Risk and Compliance Management
Managing Risks with Third Parties and Vendors
Please select a city/session before registration.
About this program
With organizations increasingly dependent on third parties and vendors for essential operations, the risks related to outsourcing and external reliance have become considerably more significant. Challenges such as non-compliance, cybersecurity threats, reputational damage, and supply chain interruptions may occur if vendor relationships are not effectively managed.
This Managing Third-Party and Vendor Risks Training Course equips participants with frameworks and techniques to evaluate, oversee, and mitigate risks linked to vendors. The course covers practices for due diligence, contract adherence, continuous monitoring, and leveraging technology to improve third-party governance.
Through case studies, scenario evaluations, and interactive workshops, learners will acquire the skills to establish vendor risk management programs aligned with organizational risk frameworks and regulatory standards.
Course benefits
- Enhance frameworks for managing third-party and vendor oversight.
- Acquire best practices for supplier due diligence and onboarding.
- Strengthen monitoring processes for vendor performance and compliance.
- Reduce outsourcing, supply chain, and cybersecurity risks.
- Develop sustainable resilience through effective vendor governance.
Key outcomes
- Identify and classify risks associated with third parties and vendors.
- Implement due diligence and methodologies for vendor selection.
- Create frameworks for vendor monitoring and reporting.
- Ensure adherence to regulatory and contractual requirements.
- Utilize technology to improve vendor risk oversight.
- Incorporate third-party risk management into wider enterprise risk strategies.
- Foster a culture of responsibility within vendor partnerships.
Who should attend
- Managers in supply chain and procurement.
- Risk management and compliance officers.
- Professionals overseeing vendor and third-party governance.
- Executives accountable for operational resilience.
Course outline
Unit 1: Overview of Managing Third-Party and Vendor Risks
- Understanding risks associated with vendors and third parties.
- Different types of risks: compliance, cybersecurity, reputation, and financial.
- Insights gained from past third-party risk events.
- Regulatory requirements for managing vendor relationships.
Unit 2: Vendor Due Diligence and Selection Process
- Procedures for vendor onboarding and pre-contract evaluations.
- Methods for conducting financial, legal, and compliance assessments.
- Screening processes addressing sanctions, ethical standards, and ESG considerations.
- Case analysis on errors in vendor selection.
Unit 3: Contract Development and Compliance Management
- Designing contracts to address risk and compliance obligations.
- Inclusion of service level agreements (SLAs) and performance terms.
- Approaches to monitor adherence to contract conditions.
- Handling legal and international vendor-related risks.
Unit 4: Continuous Vendor Oversight and Risk Reduction
- Establishing systems for ongoing vendor monitoring.
- Evaluating vendor compliance and operational performance.
- Technologies for managing cybersecurity and data protection risks.
- Strategies for incident response involving vendors.
Unit 5: Developing Robust Vendor Governance Frameworks
- Incorporating vendor risk into overall enterprise risk strategies.
- Utilizing AI and automation tools for enhanced vendor supervision.
- Effectively communicating risk issues to executive boards and stakeholders.
- Emerging developments in third-party and vendor risk management.