Tackling the Challenges of Third Party Risk

Managing third party risk can get more challenging as your business expands. Vendors and suppliers are essential for development but also carry a higher risk that you cannot afford to ignore. Cyber risk is always at the top of the list, but at the moment, sanctions, operational resilience, supply chain risk, and financial risk are all hot topics. These won’t be eliminated from the list of top risks, but the emphasis, sources, and kinds of third party risks that businesses must deal with are continually changing.

To mitigate risk, Linda Tuck Chapman, CEO of Third Party Risk Institute, states, “To detect, assess, manage, and control third party risk, senior management must set the example at the top, provide adequate resources, and give the risk and compliance professionals the authority they need.” Linda loves the expansive scope and dynamic risk environment that business leaders face, and “wants Third Party Risk Institute to be there for them, providing them with the training, credentials, and skills required to perform their jobs.”

Linda is a well-known authority on third party risk management. Her mantra is “effective and efficient third party risk and relationship management drives enterprise value – best value for money, risk-informed decisions, and effective risk oversight.”

Taking The Third Party Risk

Linda achieved her goal of developing a global network of third party risk management specialists, providing specialized training and certifications, and improving third party management practices by forming Third party Risk Institute Ltd. Third Party Risk Institute is a unique resource for third party risk management, peer networking, and global best practices.

Her vision for Third Party Risk Institute is underpinned by a personal and professional desire to “add value” and “be valued.” She believes that professionals must constantly “up their game.” and expects their team to be there for their Members and students. Creating and disseminating effective and efficient third party risk management processes drives risk-informed decisions and improves oversight across their extended enterprise and the world. Third party risk management professionals assist business leaders, adding value and earning well-deserved recognition.

Notable works by Linda

Linda’s first book “Third Party Risk Management: Driving Enterprise Value,” is now in its second edition published by the Risk Management Association (www.rmahq.org). It’s an “education” in third party risk management, an easy read, and a useful reference to keep by your desk.

Third Party Risk Management: a Practical Guide is Linda’s second book, published by The Institute for Internal Auditors Foundation, www.theiia.org. It is a step-by-step manual for the essential components of a third party risk management program. Linda’s books are recommended for boards of directors, senior managers, risk, procurement, legal and & Compliance Professionals, and Audit Specialists.

Third Party Risk Institute provides introductory and advanced risk management training, “gold standard’ certifications, and practical eWorkshops.

Simplifying Complexity

The C3PRMP Certification program, which stands for Certified Third Party Risk Management Professional, was created by Linda and administered by Third Party Risk Institute. It is a 10-week video-based program for busy professionals. It is the “gold standard” Certification for third party risk and relationship management specialists.

A C3PRMP Certification helps professionals enhance their careers and broaden their competence areas. The Third Party Risk Institute also offers three- to four-hour e-workshops that provide hands-on experience in many aspects of relationship management and third party risk.

Independent of prior experience and knowledge, graduates possess a strong working knowledge of third party risk management, how it aligns with enterprise and operational risk management, the responsibilities of risk specialists, and how it supports operational resilience to safeguard the company, its clients, and shareholders.

The Certified Third Party Risk Management Professional curriculum is widely accepted by businesses as crucial training for staff members performing risk management, compliance, governance, and audit duties. The C3PRMP improves risk awareness and establishes a standard language for risk management procedures throughout the company.

Expansive Growth of the Institute

Professionals from various nations, industries, and roles who graduated from Third Party Risk Institute proudly display their C3PRMP Certification next to their names on their signature lines and on social media.

The Institute’s corporate network is expanding, and they anticipate that more organizations will use C3PRMP Certification as a criterion for employment in positions requiring proficiency in third party risk management. They partner with experts to create new content and plan to establish relationships with universities and business schools to provide C3PRMP and access to their resources and members to their students.

Testimonials from Clients

An opinion from a Vendor Risk Manager about the C3PRMP, “The main thing that I learned from C3PRMP is that third party risk management is much more complex than I realized. It was also interesting to learn that, as a general practice, 3PRM is still in its relatively early stages of development. A good take-away is that my organization is doing better than I realized but has room for more streamlining of responsibilities and development into the 4th party analysis as well.”

Another heartfelt word from a Senior Management Consultant, “Thanks a lot for that great feedback and comments! Very encouraging. Unlike other certifications you (have to) do in your work life, this was really something of my core interest and very worthwhile the time and effort. That’s probably also part of such a positive result.”

From an SVP Operations, “Linda’s experience in running enterprise third party risk management programs comes through in her courses and the participants always find great value when they attend her sessions.”

Future Foresight Strategies

Third party Risk Institute will keep growing its faculty, partnerships, and alliances to provide its members with more training, credentials, and resources. They are not constrained by location as a virtual company that provides self-paced learning, tips and tools, and professional networking through their Discussion Forum.

In the upcoming month, they will launch two new eWorkshops: “Managing Third party Innovation Risk at the Speed of Change” and “De-Risking Your Contract”. Later this year, they plan to provide three or four additional eWorkshops. Over time, they hope that business leaders and risk management professionals will instantly recognize the C3PRMP Certification, just as a CMA designation does for accountants.

Description: Third Party Risk Institute Ltd. is the “go-to” place to expand your network, deepen your expertise, and broaden your knowledge about third party risk management.

Company Name: Third Party Risk Institute Ltd.
Founding Year: 2019, formerly a division of Ontala Risk Solutions Inc.
Office Location: Global, Virtual
Official Website of the company: https://www.thirdpartyriskinstitute.com
Name of the Featured Leader: Linda Tuck Chapman
Designation of the Leader: CEO

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