Risk Management - Contract Analyst

TITLE: Contract Analyst
STATUS: Exempt
REPORTS TO: Manager - Vendor Risk Management
DEPARTMENT:Risk Management
JOB CODE: 11354

PAY SCALE: $81,400.00 - $95,000.00 Annually

GENERAL DESCRIPTION:

The Contract Analyst will contribute to the implementation and execution of the Credit Union's vendor management program by working with stakeholders to ensure compliance with requirements related to third-party contract management. This role will be responsible for managing and tracking all new and existing third-party/vendor contracts throughout the contract lifecycle, reviewing contract documents, providing guidance and expertise to ensure alignment with contract standards, as well as maintain a contract management system as the primary administrator.

The Contract Analyst will provide a broad range of contract management review, analysis, reporting and support to internal business partners. Acts as a specialist/expert in providing guidance/advice on a range of contract and third-party Risk Management related matters. Assists ERM leadership to implement and educate on the contract management policies, standards, guidelines, tools, and procedures required to support the Credit Union's vendor management program.

This role will interface extensively and collaborate with various internal and external stakeholders and cross functional teams, including vendors, business owners, Legal, Information Technology, Information Security, Compliance, Finance, Project Management Office, etc.

TASKS, DUTIES, FUNCTIONS:

1. Manage the contracting process, including the tracking, approval, and execution of contracts by acting as a point of contact to internal and external parties.
2. Leads risk mitigation activities for vendor management by providing guidance and expertise on contract terms for third-party contracts and agreements, serving as the primary liaison for key stakeholders and Legal in developing required contract language and provisions. Assist business units with identifying and drafting business terms and contract Service Level Agreements (SLAs).
3. Provides guidance and expertise regarding third-party contracts by collaborating with internal teams (for example, Legal, Compliance, and Information Security) to ensure alignment on contract frameworks and standards; advising on parameters for contract negotiations; reviewing third-party contracts to ensure accuracy before sending for approval; and guiding on templates, processes, and policies.
4. Provide contracts support to internal business owners, including reviewing, evaluating, and/or drafting contractual documents. Collaborate with Legal and other subject matter experts to ensure contract terms comply with legal and regulatory requirements, policies and standards.
5. Perform ongoing monitoring of contracts and initiate renewals, amendments, and terminations as required, including notifying business owners and users of upcoming renewals and terminations.
6. Partner with business owners to ensure vendor compliance with existing contract terms and conditions, escalating to leadership as appropriate. Collaborate with business owners to ensure contract SLAs are monitored and tracked.
7. Maintain and update policies, procedures and best practices for third-party/vendor management contract review and remediation.
8. Assists in the development of standard and unique contract language to be included in proposals and contracts. Coordinates with Legal to ensure appropriate approval of such language. 

1. Conducts audits of existing contracts to identify areas of risk, including gaps in documentation or contracts terms, and makes recommendations to resolve them. Track and monitor identified issues to resolution.
2. Manage and maintain data integrity of the contract repository, ensuring consistency and best practices are followed. Tracks all credit union contracts through the life cycle in a contract management system as the primary administrator.
3. Develop standardized reporting to enable continuous monitoring against third-party/vendor contract management goals, including status of contract reviews, upcoming renewals, amendments, terminations, identified contract gaps or non-compliance with contract terms or SLAs, etc.
4. Proactively seek to identify and implement opportunities for improvement in third-party/vendor contract management governance, controls, processes and systems. Assists with efforts to rationalize and simplify documentation and processes, where appropriate.
5. Develop and maintain strong, collaborative working relationships and trust with key stakeholders across business units and corporate areas (e.g., Legal, Compliance, Information Security, Information Technology, etc.).
6. Keep informed of amendments to contract law. Maintain an ever-growing knowledge of third-party/vendor risk and contract management industry trends, best practices and techniques that can be practically applied at Golden 1.
7. Champion and provide risk awareness to the vendor management program purpose throughout the organization; train and advise internal staff on vendor and contract management processes.
8. Performs other duties as required to support the Vendor Risk Management department and the Credit Union.
9. Maintains a thorough understanding of state and federal laws and regulations related to credit union compliance including bank secrecy and anti-money laundering laws appropriate to the position.

