Overview
The Business Analyst/Project Manager will collaborate closely with key business stakeholders to design, build, and implement a governance framework for outsourcing and third-party risk management in the insurance sector. This role emphasizes a project-led approach, focusing on requirements gathering, process mapping, and developing structured governance policies and procedures. The contractor will engage with various internal teams, including Risk, Compliance, and Operations, to ensure effective oversight and management of third-party relationships.
Responsibilities
- Collaborate with business stakeholders to design and implement governance frameworks for outsourcing and third-party risk management.
- Gather requirements from various internal teams, including Risk and Compliance, to inform the governance structure.
- Map current-state processes and identify areas for improvement within third-party risk management.
- Develop and document policies and monitoring protocols to ensure regulatory compliance.
- Conduct supplier and third-party risk assessments, including due diligence evaluations.
- Establish a comprehensive outsourcing inventory, including classifications and approvals.
- Provide ongoing oversight and monitoring of third-party relationships, ideally in the context of AI-enabled services.
- Manage project milestones and deliverables to ensure timely implementation of the governance framework.
Requirements
- Proven experience in governance, risk, or controls frameworks within financial services, with a focus on insurance exposure.
- Strong Business Analyst and Project Management skills, including process mapping and stakeholder engagement.
- Familiarity with relevant regulations such as PRA SS2/21, FCA, and DORA.
- Experience with supplier and third-party risk assessments, including due diligence processes.
- Proficient in translating complex requirements into actionable governance policies and procedures.
- Demonstrated ability to work collaboratively in a project-led environment.
- Knowledge of AI-enabled services in the context of risk management is advantageous.