Third Party Risk Analyst

Third Party Risk Analyst - London, 12 Months FTC

Pay.UK maintains and develops the UK retail payment systems and standards that are core to the economy. From Bacs to Faster Payments and cheques, we act as the single operator for UK retail payments, working in the public interest to ensure safe, open, innovative and resilient systems.

Pay.UK maintains and develops the UK retail payment systems and standards that keep the economy moving, processing over 11 billion transactions worth more than £10 trillion each year. In this role, you will build practical third party risk experience by working end to end on supplier assurance across systems that millions of people and businesses rely on every day. We are seeking a Third Party Risk Analyst to join our Procurement team on a 12 month fixed term basis, reporting to the Senior Third Party Risk Manager and supporting effective risk oversight across critical supplier relationships.

Accountabilities

The role incorporates the following key responsibilities.

• Support end to end execution of supplier assurance reviews, including criticality assessment, supplier tiering and gap analysis.
• Issue, manage and assess Third Party Assurance Questionnaires across key risk domains including cyber security, data protection, operational resilience and business continuity.
• Evaluate supplier responses and evidence to assess control design and effectiveness, documenting findings and residual risk.
• Produce clear Third Party Assurance Reports, including issues, remediation actions and timelines.
• Act as Pay.UK’s operational point of contact with suppliers during assurance activity, including evidence collection and scheduling.
• Engage internal subject matter experts to validate evidence, challenge responses and escalate issues where required.
• Maintain accurate supplier and risk data within the GRC tool and provide first line support to suppliers.
• Monitor the supplier threat landscape using external intelligence and data sources.
• Support commercial managers by ensuring identified risks are addressed, tracked and closed.
• Prepare regular functional risk reports that summarise supplier assurance results, key risk themes, and remediation progress, and present clear insights to governance forums to support informed decisions.

Qualifications, Skills and Experience

To perform well in this role you will demonstrate the following experience and capabilities.

• Degree or equivalent experience in a relevant field such as risk management, business, information security, procurement or law.
• Understanding of third party risk management and UK regulatory expectations relating to outsourcing and supplier assurance.
• Solid analytical skills with experience performing gap analysis and interpreting technical risk information.
• Experience working in a controls driven environment with governance, audit and evidence based assessments.
• Professional certifications are beneficial but not mandatory, including CTPRP, IRM, CRISC, CISSP, ISO 27001, CIPP/E or CIPS.

Pay.UK Behaviours

At Pay.UK, our behaviours are central to who we are and how we operate. They bring our values to life, shape our culture, and guide how we make decisions, collaborate, and respond to challenges across the payments ecosystem. All interview processes will assess the following behaviours:

• Listen to Find Win-Wins - Empathy, Listening and Understanding
• Influence with Courage - Influence, Courage
• Go Horizontal First - Cross Boundary Collaboration
• Take Ownership - Self Development
• Opportunity Mindset - Initiative
• Simplify - Achievement Orientation

Inclusivity

At Pay.UK, we value diversity and inclusivity. Research has shown that candidates from underrepresented groups may hesitate to apply unless they meet all the requirements listed. We encourage all qualified candidates to apply, regardless of how closely their skills and experience match the requirements. We are committed to supporting accessibility needs and creating a welcoming environment for all employees. Become part of our team and contribute to the creation of an inclusive work environment that values everyone's unique input.

Who we are

Pay.UK maintains and develops the UK retail payment systems and standards that are core to the economy being able to function on a day-to-day basis.

From Bacs to Faster Payments and cheques – we act as the single operator for all UK retail payments. We put the needs of consumers and businesses at the heart of everything we do, working in the public interest to ensure that the systems the country relies on for its banking transactions are safe, open, innovative and resilient.

Our payment systems underpin the services that enable funds to be transferred between people and institutions. In 2024, the UK's retail payment systems processed 11 billion transactions worth over £10 trillion through Bacs Direct Credit, Direct Debit, Faster Payments, and cheques, and our Current Account Switch Service has facilitated over 9 million switches since it’s launch in 2013.

Every day, individuals and businesses use the services we provide to get their salaries, pay their bills and make online and mobile banking payments. Our vision for the future is to enable a vibrant economy, with Pay.UK delivering robust payment infrastructure and standards for the benefit of consumers and businesses nationwide.

Learn more about life at Pay.UK by hearing what employees have to say, click here to view videos.

Benefits & additional information

• 12% Non-contributory pension
• Discretionary annual bonus
• 30 days annual leave (excluding bank holidays)
• Private medical insurance, life assurance, income protection, health cash plan, dental insurance, Bupa medicals etc
• Employee assistance programme
• Cycle to Work Scheme
• Season ticket loan
• Annual fitness subsidy of up to £500 per annum
• Working from home policy - minimum 40% in the office (eg. 2 days in the office over a 5 day working week)

Please note:

• Some of our benefits are only available to colleagues after meeting the requirements of the probationary period.