Third Party Contract Risk Specialist

Third Party Contract Risk Specialist

We are seeking an experienced professional to deliver oversight and assurance of third party contracts across the organisation. This role is critical in ensuring that supplier agreements meet regulatory, legal, and internal policy requirements, while effectively managing contract related risk throughout the third party lifecycle.

Working at the intersection of risk, compliance, procurement, and legal, you will play a key role in strengthening contractual controls, supporting operational resilience, and ensuring the organisation meets its financial services regulatory obligations.

About the role

Key Responsibilities

Contract Oversight & Risk Management

• Provide assurance that third party contract risks are appropriately identified, understood, mitigated, and tracked, with contracts aligned to the organisation’s risk appetite and regulatory expectations.
• Support business areas by reviewing contracts for key regulatory, operational resilience, and risk requirements, working collaboratively with Legal, Compliance, and Procurement to ensure risks are effectively addressed and proportionately managed.

Contract Lifecycle Monitoring

• Monitor key contract milestones, renewals, and obligations to enable timely review and proactive management of emerging risks.
• Maintain a complete and accurate central contract register, linked to relevant risk assessments and assurance activity.

Assurance & Compliance Monitoring

• Design and deliver assurance activities to assess the effectiveness of contractual controls and supplier compliance.
• Support internal and external audits by providing clear, well evidenced assurance of contract compliance, risk mitigation, and governance arrangements.

Stakeholder Engagement

• Work collaboratively with internal stakeholders to promote a consistent, risk based approach to third party contract management.
• Provide guidance and support to business areas on regulatory obligations, contract risk considerations, and assurance expectations.

Reporting & Governance

• Produce clear and timely reporting and dashboards covering contract risk, assurance outcomes, and compliance metrics for senior management and governance forums.
• Escalate material contract risks or noncompliance issues in line with established governance and reporting protocols.

What Success Looks Like

• Third party agreements consistently meet regulatory, legal, and internal policy requirements, reducing noncompliance risk.
• Contract related risks are proactively identified, assessed, monitored, and mitigated in line with the organisation’s risk appetite.
• Contracts include robust risk mitigation clauses that support operational resilience, auditability, and exit planning.
• A complete, accurate, and up to date contract register is maintained, enabling informed decision making and avoiding unmanaged contractual risk.
• Assurance activities are effective, issues are clearly documented, and remediation actions strengthen ongoing compliance and oversight.

Skills, Experience and Capabilities

Essential:

• Experience in contract management, third party risk, assurance, or compliance within a regulated financial services environment.
• Knowledge of regulatory expectations impacting third party arrangements (e.g. FCA SYSC 8, PRA SS2/21, GDPR).
• Proven experience reviewing contracts and delivering assurance or oversight activities.
• Excellent attention to detail, with the ability to interpret complex regulatory and contractual language.
• Strong stakeholder management and communication skills.

Desirable:

• Familiarity with contract lifecycle management (CLM) systems and risk monitoring tools.
• Experience supporting audits, governance forums, or regulatory reviews.

Core Capabilities:

• Regulatory and legal acumen
• Risk identification and mitigation
• Contractual diligence
• Governance and assurance
• Analytical thinking
• Stakeholder influence and organisational awareness