Third-Party and Risk Management

"Third-Party and Risk Management" is a specialized course designed to equip participants with the knowledge, skills, and strategies necessary to effectively manage risks associated with third-party relationships. Expanding business operations beyond the organization's boundaries to generate value is a well-established practice. However, the current landscape sees a rise in the number and intricacy of relationships beyond organizational boundaries, accompanied by heightened regulatory scrutiny and stakeholder attention. Collaborations with third parties, including crucial suppliers, offer numerous advantages to the organization but also introduce unknown factors that can increase risk levels. Effective risk management involves appropriately handling infrastructure, systems, personnel, and external support to mitigate potential risks.

Participants will learn how to assess and classify third-party relationships based on their level of risk and criticality to the organization. The course covers techniques for conducting due diligence, evaluating third-party performance, and establishing clear contractual terms and service level agreements (SLAs) to manage risks and ensure compliance with regulatory requirements.

Additionally, the course addresses the importance of ongoing monitoring and oversight of third-party relationships. Participants will gain insights into developing risk monitoring frameworks, conducting periodic assessments, and implementing controls to detect and respond to emerging risks in a timely manner.

Furthermore, the course explores strategies for managing third-party risks across various dimensions, including data privacy and security, financial stability, and business continuity. Participants will learn how to develop risk mitigation plans, establish contingency measures, and build resilience to minimize the impact of third-party-related disruptions on organizational operations.

Objective

• Setting the context for supplier / third party risk management
• Relationship to supply chain management and risk management
• The Challenges and pitfalls of managing supply chain / third party risks
• Third-Party Risk Framework Overview
• Assessing third party risks and controls
• Third-Party Risk Governance including strategic risk management and resilience
• Third-Party Risk Management and the Procurement Lifecycle
• Implementing Supply Chain and Third-Party Risk Management