Introduction

In today's intricate business ecosystem, where organizations increasingly rely on a vast network of vendors, suppliers, and external service providers, effective Third-Party Risk Management (TPRM) has become an absolute necessity. The ability to rigorously audit these complex relationships is paramount to protecting an organization from financial, operational, reputational, and cybersecurity threats. This essential training course focuses on Third-Party Risk Management (TPRM) Audit, equipping participants with the specialized knowledge and practical skills to design, execute, and evaluate comprehensive TPRM audit programs, ensuring that external partners align with internal policies and regulatory compliance standards. You will learn to identify critical risk areas in third-party engagements, assess the effectiveness of vendor controls, and provide actionable recommendations that strengthen your organization's overall risk posture.

This intensive training course delves into the nuances of assessing the entire third-party lifecycle, from initial due diligence and contract negotiation to ongoing monitoring and termination. We will explore various methodologies for TPRM auditing, including risk-based approaches, and discuss how to leverage technology for greater efficiency and continuous oversight. Participants will gain hands-on experience in evaluating third-party security, privacy, compliance, and operational controls, preparing them to confidently conduct TPRM audits that mitigate exposure and contribute to robust enterprise risk management. By the end of this training course, you will possess the expertise to strategically enhance your organization's third-party risk management framework through effective and impactful auditing.

Target Audience

• Internal Auditors
• IT Auditors
• Compliance Officers
• Risk Management Professionals
• Vendor Management Specialists
• Procurement & Sourcing Teams
• Cybersecurity Professionals
• Legal & Governance Specialists

Course Objectives

• Understand the fundamental concepts and importance of Third-Party Risk Management (TPRM).
• Learn the various types of risks introduced by third-party relationships (e.g., operational, financial, cyber, reputational).
• Master methodologies for assessing and categorizing third-party risks based on criticality.
• Develop skills in conducting effective due diligence and vendor assessments.
• Understand the regulatory landscape and compliance requirements related to TPRM.
• Learn about contractual considerations and service level agreements (SLAs) in third-party engagements.
• Explore best practices for designing and implementing a TPRM audit program.
• Master techniques for performing on-site and remote audits of third-party controls.
• Understand the role of continuous monitoring and performance management in TPRM.
• Learn about reporting audit findings and providing actionable remediation recommendations.
• Apply practical TPRM audit strategies to real-world vendor scenarios.

Duration

5 Days

Course Content

Module 1: Introduction to Third-Party Risk Management

• Defining Third-Party Risk Management (TPRM) and its critical role in modern business.
• Understanding the types of third-party relationships (vendors, suppliers, partners, subcontractors).
• Exploring the expanding landscape of third-party risks (cybersecurity, compliance, operational, reputational).
• The evolving regulatory focus on TPRM.
• The business imperative for a robust TPRM program.

Module 2: TPRM Frameworks and Lifecycle

• Learning the key components of a comprehensive TPRM framework.
• Understanding the third-party lifecycle: from onboarding to offboarding.
• Methodologies for identifying and inventorying third parties.
• Establishing clear policies, standards, and governance for TPRM.
• Integrating TPRM with enterprise risk management (ERM).

Module 3: Third-Party Risk Assessment & Due Diligence

• Mastering techniques for assessing inherent and residual risks posed by third parties.
• Developing risk categorization and tiering methodologies.
• Conducting thorough due diligence processes (financial, security, compliance, operational).
• Utilizing questionnaires, certifications (e.g., SOC 2, ISO 27001), and independent assessments.
• Identifying red flags and high-risk indicators during assessment.

Module 4: Designing a TPRM Audit Program

• Strategies for designing an effective TPRM audit program.
• Developing risk-based audit plans and scope definition.
• Understanding the objectives and phases of a TPRM audit.
• Resource allocation and scheduling for TPRM audits.
• Aligning TPRM audits with internal audit and compliance functions.

Module 5: Executing the TPRM Audit

• Mastering techniques for executing TPRM audits, including documentation review and interviews.
• Conducting on-site and remote audit procedures.
• Evaluating the effectiveness of third-party controls (e.g., cybersecurity, data privacy, business continuity).
• Gathering and analyzing audit evidence to support findings.
• Tools and technologies to streamline TPRM audit execution.

Module 6: Regulatory Compliance & Contractual Review

• Understanding regulatory compliance requirements impacting third parties (e.g., GDPR, HIPAA, anti-bribery laws).
• Auditing third-party adherence to contractual clauses and Service Level Agreements (SLAs).
• Reviewing data processing agreements and data protection clauses.
• Assessing compliance with industry standards and best practices.
• The auditor's role in identifying compliance gaps in third-party relationships.

Module 7: Reporting, Remediation & Continuous Monitoring

• Strategies for effectively reporting TPRM audit findings and recommendations.
• Quantifying risks and impacts to facilitate business decision-making.
• Developing and tracking remediation plans with third parties.
• Implementing continuous monitoring strategies for ongoing third-party risk.
• Leveraging technology for dashboards and alerts in TPRM reporting.

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 10 working days before commencement of the training.