Third Party Risk Management Toolkit
This implementation toolkit equips risk, compliance, and procurement professionals with structured frameworks, templates, and workflows for establishing or improving third party risk management programs. Upon completion, participants receive a certificate issued by The Art of Service.
Executive Overview
Organizations face growing exposure from third party relationships including data breaches, regulatory penalties, and operational disruptions. Managing these risks requires consistent processes for due diligence, monitoring, and governance. This toolkit provides structured frameworks, proven workflows, and reference templates that practitioners use to implement effective third party risk controls. It supports both new program setup and enhancement of existing practices using standardized, repeatable methods.
What You Will Be Able To Do
- Develop a comprehensive third party risk policy aligned with industry standards
- Conduct a maturity assessment across five core capability domains
- Map third parties by risk tier using a consistent classification model
- Perform due diligence reviews using standardized checklists and scoring
- Create a risk-based onboarding workflow for high-risk vendors
- Design an ongoing monitoring program with defined triggers and frequency
- Generate executive-level risk reports using pre-built dashboard templates
- Establish escalation pathways for risk exceptions and remediation
- Implement a vendor offboarding process to close relationships securely
- Produce a 30-day rollout plan with assigned tasks and milestones
Who This Toolkit Is For
- Risk Managers - accountable for identifying, assessing, and mitigating organizational risk; use toolkit to standardize third party evaluation and reporting
- Compliance Officers - responsible for regulatory adherence; apply templates to meet due diligence and documentation requirements
- Procurement Leads - manage vendor sourcing and contracts; integrate risk criteria into selection and renewal workflows
- Information Security Analysts - protect data across the supply chain; use assessment tools to evaluate vendor security controls
- Internal Auditors - assess control effectiveness; reference the workbook to benchmark program maturity and identify gaps
What You Receive Within 24 Hours of Purchase
- 144-chapter implementation playbook (PDF) covering end-to-end third party risk workflow from policy design to ongoing governance
- 20+ downloadable templates in Excel and Word, including vendor risk assessment forms, due diligence questionnaires, risk tiering models, monitoring calendars, escalation logs, and offboarding checklists
- Self-assessment workbook with 994+ case-based requirements organized across seven process areas: governance, risk classification, due diligence, contract management, monitoring, incident response, and program evaluation
- Pre-filled assessment dashboard in Excel demonstrating results generation and reporting across risk categories and vendor tiers
- 30-day rollout work plan structured by week with role-specific milestones for policy, tooling, and process deployment
- Maturity diagnostic across five capability domains: strategy, operations, controls, reporting, and continuous improvement
Detailed Module Breakdown
Module 1: Foundations of Third Party Risk
- Defining third party risk in operational and regulatory contexts
- Understanding legal and compliance obligations
- Identifying internal stakeholders and roles
- Establishing program scope and boundaries
Module 2: Current State Assessment
- Using the maturity diagnostic to evaluate existing capabilities
- Scoring performance across five domains
- Interpreting results to prioritize improvement areas
- Documenting baseline findings for leadership reporting
Module 3: Risk Governance and Policy
- Designing a governance committee structure
- Drafting a risk policy with escalation thresholds
- Assigning ownership for risk decisions
- Setting risk appetite and tolerance statements
Module 4: Risk Categorization and Tiering
- Classifying vendors by data access, criticality, and location
- Applying a scoring model to assign risk tiers
- Defining minimum requirements by tier
- Updating classifications based on changes in scope
Module 5: Due Diligence and Onboarding
- Conducting risk-based due diligence reviews
- Using standardized questionnaires for security and compliance
- Verifying insurance, certifications, and financial health
- Documenting approval decisions and exceptions
Module 6: Contracting and Obligations
- Mapping key risk clauses in vendor agreements
- Ensuring audit rights, data protection, and liability terms
- Tracking contract renewal and termination dates
- Aligning contract terms with risk tier requirements
Module 7: Ongoing Monitoring
- Setting monitoring frequency by risk tier
- Tracking external events like breaches or sanctions
- Reviewing performance metrics and SLAs
- Updating risk profiles based on new information
Module 8: Incident and Issue Management
- Defining reporting pathways for vendor incidents
- Documenting issues in a centralized log
- Assigning remediation tasks with deadlines
- Validating closure of corrective actions
Module 9: Reporting and Communication
- Creating dashboards for risk exposure by category
- Summarizing findings for executive and board review
- Generating compliance status reports
- Using visuals to show trends and improvement progress
Module 10: Program Optimization
- Identifying inefficiencies in current workflows
- Automating manual processes where feasible
- Reducing duplication across teams
- Aligning with enterprise risk management practices
Module 11: Sustainability and Review
- Conducting annual program effectiveness reviews
- Updating policies and templates based on feedback
- Reassessing risk tiers and monitoring rules
- Integrating lessons from incidents and audits
Module 12: Certification and Knowledge Validation
- Completing a final self-assessment using the workbook
- Submitting evidence of applied work products
- Receiving a certificate from The Art of Service
- Accessing updated materials for future reference
The 994+ Requirements Workbook
The self-assessment workbook is organized across seven process areas: governance, risk classification, due diligence, contract management, monitoring, incident response, and program evaluation. Practitioners use it to evaluate current processes, identify gaps, and build improvement plans. Each requirement is phrased as a verifiable statement, such as "Do we classify vendors based on data sensitivity?" or "Is there a documented process for reviewing vendor security certifications?" and "Are risk exceptions approved by a designated authority?" The workbook supports both internal audits and readiness assessments for external review.
The 20+ Templates
The toolkit includes editable templates in Excel and Word for vendor risk assessment, due diligence checklists, risk tiering models, monitoring calendars, contract obligation trackers, incident logs, offboarding forms, governance meeting agendas, and executive dashboards. These artifacts are designed to be used directly or adapted to local needs, supporting consistency in documentation and decision-making across the third party lifecycle.
Course Outcomes and Certification
Upon completion, you will have produced 3 concrete deliverables built using the toolkit: a risk-based vendor classification framework, a due diligence process with supporting documentation, and an executive risk dashboard. The Art of Service issues a certificate of completion confirming demonstrated knowledge and applied capability in third party risk management.
Delivery and Access
Single user license. Account in the learning environment provisioned within 24 hours of purchase. Lifetime access to all toolkit updates. Templates in editable Excel and Word. 30-day money-back guarantee.
Common Questions
Q: Is this for established or new third party risk programs?
A: Both. The workbook helps assess current state. The playbook covers both greenfield and improvement scenarios.
Q: How is this different from ISO 31000 or NIST guidance?
A: This toolkit provides actionable templates and step-by-step workflows not found in high-level standards. It includes 994+ specific requirements and 20+ ready-to-use tools for direct implementation.
Q: What format are the templates in?
A: Editable Excel and Word. You can adapt them to your own use.
Q: Is this a single user license?
A: Yes, one purchase is for one individual user. For organization-wide access, reach out via reply for volume pricing.
Q: What level of prior experience is assumed?
A: Familiarity with basic risk or compliance concepts. No advanced certification or technical background required.
Ready to Start
One-time payment of $495. Single user license. Access provisioned within 24 hours. Lifetime updates included. 30-day money-back guarantee. Reach us via reply if you want guidance on whether this fits your specific situation before purchasing.