Contract Specialist

Summary

Join NASA Federal Credit Union as a Financial Institution Contract Specialist and collaborate with stakeholders on vendor risk assessments, due diligence, contract reviews, and oversight within the Third-Party Risk Program. Analyze vendor data, monitor service quality, and identify program enhancement areas. Manage the entire contract lifecycle, from review and negotiation to administration and termination. Apply knowledge of risk best practices, standards, and regulatory requirements (NCUA, FFIEC, PCI, SOC, etc.). This role involves coordinating vendor onboarding, monitoring vendor information, identifying and analyzing vendor issues, and participating in contract negotiations. The position also contributes to enterprise-wide communications, reporting, and metrics on the Third-Party Risk Program and supports the business continuity coordinator.

Requirements

• Minimum of three years of regulatory compliance and/or third-party risk experience
• Minimum of three years of regulatory compliance and/or third-party risk experience
• Certification in this field, or a paralegal or legal degree, or equivalent work experience

Responsibilities

• Remains cognizant of and adheres to Credit Union policies and procedures, and regulations pertaining to financial institutions, including the Bank Secrecy Act and OFAC
• Maintains a working knowledge of third-party risk regulations applicable to financial institutions, including the appropriate due diligence documentation required to satisfy compliance requirements related to third-party due diligence and ongoing oversight
• Assists with the administration of software used for third-party risk management, including procedures, training, and access
• Coordinates the onboarding of vendor relationships, including determining the risk rating and due diligence requirements in accordance with Credit Union policy, federal regulations, and industry best practices
• Monitors, evaluates, and maintains vendor information and documentation, working with vendors to collect necessary information and documentation for initial and ongoing due diligence
• Assists in identifying, analyzing, and documenting vendor issues, including gathering feedback from management and key stakeholders
• Participates in vendor contract management, including contract review, status tracking, execution, and return of copies of signed contracts. Participates in vendor contract negotiations as assigned
• Assists with enterprise-wide communications, reporting, and metrics on the Third-Party Risk Program
• Assists the business continuity coordinator to track, measure, report, and assess third-party resiliency
• Assists with the Credit Union’s procurement process in the review, status tracking, execution and return of copies of signed orders
• Supports Risk Management department functions, as well as other projects and duties, as assigned
• Actively supports and embraces our core values in all interactions
• Acts as an administrator of software used for third-party risk management, including procedures, training, and access
• Reviews and analyzes contract terms and conditions, interprets contract requirements prior to signing, and suggests provisions and amendments that align with the Credit Union’s requirements
• Negotiates, modifies, extends, terminates, and renegotiates contracts for Credit Union products and services, while working with management and key stakeholders
• Analyzes conditions for third parties needing risk rating exception, provides summary and documents resolution
• Provides guidance on contracts to prevent contractual disputes and to protect the Credit Union’s financial interests and reputation
• Identifies, analyzes, and documents vendor issues, including gathering feedback from management and key stakeholders
• Ensures accuracy of Third-Party Risk Program data, creates reports and metrics
• Coordinates the procurement process, including review, status tracking, execution and return of copies of signed orders

Preferred Qualifications

• Bachelor’s degree from an accredited college in a relevant field preferred
• Financial institution knowledge/experience preferred
• Experience in contract work is preferred
• Bachelor’s degree from an accredited college in a relevant field preferred
• Financial institution knowledge/experience preferred
• Minimum of one year of experience in contract work is preferred
• Highly self-motivated and is a self-starter; works independently
• Ability to absorb new ideas and concepts quickly
• Excellent analytical and problem-solving abilities
• Strong organization and time management skills; works efficiently
• Sets continuous improvement goals
• Ability to effectively prioritize and accurately execute tasks in a high-pressure environment
• Ability to explain complex information and present ideas in a manner that is readily followed
• Ability to build strong relationships with stakeholders at all levels, internally and externally
• Excellent written, verbal, interpersonal, and presentation skills; ability to communicate complex details
• Demonstrates keen attention to detail and possesses excellent problem-solving abilities, capable of identifying, analyzing, and resolving issues while driving solutions to completion
• Strong business ethics, including the protection of proprietary and confidential information

Benefits

• Health Insurance (Choice of two nationwide PPO plans)
• High Deductible Plan: 100% employer contribution toward premium. (HSA and FSA compatible)+*
• Low Deductible Plan: Generous employer contribution toward premium. (FSA compatible)+
• Dental Insurance: Generous employer contribution toward premium+
• Vision Insurance: Generous employer contribution toward premium+
• Long-term Disability Insurance+*
• Flexible Spending Medical Account (FSA)+
• Flexible Spending Dependent Care Account+
• Health Savings Account (HSA)+
• Voluntary Supplemental Life Insurance+
• Voluntary Dependent Life Insurance+
• Voluntary Short-term Disability Insurance+
• Voluntary Long-term Care Insurance+
• Remote or Remote / Hybrid work options based on position
• 401(k) with employer match up to 6% and immediate 100% vesting
• Gain Sharing Bonus (eligibility rules apply)*
• Life Insurance/AD&D+*
• Vacation Leave (excluding Outside Loan Officers)
• Sick and Safe Leave
• 11 Paid Holidays
• Education Assistance
• Employee Referral Bonus*
• Credit Union Membership Eligible
• Employee Assistance Program+*
• Identity Theft Protection (Additional fee to add family members)+*
• Pet Health Insurance
• Employee Discount Program
• Remote or Remote / Hybrid work options based on position