Vendor Risk Analyst Job Description, Key Duties and Responsibilities
This post provides in-depth information of the job description of a vendor risk analyst to increase your knowledge of what they do.
It highlights the tasks, duties, and responsibilities that typically make up the vendor risk analyst work description in most organizations.
This page also provides the skills, experience, education, and other requirements you may be expected to meet to qualify to access the vendor risk analyst job if you are seeking one.
Please, continue reading to learn more about the vendor risk analyst career:
What Does a Vendor Risk Analyst Do?
A vendor refers to someone who provides goods or services to a company or individuals.
A vendor risk analyst is one who identifies and examines areas of potential risk that threaten the asset base, earning capacity, and the general financial success of the private or public vendor that employs him/her or that contracts his/her services.
A vendor risk analyst must then develop and present various ways or means by which risks or damages can be lessened, and also provide recommendations based on his/her analysis.
The presented recommendations may involve strategies for minimizing risks and maximizing rewards, and also making sure that the vendor’s activities go hand in hand with financial regulations and other statutory requirements.
The vendor risk analyst job description also includes reviewing financial and accounting documents, researching current events, and anticipating their possible effect on the economy and the financial services industry, and working with other traders to analyze the risk associated with specific transactions.
It also entails performing vendor documentation review and analysis, documenting and reporting risks to vendor assessment management team, business partners, and vendors; identifying and measuring risk associated with vendor security controls, and many more.
A vendor risk analyst must be very well experienced, able to work under vendor deadlines, and skillful in analyzing financial statements; he or she must also possess the ability to present complex concepts to a wide audience.
He/she must also have keen interest in mathematics and data analysis, and enjoy developing strategies to reduce risk.
In terms of academic qualifications, any individual that is interested in the vendor risk analyst career should have a Bachelor’s degree in risk management or financial markets, as vendors that employ vendor risk analysts tend to prefer candidates with graduate degrees.
However, gaining an entry-level job in vendor risk analysis may be possible if such candidate is experienced in finance and insurance in addition to having a relevant professional certification.
Vendor Risk Analyst Job Description Example/Sample/Template
Vendor risk analysts perform various functions in ensuring effective identification and examination of areas of potential risk to an organization’s financial success.
The major duties, tasks, and responsibilities that commonly define the vendor risk analyst job description are shown below:
- Developing or coming up with possible or unpredictable plans to deal with emergencies
- Observing and forecasting market trends
- Making effective and efficient use of quantitative analysis, statistical models, and evaluation tools and techniques
- Performing vendor documentation, review, and analysis
- Identifying and measuring the risk associated with vendor security controls
- Documenting and keeping track of risks and recommendations based on the vendor’s lack of control
- Coordinating and performing vendor reviews
- Studying the legislation of the government and advising the vendor or company on how to comply with these legislations
- Coming up with ideas and presenting them via reports and presentations, and making suggestions or recommendations for improvements and enhancements based on research or findings
- Examining the areas that pose threats to the financial assets of the vendor or organization, while also recommending solutions to minimize risks.
Vendor Risk analyst Job Description for Resume
If you have worked previously in the position of a vendor risk analyst or are holding the role with your present employer, it will be wise to include the professional or work experience section to your resume if you are writing one for a new job.
A professional experience section in your resume help inform the recruiter that you have been successful performing the duties of a vendor risk analyst, which is a boost to your resume’s ability to win you an interview.
You can create an effective professional experience section for your vendor risk analyst resume by applying the duties of the role provided in the job description sample above.
Vendor Risk Analyst Requirements – Skills, Abilities, and Knowledge – for Career Success
If you are seeking the job of a vendor risk analyst, recruiters will want you to meet certain requirements to prove that you can effectively carry out the obligations, purpose, and objectives of the vendor risk analyst role that may be assigned to you.
Shown below are major requirements recruiters for the vendor risk analyst job commonly expect prospective candidates to meet to be considered for hiring:
- Ability to work both independently and as part of a team to deliver quality work in a fast-paced environment
- Flexibility and ability to think creatively and to identify new ways to approach old problems
- Distinct analytical, decision-making, and problem-solving skills
- Strong ability to effectively and quickly respond to the demands of executives
- Paying particular attention to detail, and the ability to prioritize works efficiently and effectively
- Ability to provide and pass information to a wide variety of audiences regardless of topic, and effectively deal with issues that are confidential and sensitive in nature
- Possess a Bachelor’s degree in risk management or financial markets
- Excellent mathematical, analytical, and business communication skills to analyze and solve problems, as well as file reports and communicate with audiences no matter how large
- Time management skills to work within the timeframe set out by the vendor or organization.
If you are an HR manager or recruiter needing to hire for the vendor risk analyst role for your organization, you can apply the job description example above in making a good description of the available vendor risk analyst job to effectively inform prospective candidates of the expectation of the job.
By publishing a detailed description of the vacant vendor risk analyst position, prospective candidates will be able to decide if they have the competence to perform the highlighted duties and responsibilities.
And that means only qualified individuals will apply for the position, which makes your hiring success.
This post is equally helpful to individuals interested in the vendor risk analyst career; they will be able to increase their knowledge of the role.
Did this article help increase your understanding of what vendor risk analysts do? Please, make a comment in the box. You can also discuss your job description if you work as a vendor risk analyst.
Job Assessment Tests: How to Top Your Competition
As part of the hiring process, most applicants that passed the initial Resume/CV screening phase are required to pass an assessment test for the job or apprenticeship position they are applying for.
The goal of this phase is to determine if the candidate has the appropriate set of skills and qualities to excel on the job.
Find out the tests you will be needing to take for the position you are applying for; get lots of success proven Practice materials to prepare with now: Sure way to make high scores in job tests.