Third Party Risk Management Essentials

 3PRM: Essentials in Third Party Risk Management

(3PRM-Essentials)

This eLearning training program was created in partnership with Linda Tuck Chapman, a leading expert in third party risk and relationship managment and CEO of the Third Party Risk Institute, and will help you understand the basics of third party risk management, best practices for identifying and mitigating risks, and how to enhance risk awareness.

What is “third party risk management”?

Third Party Risk Management – also known as TPRM or 3PRM – involves identifying, assessing, and controlling the various risks that can develop over the lifecycle of your relationships with third parties. Third parties include suppliers, vendors, providers, partners, and other affiliate entities that engage with your business.

Potential risks within this ecosystem are numerous and can be reputational, strategic, operational, or economical in nature. Digital transformation has evolved the supply chain and its threat landscape.

For enterprises large and small, your third-party ecosystem can be a complex web. The overall security of the enterprise is only as strong as the weakest link in your supply chain, which is why understanding how to manage third party risk must be prioritized.

What will I learn in this course?

In this course, you’ll understand the fundamentals and importance of managing third party risks in businesses. You’ll learn best practices for identifying, mitigating, and managing risks effectively while developing a keen sense of risk awareness and its impact on business decisions.

Additionally, the course will enhance your ability to engage in risk discussions and provide insights into the perspectives of senior management and board directors on risk management.

The program covers:

• Fundamentals of Third Party Risk Management:
  Understand the basics and importance of managing third party risks in businesses.
• Best Practices in Risk Identification, Mitigation, and Management:
  Learn how to identify, mitigate, and manage risks effectively.
• Enhancing Risk Awareness:
  Develop a keen sense of risk awareness and its impact on business decisions.
• Engaging in Risk Discussions:
  Improve your ability to discuss risk and their mitigation strategies.
• Understanding Senior Management Perspectives:
  Gain insights into what matters most to senior management and board directors

Who should take the course?

The 3PRM-Essentials program is applicable to so many roles in sourcing, outsourcing, procurement, vendor management, third party risk management, and related fields. If you work with third parties in any capacity, then this program is for you. And it’s not just for practitioners, it’s also for the providers who serve them.

How is the course structured?

3PRM-Essentials is a self-paced eLearning course of 7 modules with about 6 hours of content.

Our state-of-the-art learning management system can be accessed from any device and saves the students’ progress from where they left off. This allows students to balance their busy schedules and pause, replay, or pick back up when is most convenient for them. In this delivery model, there is no required discussion with faculty nor essay requirements, or quiz assessments.

*For this program, students must complete all graduation requirements within 3 months of starting. Graduation requirements include completing all lessons and reviewing all supplemental resources.

What can I expect after completing the course?

In addition to the knowledge, skills and tools gained, those who have completed the course can immediately apply what they learned. All graduates of the course are issued a certificate of completion as well as a digital badge to share on social media like LinkedIn.

Graduates are also invited to join the SIG University Alumni and Faculty private LinkedIn group to stay connected with peers and faculty.