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

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

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



Course Overview

This comprehensive course is designed to provide participants with a thorough understanding of third-party risk management, including the latest regulatory requirements, risk assessment techniques, and mitigation strategies. Upon completion of this course, participants will receive a certificate issued by The Art of Service.



Course Objectives

  • Understand the importance of third-party risk management in ensuring compliance and mitigating risks
  • Learn how to identify, assess, and mitigate third-party risks
  • Develop a comprehensive third-party risk management program
  • Understand the latest regulatory requirements and industry standards for third-party risk management
  • Learn how to conduct effective due diligence and ongoing monitoring of third-party relationships
  • Develop strategies for managing third-party risks in high-risk industries and countries
  • Understand the role of technology in third-party risk management
  • Learn how to communicate effectively with stakeholders about third-party risks


Course Outline

Module 1: Introduction to Third-Party Risk Management

  • Definition of third-party risk management
  • Importance of third-party risk management
  • Overview of regulatory requirements and industry standards
  • Key concepts and terminology

Module 2: Identifying and Assessing Third-Party Risks

  • Types of third-party risks (e.g. financial, operational, reputational)
  • Risk assessment techniques (e.g. risk scoring, risk mapping)
  • Identifying high-risk third-party relationships
  • Conducting due diligence on third-party relationships

Module 3: Mitigating Third-Party Risks

  • Risk mitigation strategies (e.g. contract negotiation, monitoring)
  • Developing a comprehensive risk mitigation plan
  • Implementing controls and monitoring their effectiveness
  • Managing third-party risks in high-risk industries and countries

Module 4: Third-Party Risk Management Program Development

  • Developing a comprehensive third-party risk management program
  • Defining program scope, goals, and objectives
  • Establishing program governance and oversight
  • Developing policies and procedures

Module 5: Regulatory Requirements and Industry Standards

  • Overview of regulatory requirements (e.g. OCC, Fed, FFIEC)
  • Industry standards for third-party risk management (e.g. ISO 31000)
  • Compliance with anti-money laundering (AML) and anti-bribery laws
  • Compliance with data protection and privacy laws

Module 6: Conducting Due Diligence and Ongoing Monitoring

  • Conducting due diligence on third-party relationships
  • Ongoing monitoring of third-party relationships
  • Identifying red flags and taking corrective action
  • Using technology to support due diligence and monitoring

Module 7: Managing Third-Party Risks in High-Risk Industries and Countries

  • Identifying high-risk industries and countries
  • Developing strategies for managing third-party risks in high-risk industries and countries
  • Implementing enhanced due diligence and monitoring procedures
  • Managing reputational risks

Module 8: Technology and Third-Party Risk Management

  • Overview of technology solutions for third-party risk management
  • Using technology to support due diligence and monitoring
  • Implementing data analytics and reporting tools
  • Managing cybersecurity risks

Module 9: Communication and Stakeholder Management

  • Communicating effectively with stakeholders about third-party risks
  • Developing a stakeholder management plan
  • Reporting third-party risks to the board and senior management
  • Managing reputational risks

Module 10: Case Studies and Best Practices

  • Real-life case studies of third-party risk management successes and failures
  • Best practices for third-party risk management
  • Lessons learned from industry experts
  • Developing a continuous improvement plan


Course Features

  • Interactive and engaging content
  • Comprehensive and up-to-date course materials
  • Personalized learning experience
  • Practical and real-world applications
  • High-quality content developed by industry experts
  • Expert instructors with extensive industry experience
  • Certificate issued by The Art of Service upon completion
  • Flexible learning options (e.g. online, self-paced)
  • User-friendly and mobile-accessible platform
  • Community-driven discussion forums
  • Actionable insights and takeaways
  • Hands-on projects and case studies
  • Bite-sized lessons and modules
  • Lifetime access to course materials
  • Gamification and progress tracking features


Certificate

Upon completion of this course, participants will receive a certificate issued by The Art of Service. This certificate is a testament to the participant's knowledge and understanding of third-party risk management and can be used to demonstrate their expertise to employers, clients, and other stakeholders.

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