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Third Party Risk Management Framework; Mitigating Risks in Outsourced Relationships

Third Party Risk Management Framework; Mitigating Risks in Outsourced Relationships

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Third Party Risk Management Framework: Mitigating Risks in Outsourced Relationships



Course Overview

This comprehensive course provides an in-depth understanding of third-party risk management frameworks and strategies to mitigate risks in outsourced relationships. Participants will learn how to identify, assess, and manage risks associated with third-party vendors, suppliers, and service providers. Upon completion of the course, participants will receive a certificate issued by The Art of Service.



Course Features

  • Interactive and engaging learning experience
  • Comprehensive and up-to-date content
  • Personalized learning approach
  • Practical and real-world applications
  • High-quality content developed by expert instructors
  • Certificate of Completion issued by The Art of Service
  • Flexible learning options
  • User-friendly and mobile-accessible platform
  • Community-driven learning environment
  • Actionable insights and hands-on projects
  • Bite-sized lessons for easy learning
  • Lifetime access to course materials
  • Gamification and progress tracking features


Course Outline

Module 1: Introduction to Third-Party Risk Management

  • Defining third-party risk management
  • Understanding the importance of third-party risk management
  • Identifying types of third-party risks
  • Overview of third-party risk management frameworks

Module 2: Risk Identification and Assessment

  • Identifying potential risks in outsourced relationships
  • Assessing the likelihood and impact of risks
  • Using risk assessment tools and techniques
  • Developing a risk register

Module 3: Risk Mitigation and Management

  • Developing risk mitigation strategies
  • Implementing risk management controls
  • Monitoring and reviewing risk management effectiveness
  • Continuous improvement of risk management practices

Module 4: Third-Party Risk Management Frameworks

  • Overview of COBIT framework
  • Overview of NIST Cybersecurity Framework
  • Overview of ISO 31000 framework
  • Comparing and selecting a third-party risk management framework

Module 5: Vendor Selection and Due Diligence

  • Vendor selection criteria
  • Conducting due diligence on vendors
  • Assessing vendor risk
  • Negotiating contracts with vendors

Module 6: Contract Management

  • Developing contract management strategies
  • Understanding contract terms and conditions
  • Managing contract performance
  • Renegotiating and terminating contracts

Module 7: Ongoing Monitoring and Review

  • Monitoring vendor performance
  • Conducting regular risk assessments
  • Reviewing and updating contracts
  • Continuous improvement of third-party risk management practices

Module 8: Incident Response and Management

  • Developing incident response plans
  • Responding to incidents
  • Managing incident consequences
  • Post-incident review and improvement

Module 9: Compliance and Regulatory Requirements

  • Understanding compliance and regulatory requirements
  • Ensuring vendor compliance
  • Managing compliance risks
  • Maintaining regulatory relationships

Module 10: Best Practices and Emerging Trends

  • Best practices in third-party risk management
  • Emerging trends in third-party risk management
  • Innovative technologies and tools
  • Future of third-party risk management


Certificate of Completion

Upon completion of the course, participants will receive a certificate issued by The Art of Service, demonstrating their knowledge and understanding of third-party risk management frameworks and strategies.

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