Outsourcing Compliance Senior Analyst Job Listing at Mastercard in Waterloo, Walloon Region (Job ID R-221749)

Description

Our Purpose

We work to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. We cultivate a culture of inclusion for all employees that respects their individual strengths, views, and experiences. We believe that our differences enable us to be a better team – one that makes better decisions, drives innovation and delivers better business results.

Title and Summary

Outsourcing Compliance Senior Analyst Job Title: Outsourcing Compliance Senior Analyst

Who is Mastercard?
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential.
Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

MTS Overview:
Mastercard Transaction Services, MTS is the division responsible for the management of the legal entities under which all of Mastercard's current licensed money transfer services and in the future other regulated activities will be conducted. The MTS division and associated MTS shared services functions are housed under the umbrella of Mastercard Transaction Services and are comprised of the components which are necessary to support the activities of a licensed payment services firm. These components include:
•The maintenance of payment institution/money transmitter licenses and in future state, other applicable payment services licenses for operating payments business in defined jurisdictions.
•Currently supporting cross border account to account payments globally, designing for crypto/stablecoins and exploring Open Banking and other products.
•Associated settlement accounts and other treasury services for the relevant MTS entity
•Compliance services including but not limited to real-time sanctions screening / AML / Fraud
•Regulatory reporting to the relevant regulators on behalf of the regulated business and its subsequent activities.

Role Summary
The Senior Analyst Risk Management will be responsible for managing and overseeing all Outsourcing risk management, governance, and compliance activities within the organization to ensure compliance with relevant regulations and guidelines for multiple licensed entities. Play a critical role in outsourcing, assessing, and monitoring third-party service providers and sub-contractors to support the organization while upholding the highest standards of regulatory compliance and risk management.

Responsibilities
•Vendor Due Diligence: Conduct thorough due diligence on potential service providers, suppliers, vendors and third parties to assess their capabilities, financial stability, and compliance with relevant regulations. Ensure that all vendor engagements align with the organization's risk appetite and strategic objectives.
•Contract Negotiation and Management: Collaborate with legal and sourcing/procurement teams to negotiate robust contracts that include clear expectations, service level agreements, performance metrics, data protection measures, regulatory and termination clauses. Continuously manage and monitor vendor contracts to ensure ongoing compliance.
•Regulatory Compliance: Stay abreast of all applicable financial regulations, directives, and guidelines issued by the regulatory authorities (e.g., European Banking Authority, etc.). Ensure that outsourcing activities comply with these requirements and that any changes are promptly incorporated into the outsourcing framework.
•Risk Assessment: Perform comprehensive risk assessments on outsourced activities to identify and mitigate potential risks. Develop risk management strategies to protect the organization's interests and minimize potential disruptions.
•Performance Monitoring: Establish key performance indicators KPIs and service level agreements -SLAs with vendors. Regularly monitor and evaluate vendor performance against these metrics to ensure adherence to contractual obligations.
•Business Continuity: Collaborate with function/business owners and vendors to ensure they have robust business continuity and contingency plans in place. Verify that these plans align with the organization's requirements and regulatory expectations.
•Reporting and Documentation: Maintain comprehensive records of all outsourcing arrangements, contracts, assessments, and compliance documentation. Prepare periodic reports for management and regulatory authorities as mandated.
•Develop and maintain documentation in line with framework along with periodic reviews/updates. e.g., board packs, quarterly business review, reports, dashboards, registers, submissions, control inventories, etc.
•Developing and maintaining the intra-group Outsourcing arrangements and Third-Party register, in alignment with regulatory requirements - EBA, NBB, FCA and others
•Ensure that risks associated with Third Party relationships, before and after entering contracts, are sufficiently identified, assessed, monitored, and controlled.
•Provide training and awareness, as appropriate, to business partners on Outsourcing & Third-Party Risk Management framework, policies, standards, processes, procedures, and alignment with global processes.
•Partners with business/function owners to ensuring alignment with Outsourcing policy and governance framework.
•Actively manage and monitor adherence to procurement & supplier management process, governance, and policy to ensure compliance against regulatory requirements for Outsourcing & Third-Party Risk Management. Produce regular reports and dashboards for the business stakeholders, Risk Management and Board Risk Committees.
•Work collaboratively within the supply chain services team to drive process improvements. Sharing best practise within the team, ways of working, improvements of frameworks and processes to manage suppliers for performance, risk, and value.

All About You
•Extensive knowledge and understanding of Outsourcing, Intra-Group, Third Party Risk including EBA Outsourcing guidelines, and other regulatory equivalents.
•Proven experience in regulated outsourcing, vendor management, or procurement within a regulated financial services environment e.g., banking, payments, insurance.
•In-depth knowledge of vendor management/outsourcing regulations and guidelines issued by relevant regulatory authorities. EBA, NBB, FCA, etc.
•Strong understanding of risk management principles and practices in the context of outsourcing and suppliers.
•Excellent communication, negotiation, and interpersonal skills to manage relationships with vendors and internal stakeholders effectively.
•Analytical and problem-solving abilities to assess risks, make informed decisions, and develop mitigation strategies.
•Detail-oriented with a focus on maintaining accurate records and documentation.
•Ability to work collaboratively in a cross-functional environment.
•Proficiency in using relevant software tools for vendor management, compliance tracking, and reporting.
•Experience delivering presentations and engaging with senior leadership.
•Experience of the end-to-end Supplier and TPRM lifecycle.
•Proven ability to liaise with regulatory agencies, industry groups and a wide range of internal and external stakeholders.

Corporate Security Responsibility

All activities involving access to Mastercard assets, information, and networks comes with an inherent risk to the organization and, therefore, it is expected that every person working for, or on behalf of, Mastercard is responsible for information security and must:

• Abide by Mastercard's security policies and practices;

• Ensure the confidentiality and integrity of the information being accessed;

• Report any suspected information security violation or breach, and

• Complete all periodic mandatory security trainings in accordance with Mastercard's guidelines.

 Apply on company website