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.

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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)
We develop human capital by enhancing the skills, knowledge and prospects of people who want to have great careers as IT security practitioners. We do this by focusing on rounded training that leads to a successful result and additional support down the line.
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