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Third-party risk management (TPRM) is the process of analyzing and controlling risks associated with outsourcing to TP or service providers. This includes access to your organization's intellectual property, data, operations, finances, customer information or other sensitive information.

In today’s complex economy, utilization of TP providers is a norm rather than an exception. The engagement of TP providers, as well as subservice or “fourth-party” providers, presents risks that organizations should take action to manage. Risks posed by an organization’s TP providers should be considered by the organization when establishing their TPRM program. Inability to establish a solid TPRM program could leave your organization at undue risk.

Organizations are now facing risks such as the threat of high-profile business failure, illegal third-party actions being attributed to the organization, or regulatory enforcement for actions taken by third-parties. It is critical organizations have a robust, mature TPRM program that encompasses all aspects of risk and all stages of the lifecycle that a TP can transition through from initial due diligence to business continuity.

Within this course, we will discuss the concepts around establishing a sold TPRM process for any organization. Future courses will then examine the process of auditing your TP relationships.

Learning Objectives

  • Explore and examine risks of a TPRM program.
  • Discover and define a TPRM Program.
  • Identify elements of a TPRM program.
  • Recognize the steps to build a TPRM program.
  • Recognize the steps to execute a TPRA.
  • Explore and managing Third-Party Risk Program.
  • Discover the best practices for TPRM.
Last updated/reviewed: June 5, 2021

Prerequisites

Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  4:02Introduction to Establishing a Third-Party Risk Management Program
  5:19Risk of Third-Party Programs
  8:42What is TRPM?
  10:52Elements of a Third-Party Risk Management Program
  11:06Elements of a Third-Party Risk Management Program Cont'd
  5:53Steps to Build a TRPM Program
  11:16Steps to Build a TRPA
  8:00Managing Third-Party Risk Program
  12:25Managing Third-Party Risk Program Cont'd
  13:48Best Practice for TP Management
  5:31Additional Approaches
  1:02Summary
CONTINUOUS PLAY
  1:37:56Establishing a Third-Party Risk Management Program
SUPPORTING MATERIAL
  PDFSlides: Establishing a Third-Party Risk Management Program
  PDFEstablishing a Third-Party Risk Management Program Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM