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Mastering Third Party Risk Management; A Step-by-Step Guide to Identifying, Assessing, and Mitigating External Threats

Mastering Third Party Risk Management; A Step-by-Step Guide to Identifying, Assessing, and Mitigating External Threats

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Mastering Third Party Risk Management: A Step-by-Step Guide to Identifying, Assessing, and Mitigating External Threats



Course Overview

This comprehensive course is designed to equip participants with the knowledge and skills necessary to effectively manage third-party risks and protect their organizations from external threats. Through interactive lessons, real-world examples, and hands-on projects, participants will learn how to identify, assess, and mitigate third-party risks, ensuring the security and integrity of their organization's data, systems, and reputation.



Course Objectives

  • Understand the fundamentals of third-party risk management and its importance in today's business landscape
  • Learn how to identify and assess third-party risks, including vendor risk, supplier risk, and partner risk
  • Develop effective strategies for mitigating third-party risks, including contract negotiation, due diligence, and ongoing monitoring
  • Understand the role of technology in third-party risk management, including data analytics and risk management software
  • Learn how to create a comprehensive third-party risk management program, including policies, procedures, and training


Course Outline

Module 1: Introduction to Third-Party Risk Management

  • Defining third-party risk management
  • The importance of third-party risk management
  • Types of third-party risks (vendor risk, supplier risk, partner risk)
  • Regulatory requirements and industry standards for third-party risk management

Module 2: Identifying and Assessing Third-Party Risks

  • Risk assessment methodologies (quantitative, qualitative, hybrid)
  • Identifying third-party risks (questionnaires, surveys, audits)
  • Assessing third-party risks (risk scoring, risk rating)
  • Prioritizing third-party risks (risk prioritization, risk mitigation)

Module 3: Mitigating Third-Party Risks

  • Contract negotiation strategies for mitigating third-party risks
  • Due diligence best practices for third-party risk management
  • Ongoing monitoring and review of third-party relationships
  • Terminating third-party relationships (exit strategies, transition plans)

Module 4: Technology and Third-Party Risk Management

  • Data analytics for third-party risk management
  • Risk management software for third-party risk management
  • Artificial intelligence and machine learning for third-party risk management
  • Cybersecurity considerations for third-party risk management

Module 5: Creating a Comprehensive Third-Party Risk Management Program

  • Developing policies and procedures for third-party risk management
  • Training and awareness programs for third-party risk management
  • Metrics and reporting for third-party risk management
  • Continuous improvement and maturity modeling for third-party risk management

Module 6: Case Studies and Best Practices

  • Real-world examples of third-party risk management successes and failures
  • Best practices for third-party risk management
  • Lessons learned from third-party risk management failures
  • Future trends and directions for third-party risk management


Certificate of Completion

Upon completing this course, participants will receive a Certificate of Completion issued by The Art of Service. This certificate demonstrates the participant's knowledge and understanding of third-party risk management principles and practices.



Course Features

  • Interactive lessons and activities
  • Real-world examples and case studies
  • Hands-on projects and exercises
  • Bite-sized lessons and flexible learning
  • Lifetime access to course materials
  • Progress tracking and gamification
  • Mobile-accessible and user-friendly platform
  • Community-driven discussion forums
  • Actionable insights and takeaways
  • Expert instructors and support team
  • High-quality content and materials


Course Format

This course is delivered online, with interactive lessons, real-world examples, and hands-on projects. Participants can access the course materials at any time, from any location, and can complete the course at their own pace.



Target Audience

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

  • Risk management professionals
  • Compliance officers
  • Procurement and purchasing professionals
  • Contract managers
  • IT and cybersecurity professionals
  • Audit and assurance professionals
  • Business continuity and disaster recovery professionals
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