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The purpose of this role is for the Third Party Risk and Outsourcing Senior Manager to support the Associate Director, Third Party Risk Management and the Head of Group Procurement in providing leadership, operational oversight and assurance of Prudential’s new Group-wide third party risk management and outsourcing risk governance framework. This role is in response to Prudential’s efforts to enhance the Group’s Third Party Risk Management framework, which includes, but is not limited to enhancement of risk assessment methodologies, establishment of second line oversight capabilities, increasing risk awareness across the Group and overall strengthening of TPRM monitoring and remediation processes. Furthermore, this role is also critical to support compliance to the HKIA’s Group-wide supervisory framework to that regulate Insurance Group’s headquartered in Hong Kong, and specifically to this role , the HKIA’s Outsourcing guidelines

Key responsibilities of this role will include:

Supporting the Associate Director, Third Party Risk Management and Head of Group Procurement in activities that enhance the Group’s Third Party Risk Framework and increase the effectiveness of key third party risk management controls
Support the operationalisation of Prudential’s TPRM risk management lifecycle, in particular monitoring and reporting of elevated risks against third parties, and ensuring that relevant action plans to remediate risk are closed on a timely basis by accountable parties
Conduct quality assurance activities that assess the effectiveness of how well business departments and business units across Asia and Africa are complying to mandatory requirements and adopting best practice TPRM activities (across third party risk assessment and due diligence, supplier performance management, policy assurance and reporting and MI)
Perform activities with business units and stakeholders to improve the third party risk awareness risk culture across the Group
Support in developing reporting and MI across all aspects of Prudential’s Third Party Risk framework for various risk committees
Support operational activities associated with performing reviews of Outsourcing, Materiality and risk assessments in the Group’s Third Party Risk Management platform (Coupa Risk Assess)

This role will require a good understand of the third party risk and outsourcing regulatory landscape in Asia and operational experience and knowledge of best practices with regards to the third party risk management lifecycle.

Furthermore, the role will also be responsible for supporting the Group’s and supply chain ESG risk activities, including the review of assessments, addressing red flags, facilitating audits on third parties, and training and awareness activities of third party risk management and ESG in the supply chain.

This role will also require strong stakeholder management and communication skills given the need to interact with procurement, risk and compliance professionals across Prudential’s Asia and Africa markets in ensuring that the Group’s third party and outsourcing governance processes are working effectively.

The need for a dedicated Third Party Risk, Outsourcing and Responsible Supplier capability at Prudential’s COE is necessary because:

Third Party Risk Management

As the Group becomes increasingly reliant on third parties to delivery strategic outcomes (e.g. Pulse), perform core activities (e.g. claims management), or outsources operationally critical activities (e,g, IT infrastructure outsourcing) the Group’s third party risk landscape has evolved significantly as risks relating to cyber security, privacy, business resiliency and continuity have come into sharper focus. The consequences of third party incidents damaging Prudential’s brand, reputation and obligations to policyholders and shareholders are becoming higher as greater compliance, risk and regulatory focus is applied to assessment and management of third-party risks.

HKIA GWS Outsourcing Regulations

HKIA mandated Outsourcing regulations enforced through the GTPSO Policy requires Group-wide governance, oversight and assurance. This includes performing materiality and outsourcing assessments on potential regulatory impacting engagement, maintaining a best practice framework for third party performance management, ensuring monitoring processes over the Group’s material outsourcing material third party supply arrangements and BU material arrangements are operating effectively, as well engagement and consultation with the HKIA as required.

Responsible Supplier and ESG

Administration of the Group’s Responsible Supplier guidelines and supply chain ESG strategy – including review of assessments, addressing red flags, conducting audits and training/awareness across the Group; and shaping the Group’s Supply Chain ESG strategy.

Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time / fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.