Wellmark Blue Cross and Blue Shield · 1 month ago
Vendor Risk Manager
Des Moines, IA
Full-time
Hybrid
Entry, Mid Level
2+ years expWellmark Blue Cross and Blue Shield is a mutual insurance company committed to the well-being of its members. The Vendor Risk Manager is responsible for supporting the vendor risk management program by performing due diligence, ongoing risk monitoring, and ensuring compliance with company standards throughout the vendor lifecycle.
Financial ServicesHealth InsuranceInsurancePersonal Health
No H1B
U.S. Citizen Only
Responsibilities
Serve as centralized vendor contact and facilitator in partnership with the Business Vendor Owner (BVO), to manage the vendor relationship, drive innovation, manage risk, compliance, and performance expectations. Communicate and build relationships with assigned vendors and internal stakeholders to ensure they are properly educated on Wellmark’s Vendor Management program and ongoing expectations for vendors throughout the life of the relationship
Review and interpret assigned contracts and document relevant contract provisions for monitoring vendors within the Vendor Management program
Maintain a working knowledge of Wellmark’s corporate contract standards
Review and scrutinize vendor agreements to ensure that Wellmark and the business can effectively monitor and evaluate risk. As requested, facilitate discussions with internal and external stakeholders regarding the rights and obligations contained within each contract, consulting with Legal, Contract Administration, Privacy, and others, as needed
Determine criticality of vendor services, in collaboration with BVO and other internal stakeholders, to determine inherent risk of the vendor to Wellmark. Determine inherent risk score based on corporate standards which include, data, dependency, criticality, exclusivity, member impact, building access and spend
Based on the inherent risk of the vendor, facilitate initial and on-going risk assessments, and due diligence for Wellmark vendors and their subcontractors. Collaborate with the Vendor Risk Management Coordinator to review and track assessments and ongoing due diligence daily to ensure they are completed in the specified timeframe and follow-ups are sent as appropriate and in accordance with Wellmark policies and procedures
Collaborate with SMEs to review vendor risk assessments and due diligence for completion and evaluate risk. Risk assessments and due diligence performed include, but are not limited to security reviews, business continuity, disaster recovery, SOC audits, financial reviews, government required compliance reviews, merger and acquisition assessments, certificates of destruction (COD), and offboarding due diligence
Collaborate with vendor, Legal, BVO, and SMEs to address any findings or deficiencies to remediate risk to Wellmark, and as applicable create risk mitigation strategies, performance management plans, suggest process improvements, and/or contract changes. Escalate and present identified residual risk according to company policies and procedures that are built based upon Wellmark’s risk appetite, and/or regulatory/government programs, to Wellmark's Vendor Management Steering Committee
In accordance with Wellmark policies, identify and initiate recommendations for vendor contractual terms, whether due to outcomes of vendor assessments, residual or inherent risk, and/or performance/relationship issues that may arise during the vendor lifecycle. Assist in coordination between business partners and vendors to ensure vendor contract terms and requirements are understood and expectations are met
In partnership with Vendor Management leadership and SMEs, identify which vendors require onsite assessments, determine all relevant stakeholders, develop an agenda, and facilitate and lead the onsite assessment
Assist in and facilitate the management and monitoring of vendors that are covered by government programs or regulatory bodies. Fulfill Blue Cross Blue Shield Association requests and/or requirements, as applicable
Assist Wellmark’s Cyber Security Team with inquiry, follow up, and remediation of vendor security incidents
Assist the BVO with management of the relationship for assigned vendors, including monitoring of overall performance. This includes but is not limited to overseeing performance management plans for vendors, while seeking input and participation in the vendor management process from all stakeholders within Wellmark and escalating as necessary
Assist in the development of tools and processes (e.g., vendor management sites or systems, vendor scorecards, communication templates, training, etc.) to monitor and manage vendor performance and risk based on established criteria
Provide on-going vendor scorecard reporting and analysis to internal and external parties, including the Executive Steering Committee, to facilitate adequate monitoring, review, and follow-up on vendors’ operational performance, risk profile, and contractual compliance
Work collaboratively with department peers and internal stakeholders to ensure SLA’s, deliverables, compliance requirements and expectations for participation in the Vendor Management program are adequately incorporated into RFx’s and all appropriate vendor contracts
Advocate and educate by serving as an ambassador for Vendor Management and Procurement Services. Assist with the investigation of new opportunities and leverage technology solutions to improve the efficiency and/or effectiveness of vendor management processes. Participate on project teams to identify areas for process improvement
Other duties as assigned
Qualification
Required
Bachelor's degree in related field or direct and applicable work experience in third-party risk management, sourcing, procurement, or enterprise risk management, or a heavily regulated industry (such as insurance, financial services, banking, etc.)
Minimum 2 years of experience managing relationships such as vendor management, account management and/or risk management, including conducting initial and ongoing vendor due diligence, risk assessments, and recommending risk mitigation strategies in accordance with company policies and procedures
Minimum of 1-year of procurement and contract administration experience
Prior experience creating and defining processes and developing metrics to measure impact. Ability to learn new technology and tools quickly
Strong collaboration and interpersonal skills with the ability to quickly build relationships focused on collaboration and trust. Demonstrated ability to develop and maintain high-performance relationships with internal and external stakeholders and customers with the ability to influence without authority and communicate upward and across divisions
Demonstrated ability to exhibit a risk management mindset, one focused on overall risk assessments with the ability to think critically to assess details and the big picture to recommend risk mitigation strategies
Possess excellent written and verbal communication skills with experience developing presentations and presenting to others including up to the executive level within an organization
Ability to solve problems, develop solutions, and proactively partner to assist business leaders in achieving financial and performance goals and objectives and drive results
Must be self-motivated and have a sense of urgency, and is flexible and adaptable to change, with the ability to see what needs to be done and take action to ensure successful and timely accomplishments of business needs
Proficient in Microsoft Office (Word, Excel, and Power Point)
Preferred
Bachelor's degree
Certified Third-Party Risk Professional (CTPRP) or Certified Third-Party Risk Assessor (CTPRA)
Prior experience in Health Insurance industry
Company
Wellmark Blue Cross and Blue Shield
Wellmark Blue Cross and Blue Shield and its subsidiaries provide health coverage to more than 2 million members in Iowa and South Dakota.
1001-5000 employees
Funding
Current Stage
Late StageLeadership Team
John Forsyth
Chief Executive Officer
Andrew Neller
Deputy Chief Information Security Officer
Recent News
2022-02-18
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