Vendor Management Officer (Banking Sector)

Position Overview:

The Vendor Management Officer is responsible for overseeing the end-to-end lifecycle of third-party service providers engaged by the bank. This role ensures that vendors comply with contractual, regulatory, operational, and security requirements, while supporting ongoing performance monitoring and risk management.

Key Responsibilities:

1. Vendor Onboarding & Due Diligence :

• Conduct initial and periodic due diligence on new and existing vendors.
• Coordinate with Legal, Risk, Compliance, IT Security, and Procurement to ensure regulatory compliance.
• Verify vendor documentation including licenses, certifications, and financial reports.
• Facilitate vendor registration and onboarding processes.

2. Contract & SLA Management

Review and track vendor contracts, amendments, and renewals.

Ensure SLAs, KPIs, and compliance standards are clearly defined.

Support contract negotiations with Legal and Procurement.

3. Vendor Performance Monitoring

Monitor vendor performance against approved KPIs and SLAs.

Prepare performance scorecards and management dashboards.

Conduct regular vendor review meetings.

4. Risk Management & Compliance

Perform third-party risk assessments covering operational, cybersecurity, and regulatory factors. Monitor compliance with Central Bank regulations and internal governance frameworks.

Support audits and ensure remediation actions are completed.

5. Financial & Operational Oversight

Track invoices, payments, cost variances, and budgets.

Support cost analysis initiatives. -

Identify opportunities for cost optimization.

6. Relationship Management

Act as a primary point of contact with strategic vendors.

Maintain strong relationships with internal departments and external providers.

Resolve operational issues and escalate when necessary.

7. Reporting & Documentation

Maintain updated vendor databases and contract repositories.

Prepare risk, performance, and compliance reports.

Document vendor interactions and evaluations.

Qualifications & Requirements Education:

Bachelor’s degree in Business, Finance, Supply Chain, or related field.

Experience: 2–5 years in vendor management, procurement, or risk (banking preferred).

Technical Skills: Contract management, procurement systems, MS Office. Soft Skills: Communication, negotiation, analytical thinking, attention to detail