The Mission of The MEMIC Group is to make workers' comp work better with compassion, trusted partnerships, and relentless commitment to workforce safety. The secret to the success and longevity of great organizations is their shared vision and strong values. At MEMIC our values are to be conscientious, to be an expert, to be a partner, to be curious and to be transparent.
The Vendor Management Specialist will provide critical support to the Risk Department team in
the areas of vendor management, systems, and data analysis. This role involves assisting in the
design and implementation of a comprehensive vendor management monitoring process. The Vendor Management Specialist will be
responsible for monitoring, analyzing, and reporting on both internal and third-party systems and
data providers.
Principal Duties and Responsibilities
1. Vendor Vetting & Onboarding: Collaborate with department leaders to define vendor requirements
and assist in selecting vendors based on business needs. Lead and manage the vendor onboarding
process, ensuring the collection of all required documentation, certifications, and compliance
information. Conduct thorough due diligence on new vendors, assessing their financial stability,
regulatory compliance, and alignment with the company’s values and business objectives.
2. Vendor Monitoring: Assist in evaluating vendor cybersecurity risks, conducting assessments and
audits as needed. Maintain an updated inventory of approved vendors, tracking performance, risk,
and compliance. Monitor vendor relationships to ensure compliance with contracts, SLAs, business
impact metrics, and regulatory requirements.
3. System Administration: Oversee the administration of the Prevalent Vendor Management System,
ensuring accurate, up-to-date vendor data. Coordinate with internal teams to categorize and index
data for reporting. Manage the BitSight cybersecurity monitoring system, ensuring regular tracking
of vendor ratings.
4. Reporting: Use Prevalent and BitSight to create risk profiles and provide insights to
management. Generate periodic reports on vendor performance, security, and compliance. Serve as the
primary contact for internal teams (legal, info security, compliance) regarding vendor management
inquiries and escalations.
5. Continuous Improvement & Process Optimization: Identify opportunities for process improvements
and efficiencies within the vendor management lifecycle. Stay up to date with the latest vendor
management tools, systems, and best practices, and recommend updates or new solutions to enhance
operational efficiency. Implement and oversee training programs for internal teams to ensure proper
usage and understanding of Prevalent and BitSight
systems.
6. Vendor Risk Mitigation: Identify potential risks or issues related to vendor performance or
cybersecurity and work proactively to mitigate them before they affect business operations. Respond
to emerging cybersecurity threats and vendor performance issues, escalating them to the relevant
teams when necessary.
Minimum Knowledge, Skills, and Abilities
1. Bachelor’s degree and one to two years’ experience in insurance preferred.
2. Prior experience with Prevalent/BitSight Systems or other third-party vendor and security
systems a plus.
3. Prior experience in Compliance, Technology and/or Systems Administration a plus.
4. Strong interpersonal and communication skills.
5. Strong organization and time management skills along with strong attention to detail.
6. Must be self-motivated, able to work independently and results driven.
Our comprehensive benefits package includes all traditional offerings such as:
- Health Insurance options, Dental Insurance options and Vision Insurance
- Employee Life Insurance/AD&D and Dependent Life Insurance options
- Short-term & Long-term Disability
- Health Savings Account with potential employer match
- Flexible Medical and Dependent Care Account
- Accident Insurance
- Critical Illness Insurance
- Employee Assistance Program
- Legal/Identify Theft Insurance options
- Long Term Care Insurance
- Pet Insurance
- 401 (k) Retirement Plan with match up to 5%, plus profit sharing & discretionary contributions (subject to vesting)
- 5 weeks of Paid Time Off (PTO)
- 11 paid holidays
We also offer other benefits to help foster a healthy, balance lifestyle such as:
- Flextime schedules
- Paid Parental Leave
- Student loan paydown and refinancing assistance
- Educational assistance for job related courses, seminars, certifications or degrees
- One paid day every year to volunteer for your non-profit of choice
- On-site fitness center (Maine) or fitness reimbursement
- Subsidized parking
- Sit-Stand desks & daily stretch breaks
MEMIC is committed to a policy of nondiscrimination and equal opportunity for all employees and qualified applicants without regard to race, color, religious creed, national origin, ancestry, age, disability, genetics, gender identity, veteran's status, sexual orientation, or any other characteristic protected by law. MEMIC is an equal opportunity employer encouraging diversity in the workplace.