PHYSICAL SKILLS, ABILITIES, AND EXERTION UTILIZED IN THE PERFORMANCE OF THESE TASK:

1. Strong oral, written, and presentation skills required. 
2. Strong interpersonal (people) skills are required. Must have the ability to interact with various staff and levels of management, including senior leadership, while building collaborative cross-organization relationships with internal and external stakeholders. 
3. Must possess sufficient manual dexterity to skillfully operate an on-line computer terminal and other standard office equipment, such as financial calculators, personal computer, facsimile machine and telephone.

ORGANIZATIONAL CONTACTS & RELATIONSHIPS:

1. INTERNAL: All levels of staff and management, including senior and executive-level leadership.
2. EXTERNAL: Vendor key contacts and account managers, industry associates, and others as needed.

QUALIFICATIONS:

1. EDUCATION: Bachelor's degree in business, finance, accounting, or related field. Paralegal certification would be a plus.
2. EXPERIENCE: Five (5) years' relevant experience in procurement, contract management, or within vendor management, managing vendor contracts and service levels and monitoring vendor performance. Familiarity with financial industry laws and regulations and/or similar highly regulated industry is preferred.

1. KNOWLEDGE/SKILLS:  

• Demonstrated/strong knowledge of contract frameworks, contract management, contract language and industry standards. Ability to review and draft contracts and identify legal issues and liabilities.
• Demonstrated/strong knowledge of third-party/vendor Risk Management programs, practices, and processes.
• Solid grasp of governance, privacy and security laws, business continuity/resumption, Risk Management and compliance principles relevant to third-party vendors. Familiarity with the financial services industry, terminology, products and services.
• Must have strong business communication (verbal, written and presentation) skills with ability to write/speak clearly, concisely, and professionally for a variety of audiences.
• Strong analytical, problem-solving, and workflow analysis skills, including demonstrated ability to quickly synthesize information from various sources, identify key points and effectively resolve issues.
• Proven sound judgment, work ethic, and professional integrity with exceptional attention to detail and discretion in handling highly confidential information.
• Ability to apply judgement and make sound decisions using balance of data, logic and intuition to inform critical business strategies and processes.
• Strong interpersonal and customer service skills; ability to negotiate, influence, and build collaborative, cross-organization relationships with internal and external stakeholders, even in difficult situations.
• Ability to influence and interface effectively with all levels of responsibility within the organization. Ability to collaborate with multiple teams to design and implement contract management processes and procedures.
• Strong organizational skills, with a high degree of initiative and demonstrated ability to self-start and self-prioritize assignments, make timely and effective decisions, drive accountability and get results.
• Strong process facilitation, process management and improvement skills; ability to independently and effectively handle multiple priorities and deliver a quality result within tight deadlines.
• Able to work effectively both independently and in a team.
• Proficient in Microsoft Office (Word, Excel, Visio, Outlook, PowerPoint). Experience with leveraging systems, tools, and techniques to enhance and automate processes. Familiarity with contract management software.

PHYSICAL REQUIREMENTS:

1. Prolonged sitting throughout the workday with occasional mobility required.
2. Corrected vision within the normal range.
3. Hearing within normal range. A device to enhance hearing will be provided if needed.
4. Ability to lift 15 lbs. as may be required.  
5. Occasional movements throughout the department daily to interact with staff, accomplish tasks, etc.
6. Unusually long or inconsistent hours may be required to accomplish tasks.
7. Travel may be needed to accomplish tasks. Overnight travel is sometimes necessary. Occasional weekend and evening schedules required.

LICENSES / CERTIFICATIONS:

Relevant third-party/vendor Risk Management certifications or credentials beneficial (e.g., CRVPM 1,2,3, and/or 4).

REV. 1/22/2024