Commercial Manager - Vendor Management & Contract Governance

About Northern Trust

Northern Trust, a Fortune 500 institution, is a globally acclaimed financial organization with over 130 years of continuous operation since 1889. The company delivers innovative financial solutions and guidance to affluent individuals, families, and institutions worldwide, driven by principles of service excellence, expertise, and integrity. Their workforce exceeds 22,000 partners serving sophisticated clients with advanced technology and outstanding service.

Role Summary

Under general supervision, the Commercial Manager will oversee commercial governance, contract review, and financial risk management related to Human Resources vendor relationships within a regulated financial services sector. Collaborating closely with HR Centers of Excellence (COEs), Procurement, Legal, Finance, and Risk teams, this role ensures vendor agreements meet commercial, pricing, and compliance standards throughout their lifecycle aligning with Third-Party Risk Management (TPRM) policies.

Key Responsibilities

• Manage commercial oversight of HR vendor contracts, coordinating negotiations, renewals, amendments, and terminations in partnership with HR COEs, Procurement, and Legal departments.
• Guarantee commercial clauses cover financial, operational, regulatory, and data protection risks, complying with TPRM criteria and internal protocols.
• Analyze and uphold pricing models, fees, service level agreements (SLAs), incentives, and remedies ensuring clarity and alignment with organizational goals.
• Monitor vendor expenditures, rights, and cost factors to uncover optimization prospects and mitigate financial risk exposure.
• Collaborate with HR COEs on renewal strategies, risk assessments, and vendor exit or transition planning.
• Provide escalations and periodic reports on commercial risks and decisions to senior leaders.
• Support audit activities, reviews, and regulatory inquiries by furnishing relevant commercial documentation and risk evaluations.
• Participate in refining commercial governance tools, templates, and internal controls for the HR vendor portfolio.

Required Skills and Experience

• Extensive understanding of commercial contracting, pricing strategies, and vendor financial administration within regulated environments.
• Familiarity with Third-Party Risk Management principles and their implications for contract and commercial risks.
• Capability to interpret and critically assess complex contract language concerning financial, operational, and risk-related issues.
• Strong analytical abilities to evaluate cost exposure, renewal risks, and market trends.
• Proven collaboration skills with HR, Legal, Procurement, Finance, Risk, and Compliance sectors.
• Excellent written and verbal communication to effectively convey commercial risk assessments to senior management.
• High attention to detail, sound judgment, and independence in a controlled regulatory setting.

Working Environment and Culture

Northern Trust fosters a flexible, collaborative culture supported by financial stability and openness to innovation. Internal mobility is encouraged, with accessible leadership and a commitment to community support. The company values inclusivity and flexibility tailored to individual needs.

Additional Information

Northern Trust is dedicated to providing reasonable accommodations for individuals with disabilities throughout the hiring process. Candidates requiring such accommodations are encouraged to contact the HR Service Center.

If flexibility and a purposeful career with a respected global organization align with your aspirations, consider applying to join Northern Trust.