Vendor Management & Contract/Commercial Governance

About the role

Under general supervision, the Commercial Manager is responsible for commercial governance, contract oversight, and financial risk management for Human Resources vendor relationships within a regulated financial services environment. This role partners with HR Centers of Excellence (COEs), Procurement, Legal, Finance, and Risk to ensure commercial terms, pricing structures, and contractual obligations are appropriately managed throughout the vendor lifecycle and aligned with internal governance and Third‑Party Risk Management (TPRM) requirements. The role provides commercial subject‑matter expertise to support informed decision‑making related to vendor selection, negotiations, renewals, amendments, and exits, with a focus on cost saving, value optimization, and risk mitigation. Major Duties - Provide commercial oversight for HR vendor contracts, including coordination of negotiations, renewals, amendments, and terminations in partnership with HR COEs, Procurement and Legal. - Ensure commercial terms appropriately address financial, operational, regulatory, and data protection risk, in alignment with TPRM standards and internal policies. - Review and maintain pricing models, fee structures, SLAs, incentives, and contractual remedies to ensure clarity, enforceability, and alignment with business objectives. - Monitor vendor spend, contractual entitlements, and cost drivers, identifying cost optimization opportunities and potential financial risk exposure. - Partner with HR COEs to support renewal strategy, back‑loaded risk assessment, and exit or transition planning for critical vendors. - Provide clear escalation and reporting on commercial risks, issues, and key decision points to senior stakeholders. - Support audits, reviews, and regulatory inquiries by providing commercial documentation, analysis, and risk assessments as required. - Contribute to the ongoing enhancement of commercial governance practices, templates, and controls across the HR vendor portfolio. Knowledge/Skills - Strong knowledge and experience of commercial contracting, pricing models, and vendor financial management within a regulated environment. - Working knowledge of Third‑Party Risk Management (TPRM) concepts and their intersection with contractual and commercial risk - Ability to interpret and challenge complex contractual language, including financial, operational, and risk‑related provisions. - Strong analytical skills with ability to assess financial exposure, renewal risk, and cost trends. - Proven ability to partner effectively across HR, Legal, Procurement, Finance, Risk, and Compliance. - Strong written and verbal communication skills, with ability to present clear, concise commercial risk assessments to senior management. - High attention to detail, sound judgment, and ability to operate independently in a highly controlled environment. Working with Us: As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve! Join a workplace with a greater purpose. We'd love to learn more about how your interests and experience could be a fit with one of the world's most admired and sustainable companies! Build your career with us and apply today. #MadeForGreater Reasonable accommodation Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at MyHRHelp@ntrs.com . We hope you're excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people. Apply today and talk to us about your flexible working requirements and together we can achieve greater.