Responsibilities
JOB DESCRIPTION
This role involves providing advisory support on outsourcing matters, supporting the business in onboarding of new vendors, and conducting periodic reviews of third-party vendors across all CBGS business units. Responsibilities also include maintaining an accurate Outsourcing Register (ORS) and ensuring timely reporting to the Third Party Risk Committee (TPRC) and the Monetary Authority of Singapore (MAS). In addition, the role provides support in the completion and upkeep of the Non-outsourcing register (NORS) too.
Strategy and Planning
- Manage and have an oversight on CBGS outsourcing arrangements in line with regulatory requirements, particularly the Monetary Authority of Singapore (MAS) Notice 658
- Contribute to the development and enhancement of outsourcing policies, procedures, and frameworks
- Ensure that all outsourcing vendors comply with relevant policies and regulatory standards
- Provide expert advisory on outsourcing arrangements, including risk assessment, due diligence, and contract management
- Support business units in evaluating outsourcing proposals and identifying potential risks
- Perform periodic outsourcing reviews and due diligence assessments on existing common vendors across CBGS to ensure their financial soundness and operational resilience. This may include conducting site visits together with business units to evaluate outsourced service providers
- Provide training and awareness sessions to business units on outsourcing requirements
- Benchmark outsourcing practices against industry standards and regulatory expectations
- Streamline outsourcing processes to ensure optimisation and compliance with relevant policies and regulatory requirements
- Responsible for any new initiatives that are assigned from time to time
- Support audit queries relating to outsourcing
Business Performance and Management
- Support reviews on outsourcing vendors to ensure that vendors are meeting SLA and within standards
- Prepare monthly updates on outsourced vendor reviews for submission to the TPRC
- Ensure that business units provide monthly KRI outcomes for their vendors, based on the findings of their SLA performance assessments
People Management
- Collaborate with Business to provide guidance on outsourcing process
- Collaborate with stakeholders to ensure understanding, acceptance, and implementation of any new or revised process. This includes ensuring robust controls are in place where risk areas are identified.
- Collaborate with Risk support team to ensure required Control Issue management items from outsourcing activities are registered in risk management system
Regulatory Compliance
- Ensure that outsourced vendors adhere to regulatory and compliance requirements
- Ensure that all outsourced processes comply with relevant policies and regulatory standards
- Maintain and update the Outsourcing Register in compliance with MAS regulations and internal governance committee requirements
- Ensure timely notification to MAS of any material outsourcing arrangements or incidents
Requirements
Qualifications
Relevant Work Experience
- Minimum 5 years of experience in outsourcing governance, vendor management, or compliance (preferably in financial services)
- Ability to draft clear reports, policies, and advisory notes for management and regulators
- Detail-oriented with strong organizational skills to manage multiple outsourcing arrangements
Technical/Functional skills
- Regulatory Knowledge: Strong understanding of MAS/BNM outsourcing requirements and industry best practices
- Risk Management: Ability to identify, assess, and mitigate outsourcing risks
- Stakeholder Engagement: Skilled in managing relationships with vendors, regulators, and internal teams
- Governance & Compliance: Strong background in compliance frameworks and audit readiness
- Problem-Solving: Proactive in identifying issues and implementing effective solutions
Personal Skills (Soft Competencies)
- Result Driven
- Collaboration and Networking
- Versatility and Agility
- Strong Attention to Details
