Third party relationships are an important part of modern organizations, but they can also introduce security, compliance, operational, privacy, and other business risks. This course provides a structured understanding of Third Party Risk Management (TPRM), covering the key concepts, frameworks, governance practices, lifecycle activities, due diligence, risk mitigation, continuous monitoring, and offboarding processes used to manage third party risk.
You will begin by understanding what Third Party Risk Management means, why organizations establish TPRM programs, the key terminology used in the field, the internal stakeholders involved, and the primary categories of third party risks. The course then examines the core components of a standard TPRM framework and how TPRM can be aligned with Enterprise Risk Management, regulatory compliance, and global industry standards.
You will also learn how to structure a TPRM governance model and understand the key roles and responsibilities involved in managing third party relationships. The course covers the complete third party lifecycle, including vendor selection, initial risk triage, inherent risk assessment, due diligence questionnaires, and the evaluation of information security and data privacy controls.
