Third Party Risk Management 

The Protecht Group’s Third Party Risk Management course, offered through RMIA, provides essential training for risk managers to master managing risks associated with third-party relationships. Participants will learn advanced techniques for assessing operational, financial, reputational, and compliance risks. The course covers developing a customized risk management framework, conducting thorough due diligence, and implementing effective monitoring and contract management practices. Ideal for risk managers, compliance officers, and procurement professionals, this training combines theoretical knowledge with practical exercises to enhance your organisation’s ability to mitigate third-party risks and ensure ongoing compliance. Secure your organisation’s future by enrolling today.

Key topics covered:

1.    Defining Third Party Risk Management (TPRM)

• Defining the scope of TPRM

• What third parties should be covered?

• Classifying your third parties

2.    Identifying and understanding the risks relating to the third parties

• Identifying the objectives impacted by third parties

• Defining the impact types from third party risks

• Direct risks to your organisation

• Indirect risks within your third parties

• Developing a taxonomy of third party risks

• Using Risk Bow Tie analysis to map and understand the risks

3.    A TPRM framework

• Aligning to ISO 31000

• Mapping the 8 elements of ISO 31000 to your TPRM processes

• Communicate and Consult. Consider native language/

• Scope, Context, Criteria

• Risk Identification

• Risk Analysis

• Risk Evaluation

• Risk Treatment

• Monitoring and Review

• Recording and Reporting

• Mapping a TPRM ecosystem

4.    Compliance requirements

• Understanding the key compliance requirements for TPRM, including:

• Outsourcing

• Modern Slavery

• Anti-bribery and corruption

• Privacy and data protection

• Due Diligence

• Factoring compliance and compliance management into your TPRM processes

5.    Mapping the steps in TPRM

• Third party selection criteria and process

• Initial screening and tiering

• Initial Due Diligence

• Decision and approval process

• Onboarding including contractual arrangements

• Ongoing monitoring and maintenance

• Incident management: Non-performance, Failure.

• Offboarding

• Linkage to other risk types and processes

• Link to key risks types internally e.g. Cyber, Fraud, Technology, Data etc.

• Linkage to Operational Resilience

6.    Initial screening, tiering and due diligence

• Key factors to consider in initial screen e.g. Data security, financial security etc. 

• Sourcing the information: Internal or use of third party bureaus?

• The role of, and link to Risk Appetite

• Tiering methodology to understand importance of third party

• Determining the extent of Due Diligence

• Carrying out Due Diligence

7.    Ongoing monitoring and maintenance

• Due diligence updates

• Ongoing compliance

• Ongoing SLA / contract monitoring

• Ongoing management including third party training

• Risk metrics and monitoring, external and internal data, and alerts

• Escalation and treatment

• Reporting and Analytics

8.    Complete risk management of third parties

• Leveraging your ERM / GRC framework

• Risk Assessments

• Controls Assurance and Assessment

• Risk Metrics and key risk indicators

• Incident Management

• Issues and Actions Management

• Compliance Management

• TPRM reporting

• Integrating your TPRM within your overall ERM framework.

9.    Governance, roles, responsibilities and accountabilities

• Who is responsible for what?

• Overall ownership? Procurement? Risk Management? The business?

• The role of the “three lines”

• Ensuring clear ownership, responsibilities and accountabilities for the complete process

• Creating the right culture for managing TPRM

10.    Conclusions and takeaways