Managing Third Party and Supply Chain Risk Management

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Course Overview

Extending business activities beyond organisational boundaries to create value for the organisation is not new.  However, the quantity and complexity of the relationships that now exist beyond organisational boundaries is increasing, as is regulatory and stakeholder scrutiny. While partnerships with third parties, including critical suppliers, can be beneficial to the organisation on so many levels, such alliances can expose the organisation to many unknowns, and those unknowns will undoubtedly increase the level of risk. The key, then, is properly managing the infrastructure, systems, staff and outside support to adequately manage that risk.

Course Breakdown:

This workshop focuses on how this can be achieved. Workshop participants will learn supply chain/third party risk management governance, analysis and process that can be applied across the organization at either an enterprise or a department level, within the business as usual and crisis situations. Learning is delivered through a digital presentation, collaboration with peers, and digital workshop tasks. A number of useful templates will be provided.

Who is the course for:

This course will be of benefit to risk managers, procurement managers, contract managers and business line managers who interact with third-party vendors and need to recognize the potential risks within the lemgal agreements and the services they provide, especially in situations where an entire business function is outsourced, multiple functions are consolidated to a single provider, the provider subcontracts and/or the provider works directly with the organisation’s customers. It is beneficial for:

• Procurement Professionals
• Supply Chain Professionals
• Ethics & Compliance Professionals
• Risk Management Professionals
• IT Security Professionals
• Legal Professionals
• Environmental, Health & Safety Professionals
• Corporate Social Responsibility & Accountability Professionals
• Individuals with third party management, ownership, or oversight responsibilities

Learning Objectives:

• Setting the context for supplier / third part risk management including how supply chains are changing and understanding how those impact risks, definitions, alignment to supply chain / third party management and enterprise risk management, the importance and value derived from managing supplier/ third party risks
• Relationship to supply chain management and risk management including types of risks included such as Cyber, Compliance, Financial Crime, business disruption and so on
• The Challenges and pitfalls of managing supply chain / third party risks
• Supply Chain / Third-Party Risk Framework Overview
• Assessing third party risks and controls – process requirements, tools and techniques
• Third-Party Risk Governance including strategic risk management and resilience, risk response options, operating models and monitoring & reporting
• Supply chain / Third-Party Risk Management and the Procurement Lifecycle – from onboarding to exit
• Managing supply chain / third party risk management information
• Implementing Supply Chain and Third-Party Risk Management – from risk to resilience
• The digitisation of Supply Chain and Third-Party Risk Management – risks and opportunities

Learning Outcomes:

• Effectively manage due diligence and supply chain / third-party risk.
• Understand the challenges and pitfalls of managing third-party risk
• Achieve success capitalizing on third-party relationships while maintaining compliance
• Facilitate ongoing monitoring of critical suppliers / third-party partners.
• Define a supplier/ third -party management lifecycle for managing and monitoring supplier/third party relationships
• Establish supplier/third party management ownership and accountability across the 3 lines of defence
• Provide supplier / third party management process consistency and enhance cross-functional collaboration
• Communicate more effectively with suppliers /  third parties on matters of risk and compliance
• Deliver effective supplier / third-party governance and assurance to the board of directors, regulators, and stakeholders
• Monitor metrics to establish effectiveness or supplier / third-party  risk management
• Integrate third-party/supplier risk management with other key processes such as procurement.

Course Dates

* The above prices exclude UK VAT at 20%. If applicable, this will automatically be added when you book on to the course.

 For all enquiries please contact the training team on +44 (0)20 7709 9808 or at training@theirm.org

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Note – Course Delivery, Duration and CPD

This course is delivered in a LIVE and REAL-TIME public training sessions, with a cohort of peers. During these sessions, you will be able to connect and interact with your peers and the IRM expert trainer, in the medium of a virtual classroom. In addition, all training material will be provided, ensuring that the attendee can continue their learning journey, wherever they choose.

There will be two times 3-hour sessions with an extra 20 minutes for breaks plus pre-preparation video and reading and offline course activities, totalling 10 hours.