Third-party Risk Management (tprm) Audit: Ensuring Vendor Security And Compliance

Introduction:

Organizations increasingly rely on third-party vendors for various services, creating potential risks to data security, compliance, and operations. This comprehensive training course on Third-Party Risk Management (TPRM) Audit equips participants with the specialized knowledge and skills to effectively assess and mitigate these risks. Participants will learn how to identify third-party risks, evaluate vendor controls, conduct TPRM audits, and ensure vendor compliance with organizational policies and regulatory requirements. This course bridges the gap between vendor management and audit practices, empowering participants to become valuable assets in protecting their organizations from third-party related risks.

Target Audience:

This course is designed for professionals responsible for managing and auditing third-party relationships, including:

• Internal Auditors
• IT Auditors
• Compliance Officers
• Risk Managers
• Procurement Professionals
• Vendor Managers
• Anyone involved in managing or overseeing third-party vendors

Course Objectives:

Upon completion of this Third-Party Risk Management (TPRM) Audit training course, participants will be able to:

• Understand the importance of TPRM and the risks associated with third-party vendors.
• Identify and assess third-party risks across different categories (e.g., security, compliance, operational, financial).
• Evaluate the effectiveness of vendor controls and risk mitigation strategies.
• Conduct TPRM audits using industry best practices and standards.
• Develop audit programs and procedures for TPRM assessments.
• Understand contractual considerations related to third-party risk.
• Assess vendor compliance with relevant regulations and standards.
• Monitor and report on third-party risk.
• Develop recommendations for improving TPRM processes.
• Communicate TPRM audit findings effectively to management.
• Collaborate with business units and vendors on TPRM initiatives.
• Stay up-to-date with the latest TPRM trends and best practices.
• Contribute to a stronger third-party risk management culture within their organizations.
• Enhance their understanding of vendor risk management.
• Become a more valuable and sought-after TPRM audit professional.

DURATION

5 Days

COURSE CONTENT

Module 1: Introduction to Third-Party Risk Management (TPRM)

• The increasing reliance on third parties and the associated risks.
• Defining TPRM and its importance in mitigating vendor-related risks.
• Key TPRM concepts and terminology.
• Different types of third-party risks (e.g., security, compliance, operational, financial, reputational).
• The role of TPRM in protecting organizational assets and reputation.

Module 2: Identifying and Assessing Third-Party Risks

• Developing a third-party risk assessment methodology.
• Identifying potential third-party risks across different categories.
• Assessing the likelihood and impact of third-party risks.
• Categorizing third parties based on risk level.
• Creating a third-party risk register.

Module 3: Vendor Due Diligence and Selection

• Importance of due diligence in vendor selection.
• Conducting background checks and financial assessments.
• Evaluating vendor security posture and compliance certifications.
• Assessing vendor capabilities and capacity.
• Developing vendor selection criteria.

Module 4: Contractual Considerations for Third-Party Risk

• Including risk-related provisions in vendor contracts.
• Defining responsibilities and liabilities.
• Service Level Agreements (SLAs) and performance metrics.
• Data ownership and privacy clauses.
• Contract termination and exit strategies.

Module 5: Implementing Third-Party Controls and Monitoring

• Developing a third-party control framework.
• Implementing security, compliance, and operational controls for vendors.
• Monitoring vendor performance against SLAs.
• Tracking key risk indicators (KRIs) for third-party risks.
• Regularly reviewing and updating vendor controls.

Module 6: Conducting Third-Party Risk Management Audits

• Developing a TPRM audit program.
• Planning and executing TPRM audits.
• Gathering and analyzing audit evidence.
• Documenting and reporting TPRM audit findings.
• Following up on TPRM audit recommendations.

Module 7: Vendor Compliance and Regulatory Requirements

• Identifying relevant regulations and compliance requirements for third parties.
• Assessing vendor compliance with industry standards and regulations.
• Auditing vendor compliance programs.
• Managing compliance risks related to third-party relationships.
• Data privacy and security considerations for third-party data access.

Module 8: Ongoing Third-Party Risk Management and Improvement

• Continuously monitoring and assessing third-party risks.
• Regularly reviewing and updating the TPRM program.
• Identifying areas for improvement in TPRM processes.
• Integrating TPRM with enterprise risk management.
• Managing third-party relationships throughout the vendor lifecycle.

Module 9: Emerging Trends and Best Practices in TPRM

• The evolving landscape of third-party risk.
• Use of technology and automation in TPRM.
• Data analytics for third-party risk assessment and monitoring.
• Global third-party risk management considerations.
• Best practices for building a world-class TPRM program.

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 5 working days before commencement of the training.