Operational Risk, Senior Associate

Role Summary

State Street uses third parties to support internal processes and the delivery of products and services to clients. These relationships are evaluated and risk-assessed through the Third-Party Risk Management (TPRM) Program.

The Third-Party Risk Management Associate will support the effective execution of activities across one or more TPRM lifecycle pillars. Depending on business requirements, the role may include reviewing TPRM cases and engagement records, reviewing and challenging inherent risk assessments, coordinating supplier due diligence outreach, monitoring and reviewing due diligence submissions, preparing executive summaries, and managing relationships with internal and external stakeholders.

The successful candidate will apply sound risk judgement, identify and resolve data or process inconsistencies, maintain complete and accurate records, and communicate TPRM requirements and assessment outcomes clearly. The role requires close collaboration with Engagement Managers, third-party suppliers, risk-domain subject matter experts, Business Advisors, Procurement, Legal, and TPRM teams to support timely, consistent, policy-aligned, and audit-ready outcomes. Job Duties and Responsibilities · Develop and maintain a strong understanding of State Street’s business lines, products and services, third-party operating model, and TPRM lifecycle requirements. · Review and evaluate TPRM SNOW cases, Archer engagement records, assessment records, and supporting documentation for completeness, accuracy, consistency, and compliance with applicable policies, standards and procedures · Manage assigned case queues, review and effectively challenge TPRM cases and support business lines in faster onboarding of third-party suppliers. · Identify inconsistencies or gaps in inherent risk questionnaire responses and work with Engagement Managers and relevant stakeholders to resolve issues before approval. · Apply knowledge of inherent risk questionnaire logic, scoring, question interdependencies, and due diligence triggers to confirm that the resulting inherent risk rating and due diligence requirements are appropriate. · Prepare and distribute due diligence questionnaires and supporting requirements to third-party suppliers or internal service providers within established timelines. · Monitor due diligence progress, perform follow-ups and escalations, and maintain clear records of outreach, responses, decisions, and outstanding actions. · Perform completeness and quality reviews of returned due diligence questionnaires and supporting artifacts before routing the assessment to the appropriate risk-domain subject matter experts. · Coordinate follow-up questions, clarification discussions, and supplier meetings; track responses and facilitate resolution of outstanding items. · Review and analyse due diligence results, assessment conclusions, control-effectiveness ratings, and identified findings to confirm that outcomes are sufficiently supported and accurately documented. · Prepare clear, concise, and audit-ready executive summaries that communicate the engagement scope, inherent risk profile, due diligence results, control effectiveness, findings, residual concerns, and required acknowledgement or next steps. · Coordinate executive-summary review and issuance with Engagement Managers, Executive Sponsors, Business Advisors, risk-domain subject matter experts, and other relevant stakeholders. · Build and maintain effective working relationships with third-party suppliers, Engagement Managers, business stakeholders, Procurement, Legal, risk-domain subject matter experts, and TPRM partner teams. · Explain TPRM requirements, risk-analysis conclusions, findings, and remediation expectations clearly and professionally, and guide stakeholders toward timely resolution. · Ensure that TPRM decisions, approvals, exceptions, and supporting evidence are accurately captured in Archer and relevant repositories to support governance, audit, and regulatory review. · Support the preparation of management information, metrics, trend analysis, and status reporting for TPRM leadership and governance forums. · Maintain and enhance procedures, checklists, templates, job aids, frequently asked questions, and other process documentation. · Identify opportunities to improve process efficiency, data quality, control effectiveness, stakeholder experience, and consistency of TPRM outcomes. · Participate in system testing, process-change initiatives, remediation programmes, quality-assurance reviews, audits, and regulatory inspections. · Maintain flexibility to work across TPRM pillars and support emerging programme priorities arising from business, regulatory, policy, technology, or operating-model changes. · Perform all responsibilities in accordance with State Street’s risk appetite, policies, standards, ethical requirements, and control expectations. Skills · Strong knowledge of third-party risk management principles, lifecycle activities, and governance requirements within a regulated financial-services environment. · Sound risk judgement and the ability to assess the reasonableness, completeness, and consistency of information and supporting evidence. · Strong analytical and critical-thinking skills, with the ability to identify gaps, challenge assumptions, and develop practical resolution paths. · Excellent written and verbal communication skills · Strong stakeholder and relationship-management skills, with the ability to influence outcomes while maintaining professional and constructive working relationships. · Ability to manage multiple cases, competing priorities, and tight deadlines in a high-volume, control-focused environment. · Strong organisational, documentation, and time-management skills, with close attention to detail. · Strong customer-centric mindset and commitment to providing clear guidance and responsive support to business and supplier stakeholders. · Strong proficiency in Microsoft Word, PowerPoint, Excel, and related reporting tools. · Working knowledge of Archer or a comparable governance, risk, and compliance platform is preferred. · High ethical standards, professional integrity, and commitment to maintaining appropriate confidentiality.