Vendor Management Specialist

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Full Time Commonwealth Business Bank, Los Angeles, CA, US

7 days ago Requisition

Salary Range: $60,000.00 To $65,000.00 Annually

Full-time on-site office setting in Los Angeles, CA

Adheres to Bank policies and procedures and complies with all State and Federal banking regulatory requirements, including but not limited to FDICIA, Bank Secrecy Act, Anti-Money Laundering, OFAC, Customers Right to Privacy Act, Regulation D, Regulation DD/Truth in savings, USA Patriot Act, CIP, Elder Care, Sexual Harassment, Information Security and Privacy requirements as they pertain to this position.

The Vendor Management role is responsible for overseeing third-party vendor relationships to ensure services are delivered in compliance with bank policies, regulatory requirements, and contractual obligations. This role supports risk management, cost optimization, and performance monitoring of vendors that provide critical services to the bank.

• Manage end-to-end vendor lifecycle, including onboarding, contract execution, performance monitoring, and offboarding
• Ensure all vendor relationships comply with bank policies, internal controls, and regulatory requirements (e.g., OCC, FDIC, FFIEC guidelines if applicable)
• Conduct vendor risk assessments, including financial, operational, cybersecurity, and compliance risks
• Track and evaluate vendor performance against SLAs (Service Level Agreements) and KPIs
• Coordinate with Procurement, Legal, Compliance, IT, and Risk teams during vendor selection and review processes
• Review and negotiate contracts, amendments, and renewals in partnership with Legal and Procurement
• Maintain accurate vendor inventory and documentation in vendor management systems
• Identify cost-saving opportunities and support vendor consolidation initiatives
• Escalate vendor issues and ensure timely resolution of service disruptions
• Support internal and external audits related to vendor management activities
• Monitor concentration risk and ensure appropriate diversification of vendors

• Bachelor’s degree in Business, Finance, Accounting, or related field
• 2–7+ years of experience in vendor management, procurement, risk, or operations (banking/financial services preferred)
• Strong understanding of third‑party risk management frameworks
• Experience with contract review and SLA management
• Familiarity with regulatory expectations for financial institutions is a plus
• Strong analytical, communication, and negotiation skills
• Proficiency in vendor management systems

• Knowledge of banking regulations (OCC, FFIEC, Basel frameworks)
• Experience working with IT, cybersecurity, or fintech vendors
• Ability to manage multiple vendors and priorities simultaneously

• Minimum of 2-3 years of experience (Preferred)

• Medical Insurance
• Vision Insurance
• Life Insurance
• Paid Time Off
• 401(k) with Matching Contributions

We offer a competitive total rewards package, including but not limited to Medical, Dental, Vision, and Life Insurance, 401k retirement savings plan, and paid federal holidays, for this full‑time position within the annual salary range of $60,000 - $65,000. Annual pay ranges are determined based on qualifications, level, and location. Exact compensation may vary based on your skills and experience.

Must be authorized to work in the US.

We are an Equal Opportunity Employer. All applicants will receive consideration for employment without regard to race, color, ancestry, religion, sex, national origin, sexual orientation, age, marital status, disability, gender identity, gender expression, genetic information, or military or Veteran status, or any other characteristic protected by law.