The Third-Party Risk Administrator will be responsible for overseeing and managing the risks associated with third-party vendors, subcontractors, and partners. This role involves assessing, monitoring, and mitigating risks to ensure compliance with company policies, industry standards, and regulatory requirements. This role involves utilizing the Jones COI platform, ProCore and Sage to ensure all insurance certificates are accurate and meet contract requirements, as well as coordinating the setup and management of subcontractor contracts.
Key Responsibilities-
Risk Assessment: Conduct thorough risk assessments of third-party vendors and contractors to identify potential risks and vulnerabilities.
Due Diligence: Perform due diligence on new and existing third-party relationships, including background checks, financial stability analysis, and compliance reviews.
Risk Mitigation: Develop and implement risk mitigation strategies and action plans to address identified risks.
Monitoring and Reporting: Continuously monitor third-party performance and risk exposure, and provide regular reports to senior management.
Compliance: Ensure third-party compliance with company policies, industry standards, and regulatory requirements.
Contract Management: Review and negotiate contracts with third-party vendors to ensure risk management provisions are included.
Collaboration: Work closely with internal teams, procurement, and project management, to ensure effective risk management practices.
Training and Awareness: Develop and deliver training programs to educate employees and third parties on risk management policies and procedures.
Insurance Compliance Management:
Utilize the Jones platform to track, process, and manage certificates of insurance (COIs).
Ability to focus on priority business needs for active subcontractor insurance compliance.
Review COIs and endorsements for completeness, accuracy, and conformance to contract requirements. Submit overrides in Jones for manager review and/or approval.
Conduct scheduled client account reviews and provide guidance on insurance compliance.
Prepare and submit regular compliance reports to Risk Manager.
Communicate with insurance agents to verify policy coverage and handle cancellations.
Subcontractor Contract Management:
Coordinate the setup and management of subcontractor contract packages. Assist in Master Agreement updates as needed for all active and new subcontractors.
Ensure all subcontractor contracts are compliant with company policies and legal requirements.
Maintain accurate records of all subcontractor agreements and related documentation.
Risk Management:
Identify and mitigate potential risks related to subcontractor insurance and contract compliance.
Provide recommendations for improving insurance and contract management processes.
Collaborate with project managers and legal teams to address any compliance issues.
Client and Vendor Relations:
Serve as the primary point of contact for subcontractors regarding insurance and contract matters.
Provide exceptional support to clients and vendors, ensuring a high level of satisfaction.
Facilitate communication between subcontractors, clients, and internal teams.
Qualifications-
Bachelor's degree in Business Administration, Construction Management, or a related field preferred.
Minimum of 3 years of experience in insurance coordination, contract management, or a related role in the construction industry.
Proficiency in using the Jones platform or similar insurance tracking software. Strong understanding of insurance requirements and contract law.
Excellent organizational and communication skills.
Ability to work independently and manage multiple tasks simultaneously.
Preferred Skills-
Experience with commercial construction projects.
Knowledge of risk management practices.
Strong analytical and problem-solving skills.
Benefits-
Competitive salary and benefits package.
Opportunities for professional growth and development.