Introduction to Third-Party Risk Management
Welcome to the Introduction to Third-Party Risk Management Training! This course is designed to provide you with a comprehensive understanding of third-party risk management and its importance in toda...
Delivery Method: Video-Based Training
Course Delivery Format: recording
Course Level
Timeline
Price
£200
Description
Welcome to the Introduction to Third-Party Risk Management Training! This course is designed to provide you with a comprehensive understanding of third-party risk management and its importance in today's business environment. Whether you are a risk management professional, a vendor manager, or an executive responsible for overseeing third-party relationships, this course will equip you with the necessary knowledge and skills to effectively manage and mitigate risks associated with third-party engagements.
Course Objectives
- Understand the concept of third-party risk management and its significance in the modern business environment.
- Gain insight into the various types of third-party risks and their potential impact on organizational objectives.
- Acquire knowledge of the regulatory and compliance landscape governing third-party engagements.
- Learn how to develop a robust third-party risk management framework tailored to their organization's unique needs.
- Discover effective techniques for identifying, assessing, and prioritizing third-party risks.
- Explore strategies for conducting due diligence on potential third-party partners.
- Learn how to establish appropriate risk mitigation measures and controls.
- Understand the importance of continuous monitoring and oversight of third-party relationships.
- Familiarize themselves with emerging trends and technologies in third-party risk management.
- Learn how to effectively communicate third-party risk management practices and findings to stakeholders.
Course Outline
Course Outline for Introduction to Third-Party Risk Management
Introduction to Third-Party Risk Management
- Understanding the concept of third-party risk
- Exploring the drivers and challenges of third-party risk management
- Identifying the benefits of implementing a robust third-party risk management program and Overview of regulatory and industry frameworks guiding third-party risk management
Key Components of Third-Party Risk Management
- Identifying and categorizing third-party relationships
- Defining risk appetite and tolerance levels
- Conducting due diligence and risk assessments and Developing risk mitigation strategies and controls
Assessing Third-Party Cybersecurity Risks
- Understanding the evolving cybersecurity landscape
- Evaluating the cybersecurity posture of third-party vendors
- Assessing the potential impact of cyber incidents on business operations
- Implementing best practices for securing third-party data access
Financial, Operational and Compliance Risks
- Evaluating financial stability and performance of third-party vendors
- Assessing operational risks associated with outsourcing
- Ensuring compliance with regulatory requirements and contractual obligations and Monitoring and managing risks throughout the vendor lifecycle
Building Effective Third-Party Relationships
- Establishing clear roles and responsibilities
- Negotiating contracts and service-level agreements
- Implementing ongoing performance monitoring and reporting mechanisms
- Addressing issues and disputes in third-party relationships
Emerging Trends and Future Considerations
- Exploring emerging technologies and their impact on third-party risk management
- Understanding the role of data privacy and protection in vendor engagements
- Adapting to changing regulatory landscapes and industry standards
- Building a culture of risk awareness and accountability
Course Prerequisites
There are no specific prerequisites for this course. However, a basic understanding of risk assessment and management concepts would be beneficial.
Career Path
- Third Party Risk Analyst
- Information Security analyst -GRC
- IT Security & Risk Analyst
- Information Security Risk Analyst
Target Audience
- Professionals involved in information security management, risk assessment, compliance, audit, and governance roles within organizations.
- Individuals aspiring to become GRC Analyst or enhance their knowledge in information security risk assessment.
Would you like to know if a career in cyber security is right for you?
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Exams & Certifications
- CTPRP certification by Shared Assessments Program
- CTPRA certification by Shared Assessments Program
- Third-Party Risk Management Expert certification by OneTrust
- Third Party Risk Association (TPRA)
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