication skills.
• Strong organization and time management skills along with strong attention to detail.
• Must be self-motivated, able to work independently and results driven.

Responsibilities

• Collaborate with department leaders to define vendor requirements and assist in selecting vendors based on business needs.
• Lead and manage the vendor onboarding process, ensuring the collection of all required documentation, certifications, and compliance information.
• Conduct thorough due diligence on new vendors, assessing their financial stability, regulatory compliance, and alignment with the company’s values and business objectives.
• Assist in evaluating vendor cybersecurity risks, conducting assessments and audits as needed.
• Maintain an updated inventory of approved vendors, tracking performance, risk, and compliance.
• Monitor vendor relationships to ensure compliance with contracts, SLAs, business impact metrics, and regulatory requirements.
• Oversee the administration of the Prevalent Vendor Management System, ensuring accurate, up-to-date vendor data.
• Coordinate with internal teams to categorize and index data for reporting.
• Manage the BitSight cybersecurity monitoring system, ensuring regular tracking of vendor ratings.
• Use Prevalent and BitSight to create risk profiles and provide insights to management.
• Generate periodic reports on vendor performance, security, and compliance.
• Serve as the primary contact for internal teams (legal, info security, compliance) regarding vendor management inquiries and escalations.
• Identify opportunities for process improvements and efficiencies within the vendor management lifecycle.
• Stay up to date with the latest vendor management tools, systems, and best practices, and recommend updates or new solutions to enhance operational efficiency.
• Implement and oversee training programs for internal teams to ensure proper usage and understanding of Prevalent and BitSight systems.
• Identify potential risks or issues related to vendor performance or cybersecurity and work proactively to mitigate them before they affect business operations.
• Respond to emerging cybersecurity threats and vendor performance issues, escalating them to the relevant teams when necessary.

Preferred Qualifications

• Prior experience with Prevalent/BitSight Systems or other third-party vendor and security systems a plus.
• Prior experience in Compliance, Technology and/or Systems Administration a plus.