Third Party & Contract Risk Sr Mgr

J  o  b    D  e  s  c  r  i  p  t  i  o  n

Job Profile Title:

Third Party & Contract Risk Sr Mgr

Job Code:

12725

Business_Title

Sr Risk Mgr Third Party & Contract Risk

Profile Title:

12725 Third Party & Contract Risk Sr Mgr

Grade / Band:

IC4

FLSA Status:

Exempt

The Sr Risk Manager - Third Party & Contract Risk leads the third-party and contract risk function, ensuring supplier engagements align with corporate policies, risk tolerance, and regulatory expectations. The Senior Risk Manager oversees the development and enforcement of risk frameworks related to insurance, indemnity, and supplier performance, driving enterprise-wide visibility and accountability. The role partners cross-functionally with Legal, Sourcing, ESG, and Compliance to identify risk exposure, ensure due diligence, and support responsible supplier decision-making.

Own and enforce the Third-Party Risk Management (TPRM) Program for Supply Chain, including policy, risk tiering, and exception management.

Monitor supplier performance, incidents, and compliance with ongoing risk monitoring protocols.

Draft and update enterprise policies and SOPs related to supplier and contract risk.

Develop dashboards and risk reports to ensure executive-level visibility and proactive issue resolution.

Support audits and regulatory inquiries involving vendor risk governance or contract compliance.

Serve as the primary point of contact for escalated risk issues, policy breaches, and mitigation plans.

Maintain and govern MGM’s third-party risk classification system and oversight workflows.

Oversee contract risk assessments, COI requirements, and resolution of insurance and indemnity gaps in partnership with Legal and Risk Management.

Review and approve contracts for insurance, indemnity, and regulatory risk requirements.

Facilitate root cause analysis and resolution of third-party risk incidents.

Lead quarterly risk reporting and provide summaries to senior management and compliance leaders.

Collaborate with category and sourcing teams to embed risk mitigation strategies into procurement processes.

Develop and maintain policy documentation, risk assessment templates, and supplier scorecards.

Ensure completion of COI tracking, incident escalation, and corrective action implementation.

Lead cross-functional risk working sessions with stakeholders from Legal, Compliance, and ESG.

Train Business Units on policy expectations and execution of risk assessment and monitoring. Provide training and guidance to internal stakeholders on risk policy adherence, due diligence, and escalation procedures.

Performs other job-related duties as requested

Proof of eligibility to work in the United States

Bachelor's Degree

in Risk Management, Supply Chain, Business Administration, Legal Studies, or a related field

Preferred

Master's Degree

in a related discipline

Preferred

7+ Years of Prior Relevant Experience

in third-party risk management, insurance, compliance, or vendor governance in a large or regulated organization

Required

Deep understanding of contract risk, indemnity clauses, and insurance language.

Required

Experience managing policies and SOPs related to vendor risk and compliance frameworks.

Required

Familiarity with CLM systems, COI tracking, and audit protocols.

Required

Strong cross-functional communication and stakeholder engagement skills.

Required

Deep understanding of Third-Party Risk Management (TPRM) frameworks, including risk tiering, exception handling, and ongoing monitoring.

Familiarity with regulatory compliance requirements such as GDPR, SOX, HIPAA, and FCPA.

Knowledge of Enterprise Risk Management (ERM) and its integration with vendor oversight.

Understanding of contract law, indemnity clauses, and insurance requirements including Certificates of Insurance (COIs).

Experience supporting audits and responding to regulatory inquiries with accurate documentation.

Awareness of procurement and supply chain operations, including sourcing strategies and supplier lifecycle management.

Ability to draft, update, and maintain enterprise policies, SOPs, and risk documentation.

Skilled in developing dashboards, scorecards, and executive-level risk reports for visibility and decision-making.

Proficient in data analysis and visualization tools such as Excel, Power BI, or Tableau.

Strong collaboration skills to engage cross-functionally with Legal, Compliance, ESG, and sourcing teams.

Capable of delivering training and guidance to business units on risk policies and procedures.

Skilled in incident management, including root cause analysis, escalation protocols, and corrective action planning.

Ability to govern and maintain third-party risk classification systems and oversight workflows.

Capable of handling escalated risk issues and policy breaches with sound judgment and mitigation planning.

Ability to identify gaps in risk processes and implement enhancements for efficiency and compliance.

Leadership in facilitating cross-functional risk sessions and quarterly reporting with senior management.

Ability to ensure consistent application of risk policies across business units and procurement processes.

Experience reviewing and approving contracts for insurance, indemnity, and regulatory risk requirements.

Ability to embed risk mitigation strategies into procurement processes in collaboration with sourcing teams.

Competence in maintaining COI tracking, incident escalation, and corrective action implementation.

Ability to develop and maintain risk assessment templates and supplier scorecards.

Balancing

X

Bending

X

Carrying 10 pounds

X

Clear speech - simple

X

Clear speech - complex

X

Climbing

X

Distant vision

X

Driving

X

Flexibility - upper body

X

Flexibility - lower body

X

Hearing/Listening

X

Kneeling

X

Lifting 10 pounds

X

Near vision

X

Normal vision

X

Pushing/Pulling

X

Reaching

X

Sitting

X

Standing

X

Typing

X

Walking

X

Communication - verbal

X

Communication - written

X

Confined area

X

Contacts - works alone

X

Contacts - works around others

X

Contacts - works with others

X

Exposure to dust / dirt

X

Exposure to fumes / odors

X

Extreme cold

X

Extreme heat

X

Fast pace

X

Hazardous conditions - chemicals

X

Hazardous conditions - high structures

X

Hazardous conditions - high voltage

X

Indoors

X

Noise levels - low to moderate

X

Noise levels - high

X

Office conditions

X

Outdoors

X

Restricted area

X

Shifts

X

Smoke

X

Travel

X

Wet/Humid

X

Analytical

X

Clerical

X

Comprehension

X

Crisis incidents

X

Customer service

X

Decision making

X

High pressure

X

Judgment

X

Long hours

X

Math skills - advance

X

Math skills - basic

X

Organization

X

Reading - simple

X

Reading - complex

X

Repetition

X

Tight deadlines

X

Writing - simple

X

Writing - complex

X