Third Party Risk Institute: Unlocking the Secrets of Successful Third Party Management

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Linda Tuck Chapman, founder and CEO In the past, companies facing risk would operate with their own capabilities, resources, and solutions. However, as the status quo quickly moved toward an “extended enterprise” strategy, they became reliant on third party vendors for competitiveness and sustained operations in increasingly complex markets. This transformation also increased operational risks as businesses focus on delivering the best value proposition at the lowest risk to deliver products and services with help of a diverse pool of technologies and vendors. Enabling risk, compliance and business leaders stay ahead of the curve, Third Party Risk Institute created a network of experts that share their insights, experiences, and expertise to promote best practices in third party risk management.

“We can make companies more resilient by offering expert resources to professionals through Membership or certification programs, and connect them to a community of risk and compliance professionals and like-minded individuals,” says Linda Tuck Chapman, founder and CEO of Third Party Risk Institute Ltd.

As busy professionals are strapped for time to invest in continuing education after starting their careers, Third Party Risk Institute developed a structured approach to deliver best and emerging practices in risk and relationship management, which includes supply chain risk, cyber and privacy risks, operational resilience and other challenges that affect organizations today. A relatively new discipline, third party risk management is still quite nascent, and Third Party Risk Institute believes there is plenty of room for development to strengthen risk management practices across an extended enterprise. Their goal is to provide training, certifications, peer networking, and targeted resources for people to quickly and easily acquire actionable insights. The pandemic making it painful apparently that organizations must keep a watchful eye on vendors and partners they rely on, so senior management is equally aware of how third parties affect their business.

“Our primary focus is to connect people and provide training that helps risk management and compliance professionals protect their company, its reputation, and shareholders from harm,” comments Tuck Chapman.
With a mixture of inadequate risk management practices and “bad actors” hackers intentionally seeking to harm, the demand for high quality third party risk management practices has been phenomenal over the last two years. Third Party Risk Institute is at the forefront of sharing those best practices, expertise and ideas across the globe. With one of the largest networks of recognized third party risk management professionals, Third Party Risk Institute relies on respected organizations, companies and individuals that contribute to its unique continuum of knowledge. Ensuring that members and enrolled students can access its resources, the company has an accessible platform that bring students and resources together, enabling both experienced individuals and those new to risk management to access expert advice and advance their skill set.

The Beauty Of Collaboration Is Awareness That You Are Not Always The Expert. Everyone Has Specialized Expertise, So Third Party Risk Institute Brings Thought Leaders To The Forefront, Connecting Them With Other Professionals Who Are Keen To Learn

Rapid changes in operations and technology, and onboarding third party innovation continue to change the risk profile of the extended enterprise. Third Party Risk Institute enables decision makers to identify and evaluate third party risks and improve operational resilience by avoiding risk events caused by third parties due to their operational stumbles or failures. Getting started, it is imperative that businesses create an inventory of vendors they rely on, define their risk management requirements, and create processes to mitigate or control the risks that doing business with third parties brings.

In addition to creating “Certified Third Party Risk Management Professional” program, the global “gold standard” C3PRMP certification, and a Resource Library for Members, Tuck Chapman leads a monthly “live” Ask the Expert Series, is a keynote speaker in industry events, participates in leading industry forums, such as Risk Management Association’s Third Party Risk Management Roundtable, Compliance Week, and Sourcing Industry Group events, and stays connected with her extensive network. These targeted events and conversations keep Third Party Risk Institute’s training and resources current.

“The beauty of collaboration is awareness that you are not always the expert. Everyone has specialized expertise, so Third Party Risk Institute brings thought leaders to the forefront, connecting them with other professionals who are keen to learn,” says Tuck Chapman.

Students have different time constraints and learn at varied paces, but interacting with each other in Third Party Risk Institute’s online platform allows them to share their challenges, access fact-based knowledge, and test their practices with others, importantly other that have more experience or mature practices. To reinforce what they learn in C3PRMP or eWorkshops, Third Party Risk Institute includes Review Questions that explain correct and incorrect responses, allow students to gauge their understanding of the material and revisit anything that they didn’t fully understand. To add value or advance their career, certification programs like C3PRMP, which includes an essay demonstrating how the learning applies in the “real world”, students can gain expertise and can earn CPE credits, leveraging what they learn into action in the workplace. Obtaining certification should not be too easy. The goal is for students to graduate with a strong working knowledge and information they can use on the job right away.

”We Can Make Companies More Resilient By Offering Expert Resources To Professionals Through Membership Or Certification Program And Connect Them To A Community Of Risk And Compliance Professionals, And Like-Minded Individuals”

Over the next 18 months, Third Party Risk Institute will expand its programming, Faculty and panel of experts and close the gap on the lack of global networking opportunities for third party risk management professionals or those interested in the subject. As peer dialogue is a formative feature of the delivery structure, Third Party Risk Institute encourages students to push past conventional modalities and consider the impact of third party risk in an increasingly complex business climate. The institute regularly releases new eWorkshops, most recently “Managing Innovation Risk at the Speed of Business” and “DeRisking Your Contract” As professionals strive to communicate and learn from each other, Third Party Risk Institute believes that growing its Membership is critical for delivering relevant third-party risk management practices and information to its growing community. With hundreds of participants completing the certification program each year, Third Party Risk Institute is confident that its curriculum meets university-level standards. With most firms seeking not just experience but employees who can demonstrate their knowledge, graduating students receive a Certificate of Completion and the right to include “C3PRMP” in their signature line. Highlighted in their CV, professional accreditations like C3PRMP underscore their expertise and willingness to invest in their own learning. Third Party Risk Institute increasingly recognized the go to sources for third party risk management, and will continue to expand its portfolio of certification programs and eWorkshops, and its Resource Library.

Third Party Risk Institute

Toronto, Canada

Linda Tuck Chapman, founder and CEO and Aarsh Soni, V.P., Web and Digital Media

Formerly a division of Ontala Risk Solutions Inc., Third Party Risk Institute Ltd. offers eWorkshops, certification programs, Membership with peer networking and a Resource Library for individuals interested in or working in operational and third party risk, compliance, and vendor management roles.

Third Party Risk Institute