Third Party Risk Management

Program Overview:

In today's scenario, most of the organizations outsource their services to a third party. Third Party Risk Management simply help organizations answer critical questions of who am I doing business with, what risks do they pose and how do I successfully manage those risks?

Reducing—if not completely eliminating—the risks of working with third party vendors is a necessary part of your business. If your organization is outsourcing a process, you'll want to make sure there are safeguards in place that protect your business and vendors.

Performing a risk assessment and implementing a risk management program better helps mange the inherent and recurring risk of that 3rd party and how it may impact / enhance your organization's process moving forward.

Duration: 1-Day Program

Learning Objectives:

At the end of the training, participants are expected to:

▪ Know how to identify third party risks and approach to Third Party Risk Management.

▪ Be familiar with components, requirements and approaches to Vendor Risk Management

Target Audience:

▪ Procurement Personnel

▪ Compliance Personnel

▪ Legal Personnel

▪ Internal Auditors

▪ 3rd Party Account Managers

Program Structure and Outline:

The Program is delivered using a combination of instructor-led lectures, case study and exercises on practical implementation of the concepts discussed within the training. The topics presented below define the areas of focus under the program:

Time: 8:30am to 12:00pm

Third Party Risk Management Overview

▪ Who is Considered a 3rd Party?

▪ Framework: What is 3rd Party Risk Management?

▪ Global Trends towards 3rd Party Engagements

▪ Workshop 1: Mapping Global Trends to local environment

Vendor Risk Management

▪ Definition

▪ Review of the applicable controls of BSP Circular 808

▪ Importance of Vendor Risk Management

▪ Vendor Breach Background

▪ Strategies for Vendor Risk Management

▪ Workshop 2: Strategy Planning and Mapping of 3rd Party

Time: 1:15pm to 5:00pm

3rd Party Risk Management Process

▪ Risk Review and Risk Rating

▪ Workshop 3: Identifying 3rd Party Risk and Rating

▪ Ongoing Monitoring & Control Effectiveness

▪ Recurring Reviews & Residual Risk Ratings

Elements of the 4 RM's

▪ Risk Measurement

▪ Risk Management

▪ Risk Monitoring

▪ Response Management

Resource Speaker: Mr. Kama Neson Ganeson

Schedule: 27 July 2022 (Wednesday, 8:30 AM - 5:00 PM)

Training Fee per Participant:

From Member Institution – P 2,240.00

From Non-Member Institution – P 3,360.00

**VAT inclusive