Third-Party Risk Management: Safeguarding Your Business from External Threats

Introduction:

In today's interconnected business world, organizations increasingly rely on third parties for critical services, products, and data. While these partnerships offer numerous benefits, they also introduce significant risks. This Third-Party Risk Management (TPRM) training course equips you with the knowledge and skills to effectively manage these risks, protecting your organization from potential disruptions, data breaches, reputational damage, and financial losses. Learn how to develop a robust TPRM program, assess third-party risks, and implement appropriate controls. This third-party risk training is essential for professionals seeking to ensure the security and resilience of their extended enterprise. This course covers key areas like due diligence, contractual risk management, performance monitoring, and ongoing assessment, empowering you to build a robust TPRM framework.

Duration

5 Days

Target Audience

This course is designed for:

• Procurement & Sourcing Professionals: Individuals responsible for selecting and managing third-party relationships.
• Risk Management Professionals: Individuals responsible for identifying and managing third-party risks.
• Compliance Officers: Individuals responsible for ensuring compliance with regulations related to third-party relationships.
• IT & Security Professionals: Individuals responsible for managing the security of data shared with third parties.
• Legal Counsel: Attorneys advising organizations on third-party contracts and legal obligations.
• Anyone seeking to enhance their understanding of third-party risk: Professionals across various sectors.

Course Objectives

Upon completion of this course, participants will be able to:

• Understand the importance of third-party risk management.
• Identify and assess various types of third-party risks (e.g., operational, financial, reputational, security, compliance).
• Develop and implement a comprehensive TPRM program.
• Conduct due diligence on third parties.
• Negotiate and manage third-party contracts effectively.
• Monitor third-party performance and compliance.
• Implement appropriate controls to mitigate third-party risks.
• Integrate TPRM with overall enterprise risk management.

Course Modules

• Introduction to Third-Party Risk Management:
  • Defining third-party risk and its importance.
  • The evolving landscape of third-party risks.
  • The benefits of a robust TPRM program.
  • Key regulatory requirements and industry best practices.
• Identifying and Assessing Third-Party Risks:
  • Categorizing third parties based on risk level.
  • Identifying potential risks associated with different types of third-party relationships.
  • Assessing the likelihood and impact of third-party risks.
  • Using risk assessment tools and techniques.
• Due Diligence and Selection of Third Parties:
  • Conducting background checks and financial analysis.
  • Evaluating third-party security posture and compliance certifications.
  • Assessing reputational and ethical risks.
  • Developing selection criteria for third parties.
• Contractual Risk Management:
  • Negotiating and drafting contracts with appropriate risk provisions.
  • Defining roles, responsibilities, and liabilities.
  • Ensuring compliance with legal and regulatory requirements.
  • Managing contract performance and changes.
• Ongoing Monitoring and Assessment:
  • Establishing key risk indicators (KRIs) for third-party performance.
  • Monitoring third-party performance and compliance.
  • Conducting periodic risk assessments.
  • Implementing corrective actions for identified issues.
• Information Security and Data Protection:
  • Protecting sensitive data shared with third parties.
  • Implementing security controls and safeguards.
  • Managing data breaches and security incidents.
  • Ensuring compliance with data privacy regulations.
• Operational Resilience and Business Continuity:
  • Assessing the impact of third-party disruptions on business operations.
  • Developing contingency plans and backup options.
  • Ensuring business continuity in the event of third-party failure.
  • Managing operational dependencies on third parties.
• Advanced Topics in Third-Party Risk Management:
  • Global third-party risk management.
  • Emerging trends in third-party risk management.
  • The use of technology in TPRM.
  • Integrating TPRM with ESG considerations.

General remarks

• Customizable courses are available to address the specific needs of your organization.
• The participant must be conversant in English
• Participants who successfully complete this course will receive a certificate of completion from Lenol Development Center.
• The course fee for onsite training includes facilitation training materials, tea break and lunch.
• Accommodation and airport pick up are made upon request
• For any inquiries reach us through info@lenoldevelopmentcenter.com or +254 710 314 746
• Payment should be made to our bank