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Mastering Third-Party Risk Management; A Step-by-Step Guide to Ensuring Compliance and Minimizing Risk

Mastering Third-Party Risk Management; A Step-by-Step Guide to Ensuring Compliance and Minimizing Risk

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Mastering Third-Party Risk Management: A Step-by-Step Guide to Ensuring Compliance and Minimizing Risk



Course Overview

This comprehensive course is designed to provide participants with a thorough understanding of third-party risk management, including the latest regulatory requirements, best practices, and industry standards. Through interactive lessons, real-world examples, and hands-on projects, participants will gain the knowledge and skills needed to effectively manage third-party risks and ensure compliance.



Course Objectives

  • Understand the fundamentals of third-party risk management
  • Identify and assess potential third-party risks
  • Develop and implement effective third-party risk management strategies
  • Ensure compliance with regulatory requirements and industry standards
  • Minimize the risk of third-party breaches and incidents


Course Outline

Module 1: Introduction to Third-Party Risk Management

  • Defining third-party risk management
  • Understanding the importance of third-party risk management
  • Overview of regulatory requirements and industry standards
  • Best practices for third-party risk management

Module 2: Identifying and Assessing Third-Party Risks

  • Types of third-party risks (e.g. cyber, financial, reputational)
  • Conducting third-party risk assessments
  • Using risk assessment tools and methodologies
  • Evaluating third-party risk profiles

Module 3: Third-Party Risk Management Frameworks and Standards

  • Overview of third-party risk management frameworks (e.g. NIST, ISO)
  • Understanding industry standards for third-party risk management (e.g. SOC 2, HIPAA)
  • Implementing a third-party risk management framework
  • Best practices for third-party risk management governance

Module 4: Third-Party Due Diligence and Onboarding

  • Conducting third-party due diligence
  • Evaluating third-party contracts and agreements
  • Implementing third-party onboarding processes
  • Best practices for third-party relationship management

Module 5: Ongoing Third-Party Risk Management and Monitoring

  • Implementing ongoing third-party risk management processes
  • Conducting regular third-party risk assessments and reviews
  • Using technology to monitor third-party risks
  • Best practices for third-party risk management reporting and metrics

Module 6: Third-Party Risk Management and Compliance

  • Understanding regulatory requirements for third-party risk management
  • Ensuring compliance with industry standards and regulations
  • Implementing compliance programs for third-party risk management
  • Best practices for third-party risk management audit and assurance

Module 7: Minimizing Third-Party Risks and Responding to Incidents

  • Implementing controls to minimize third-party risks
  • Developing incident response plans for third-party breaches
  • Conducting tabletop exercises and training for third-party incident response
  • Best practices for third-party risk management communication and stakeholder engagement

Module 8: Advanced Third-Party Risk Management Topics

  • Using artificial intelligence and machine learning for third-party risk management
  • Implementing continuous monitoring for third-party risks
  • Using data analytics for third-party risk management
  • Best practices for third-party risk management innovation and maturity


Certificate of Completion

Upon completing this course, participants will receive a Certificate of Completion issued by The Art of Service.



Course Features

  • Interactive and engaging lessons
  • Comprehensive and up-to-date content
  • Expert instructors with real-world experience
  • Hands-on projects and activities
  • Bite-sized lessons for flexible learning
  • Lifetime access to course materials
  • Gamification and progress tracking
  • Community-driven discussion forums
  • Actionable insights and takeaways
  • Mobile-accessible and user-friendly platform


Course Format

This course is delivered online and consists of 8 modules, each with multiple lessons and activities. The course is self-paced and can be completed at your own convenience.



Target Audience

This course is designed for professionals responsible for managing third-party risks, including:

  • Risk management professionals
  • Compliance officers
  • Information security professionals
  • Procurement and vendor management professionals
  • Audit and assurance professionals
  • Business continuity and disaster recovery professionals
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