Third Party Risk Management (TPRM) Complete Course

Explore a flexible third party risk management framework that establishes clear accountabilities, policies, and processes to identify, manage, mitigate, monitor, and report vendor risk using NIST CSF and ISO 27001.

Explore the NIST CSF 2.0 framework with governance, identify, protect, detect, respond, and recover functions, highlighting its adaptation for third party risk management and data protection.

Plan and scope establish a structured third party risk management approach, assigning a relationship owner, defining exit strategies, service levels, vendor criticality, and risk assessment criteria across stakeholders.

Use a rfi to gather information on potential suppliers and solutions, explore the market, and assess vendor qualifications and competencies in the early procurement stage.

Assess potential third-party vendors through selection and due diligence to identify and mitigate risks in security, compliance, financial stability, and operational resilience after vendor identification and screening before contract negotiations.

Assess third party risk by identifying critical vendors and evaluating inherent risk, guiding due diligence decisions and managing regulatory exposure and switching costs.

Develop a comprehensive third party profile to assess risk attributes, relationship ownership, and regulatory compliance, updated throughout the vendor lifecycle with financial health, data sensitivity, incidents, and SLAs.

Assess third party relationships through comprehensive risk assessments that evaluate governance, controls, and risk management across information security, operational risk, human resources privacy, compliance, financial health, and fourth party risk.

Assess third party operational risk by evaluating criticality, potential impacts on operations, finances, data security, reputation, and compliance, and determining recovery objectives and recovery point objectives, due diligence, and monitoring.

Map fourth party subcontractors and service providers, enforce contractual risk management, secure audit rights and incident notifications, and verify business continuity, resilience, and SOC-compliant controls, while planning for alternative suppliers.

Identify specific risks after completing a risk assessment by reviewing results, controls, testing, due diligence, and benchmarks; collaborate with the third party to develop remediation plans and prioritize high-risk issues.

Explore a comprehensive third party risk management risk assessment report, detailing executive summary, vendor overview, risk identification, scoring, and mitigation actions to enhance data protection and regulatory compliance.

Explore how key stakeholders—from legal, procurement, and business units to risk, vendor management, IT, information security, finance, and senior management—collaborate to draft, negotiate, and manage contracts.

Assess impact and risks when an SLA breach occurs. Notify the vendor with data and root cause, and implement remedies, penalties, a remediation plan, and enhanced monitoring.

Continuously monitor vendor risk, performance, cybersecurity posture, and data protection to detect changes, enforce controls, and ensure regulatory compliance and service levels.

Monitor key risk indicators for vendors using continuous, real-time scoring and dashboards, with automated incident reporting and change management to mitigate third-party risk.

Advance the third party risk management program through continuous improvement, leveraging feedback, lessons learned, and evolving risk technologies to address regulatory changes and industry best practices.