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: Assessing current 3rd party challenges

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: 3rd party Strategic Risk Planning (Enterprise Risk)

Time: 1:15pm to 5:00pm

3rd Party Risk Management Process

• 3rd Party Risk Profiling
• Workshop 3: Identifying 3rd Party Risks
• Ongoing Monitoring & Control Effectiveness
• Risk Appetite and Risk Tolerancing

Elements of the 4 RM's

• Risk Measurement
• Risk Management
• Risk Monitoring
• Response Management

Resource Speaker:

Mr. Kama Neson Ganeson

Schedule:

18 April 2023 (8:30 AM – 5:00 PM)

Training Fee per Participant:

From Member Institution – P 2,800.00

From Non-Member Institution – P 3,920.00

**VAT inclusive