Analyst - Third Party Risk Management - job 6 of 19

An Analyst specializing in Third Party Risk Management at Visa is responsible for completing third-party risk assessments, supporting change management, and validating supplier arrangements to ensure compliance. This role also includes collaborating with internal stakeholders, periodically reporting key risk metrics to senior leadership, and developing change management strategies for better risk management practices.

To excel as an Analyst in Third Party Risk Management at Visa, candidates typically should possess relevant experience in third-party risk assessment, strong analytical skills, along with project management and strategic thinking capabilities. Communication and negotiation skills are essential for collaborating with various stakeholders, while leadership experience can greatly benefit those looking to drive impactful change.

In the Analyst - Third Party Risk Management position at Visa, compliance is ensured through the validation of supplier arrangements and the execution of comprehensive third-party risk assessments. Regular reporting on supplier risk profiles aids in maintaining accountability, while collaborative efforts with internal and acquired entity stakeholders ensure adherence to regulatory standards.

Key competencies for success as an Analyst in Third Party Risk Management at Visa include strong analytical and problem-solving skills, effective communication, strategic thinking, and leadership abilities. Proficient project management skills are also vital for coordinating various assessments and implementing change management initiatives.

A typical day for an Analyst - Third Party Risk Management at Visa involves completing third-party risk assessments, collaborating with stakeholders on compliance matters, reporting risk metrics, driving change management initiatives, and onboarding acquired entity suppliers. This dynamic role combines analysis, strategy, and collaboration.

When approaching third-party risk assessments, I focus on gathering comprehensive data about the supplier's operations, financial stability, and compliance history. I prioritize collaboration with internal stakeholders to understand specific business needs and customize the assessment accordingly.

In my previous role, I led a change management initiative to enhance our risk management processes. I developed a structured plan, executed stakeholder training sessions, and monitored engagement to ensure that the new procedures were successfully adopted by the team.

I utilize data visualization tools to present key risk metrics clearly and effectively. I ensure that reports are tailored to the audience, outlining relevant insights that assist leadership in making informed decisions regarding risk management strategies.

Effective communication starts with understanding the stakeholders’ needs and preferences. I adopt a collaborative approach, providing regular updates and actively soliciting feedback. This ensures that all parties are aligned and informed throughout the risk assessment process.

I find tools like GRC software, data visualization platforms, and project management applications especially helpful in risk management. These tools streamline communication, enhance data analysis, and facilitate compliance tracking.

Prioritizing my workload involves assessing the urgency and impact of each assessment. I often use a matrix method to categorize tasks and set clear deadlines, allowing me to focus on high-priority assessments while ensuring timely completion of all tasks.

Handling conflicting feedback requires a diplomatic approach. I would first seek to understand each stakeholder’s perspective, analyze the underlying concerns, and facilitate a discussion to reach a consensus or compromise that aligns with our risk management standards.

My experience ensures proper regulatory compliance by keeping abreast of relevant laws and regulations. I regularly conduct compliance audits, and I collaborate closely with legal and compliance teams to ensure our practices meet standards and mitigate risks.

I support team members by facilitating training sessions focused on risk management practices and providing clear documentation that outlines processes. I encourage a culture of open communication, where questions are welcomed, and collaborative problem-solving is prioritized.

I advocate for continuous improvement by regularly reviewing processes, gathering stakeholder feedback, and incorporating best practices. Initiatives might include developing more comprehensive assessment models or enhancing training programs to ensure team members are well-equipped.