Establishing a Third-Party Risk Management Program (Completed)

Third-party risk management (TPRM) is the process of analyzing and controlling risks associated with outsourcing to third-party or service providers. This includes access to your organization's intellectual property, data, operations, finances, customer information or other sensitive information.

In today’s complex economy, utilization of third-party providers is a norm rather than an exception. The engagement of third-party providers, as well as subservice or “fourth-party” providers, presents risks that organizations should take action to manage. Risks posed by an organization’s third-party providers should be considered by the organization when establishing their TPRM program. Inability to establish a solid TPRM program could leave your organization at undue risk.

Organizations are now facing risks such as the threat of high-profile business failure, illegal third-party actions being attributed to the organization, or regulatory enforcement for actions taken by third-parties. It is critical organizations have a robust, mature TPRM program that encompasses all aspects of risk and all stages of the lifecycle that a third-party can transition through from initial due diligence to business continuity.

Who Should Attend
CFO’s, Heads of Supply Chain and Procurement, Accounting and Finance analysts, contract specialists, legal, and compliance specialists.

Topics Covered

• Establishing a solid TPRM process for any organization
• How to examine risks of a TPRM program
• Elements of a TPRM program
• Steps to build a TPRM program
• Steps to execute a third-party risk assessment
• How to manage a third-party risk program
• Leading practices for TPRM

Learning Objectives

• Recognize how to examine risks of a TPRM program
• Describe a TPRM Program
• Identify elements of a TPRM program
• Recognize the steps to build a TPRM program
• Recognize the steps to execute a third-party risk assessment
• Identify how to manage a third-party risk program
• Describe the leading practices for TPRM

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Management Services (2 hours)

Program Prerequisites
None

Advance Preparation
None