Course Details

Third-Party Risk Management (TPRM) Training Course

INTRODUCTION

This essential training course provides comprehensive knowledge and practical skills for mastering Third-Party Risk Management (TPRM). In today's interconnected business environment, organizations increasingly rely on a vast ecosystem of third parties—vendors, suppliers, partners, and service providers—to deliver products and services. While these relationships drive innovation and efficiency, they also introduce significant security, compliance, operational, and reputational risks. Third-Party Risk Management (TPRM) Training Course equips participants with a systematic understanding of the TPRM lifecycle, from due diligence and contract negotiation to continuous monitoring and termination. Participants will gain deep insights into identifying and assessing third-party risks, establishing robust oversight mechanisms, ensuring compliance with regulatory requirements, and mitigating potential liabilities, all crucial for protecting organizational assets and maintaining stakeholder trust.

This course is designed for risk managers, procurement specialists, compliance officers, IT security professionals, and legal teams who are responsible for managing relationships with external entities. It moves beyond a theoretical understanding of outsourcing to empower participants with the practical tools and strategic frameworks necessary to build a proactive and adaptive TPRM program, thereby safeguarding their organization's resilience and integrity in an extended enterprise.

DURATION

10 days

TARGET AUDIENCE

This course is specifically designed for professionals involved in managing external relationships and mitigating associated risks, including:

• Third-Party Risk Managers.
• Procurement and Vendor Management Specialists.
• Compliance Officers.
• Information Security Professionals.
• Legal and Contracts Teams.

OBJECTIVES

Upon completion of this course, participants will be able to:

• Understand the principles and importance of Third-Party Risk Management (TPRM).
• Identify and assess various types of risks introduced by third parties.
• Develop and implement a structured TPRM program lifecycle.
• Master techniques for due diligence, contract negotiation, and continuous monitoring.
• Ensure regulatory compliance and mitigate liabilities associated with third-party relationships.

MODULES

Module 1: Introduction to Third-Party Risk Management (TPRM)

• Define Third-Party Risk Management (TPRM) and its critical importance.
• Understand the various types of third parties (e.g., vendors, suppliers, cloud providers, partners).
• Discuss the drivers for TPRM (e.g., regulatory pressure, data breaches, supply chain attacks, reputational damage).
• Explore the common risks introduced by third parties (e.g., security, compliance, operational, financial, reputational).
• Examine the legal and ethical implications of inadequate TPRM.

Module 2: The TPRM Lifecycle and Governance

• Understand the stages of the TPRM lifecycle (Planning, Due Diligence, Contract, Ongoing Monitoring, Termination).
• Discuss establishing a TPRM governance framework (roles, responsibilities, policies, procedures).
• Explore the importance of cross-functional collaboration (e.g., security, legal, procurement, business units).
• Examine how TPRM integrates with overall enterprise risk management.
• Learn about developing a TPRM policy and strategy.

Module 3: Third-Party Risk Identification and Assessment

• Understand methodologies for identifying all relevant third-party relationships.
• Discuss inherent risk assessment: evaluating the risk level before controls.
• Explore risk categorization based on criticality, data access, and service type.
• Examine techniques for assessing specific risk domains (e.g., cybersecurity, data privacy, financial, operational).
• Learn about risk scoring models and prioritization frameworks.

Module 4: Due Diligence and Onboarding

• Understand the purpose and scope of third-party due diligence.
• Discuss various due diligence methods (e.g., questionnaires, audits, certifications, background checks).
• Explore tools for automating due diligence processes.
• Examine the importance of onboarding procedures for new third parties.
• Learn about validating third-party controls and security posture.

Module 5: Contract Management and Service Level Agreements (SLAs)

• Understand how to incorporate security and risk requirements into contracts.
• Discuss key contractual clauses related to data protection, security controls, breach notification, and audit rights.
• Explore the role of Service Level Agreements (SLAs) in defining performance and security expectations.
• Examine the importance of right-to-audit clauses and access to third-party security posture.
• Learn about managing contractual changes and renewals.

Module 6: Ongoing Monitoring and Performance Management

• Understand the importance of continuous monitoring of third-party risks.
• Discuss various monitoring methods (e.g., regular reviews, security ratings, vulnerability scans, audit reports).
• Explore techniques for tracking third-party performance against SLAs and security requirements.
• Examine the process for identifying and addressing emerging risks or control failures.
• Learn about managing incidents originating from third parties.

Module 7: Fourth-Party and Nth-Party Risk Management

• Understand the concept of "fourth-party risk" (sub-contractors of your direct third parties).
• Discuss the challenges of gaining visibility into extended supply chains.
• Explore strategies for managing Nth-party risks and ensuring sub-contractor compliance.
• Examine the role of contractual flow-down clauses for security requirements.
• Learn about mapping complex supply chain relationships.

Module 8: TPRM Program Optimization and Automation

• Understand how to measure the effectiveness of a TPRM program.
• Discuss the use of TPRM platforms and GRC tools for automation and efficiency.
• Explore strategies for scaling TPRM to a large number of third parties.
• Examine best practices for communicating TPRM risks to executive leadership.
• Learn about continuous improvement of the TPRM program based on emerging threats and regulatory changes.

CERTIFICATION

• Upon successful completion of this training, participants will be issued with Macskills Training and Development Institute Certificate

TRAINING VENUE

• Training will be held at Macskills Training Centre. We also tailor make the training upon request at different locations across the world.

AIRPORT PICK UP AND ACCOMMODATION

• Airport pick up and accommodation is arranged upon request

TERMS OF PAYMENT

• Payment should be made to Macskills Development Institute bank account before the start of the training and receipts sent to info@macskillsdevelopment.com