Third Party Risk Manager

Career Guide

A Third Party Risk Manager helps an organization identify, assess, and reduce risks that come from working with external vendors, suppliers, contractors, and service providers. The role protects the business by setting clear standards, checking third parties before and after onboarding, and ensuring issues are tracked and fixed.

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Key Responsibilities

Build and maintain a third party risk management program
Define risk tiers and review requirements for different vendor types
Run due diligence reviews before onboarding new third parties
Assess security and privacy controls based on the service being provided
Review financial stability and business continuity readiness
Evaluate legal and regulatory risks tied to vendor contracts
Partner with procurement on vendor selection and onboarding workflows
Track findings, remediation plans, and completion dates
Report third party risk metrics to leadership and auditors
Coordinate incident response activities that involve third parties
Support internal audits and external examinations related to vendor risk
Train stakeholders on third party risk expectations and processes

Top Skills for Success

Risk Assessment

Vendor Due Diligence

Cybersecurity Basics

Privacy Fundamentals

Contract Review

Regulatory Awareness

Control Testing

Issue Management

Stakeholder Management

Clear Writing

Program Management

Data Analysis

Career Progression

Can Lead To

Vendor Risk Analyst Compliance Analyst Information Security Analyst

Operational Risk Analyst

Procurement Specialist

Transition Opportunities

Third Party Risk Lead

Enterprise Risk Manager

GRC Manager

Information Security Risk Manager

Privacy Manager

Internal Audit Manager Cybersecurity Program Manager

Common Skill Gaps

Often Missing Skills

Security Questionnaire ReviewCloud Risk FundamentalsBusiness Continuity ReviewThird Party Incident HandlingMetrics ReportingWorkflow AutomationVendor Contract Risk Identification

Development SuggestionsBuild comfort with common vendor evidence types, practice turning review results into clear risk ratings, and learn how to report trends to leadership. Improve speed and consistency by using standardized checklists, strong documentation habits, and simple dashboards.

Market Intelligence Report

Third Party Risk Manager is part of the Risk Management category.Explore our market intelligence report to see how AI and hiring demand are shifting for these roles.

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Salary & Demand

Median Salary Range

Entry LevelUSD 75,000 to 105,000

Mid LevelUSD 105,000 to 145,000

Senior LevelUSD 145,000 to 200,000

Growth Trend

Growing demand, driven by increased outsourcing, cybersecurity threats, privacy requirements, and regulator focus on vendor oversight.

Companies Hiring

Major Employers

JPMorgan ChaseBank of AmericaWells FargoCitigroupGoldman SachsMorgan StanleyAmerican ExpressCapital OnePayPalVisaMastercardAmazonGoogleMicrosoftSalesforceUnitedHealth GroupCVS HealthAnthemAT&TVerizon

Industry Sectors

BankingFintechInsuranceHealthcareTechnologyRetailTelecommunicationsEnergyGovernment contractors

Recommended Next Steps

Map your current experience to the vendor lifecycle, including onboarding, monitoring, and offboarding

Create a sample vendor risk assessment using a real world vendor type and a clear risk tier

Strengthen security and privacy fundamentals through short courses focused on vendor oversight

Practice writing executive ready summaries that explain risks, impacts, and required fixes

Learn a third party risk tool or ticketing system used for tracking issues and evidence

Build a portfolio of templates, including due diligence checklist, risk rating rubric, and remediation tracker

Network with procurement, security, privacy, and audit teams to understand expectations and handoffs