Third-Party Risk Management & Vendor Risk Assessment Training Course

Course Overview

Learning Objectives

• By the end of the course, participants will be able to:
• Analyze the strategic importance of third-party risk management within enterprise risk frameworks.
• Identify major categories of risk associated with suppliers, vendors, contractors, and service providers.
• Develop structured third-party risk management lifecycle frameworks.
• Classify third parties according to criticality, dependency, exposure, and risk level.
• Design effective vendor due diligence and risk assessment processes.
• Evaluate financial, operational, regulatory, legal, cybersecurity, and reputational risks.
• Apply inherent and residual risk assessment methodologies.
• Develop risk scoring models, rating criteria, and risk-based assessment thresholds.
• Evaluate third-party controls, policies, certifications, evidence, and assurance documentation.
• Establish appropriate contractual risk requirements and control provisions.
• Develop ongoing third-party monitoring and performance management frameworks.
• Identify early warning indicators and emerging risks within third-party relationships.
• Strengthen management of cybersecurity, data privacy, and technology-related vendor risks.
• Integrate business continuity, resilience, and exit planning into third-party risk management.
• Establish effective escalation, remediation, exception, and issue-management processes.
• Develop third-party risk reporting and governance mechanisms for management and decision makers.

Who Should Attend

Learning Outcomes

• Upon successful completion of the course, participants will be able to:
• Map an organization's third-party ecosystem and identify critical external dependencies.
• Apply risk-based segmentation to suppliers, vendors, and service providers.
• Conduct structured vendor due diligence and risk assessments.
• Determine inherent risk based on the nature, scope, and criticality of a third-party relationship.
• Assess the effectiveness of third-party controls and identify control gaps.
• Calculate and interpret residual third-party risk following the application of controls.
• Develop practical vendor risk scoring and rating methodologies.
• Determine appropriate assessment depth and monitoring frequency based on risk.
• Evaluate vendor cybersecurity, data protection, operational resilience, and compliance exposure.
• Identify contractual requirements needed to manage material third-party risks.
• Establish monitoring mechanisms using risk indicators, performance measures, and assurance activities.
• Manage third-party incidents, breaches, control deficiencies, and remediation plans.
• Assess concentration, dependency, subcontracting, and fourth-party risks.
• Integrate business continuity and exit strategies into vendor risk assessments.
• Prepare management-level third-party risk reports and escalation recommendations.
• Develop an actionable third-party risk management framework for organizational implementation.

Course Outline