This course is provided by the Compliance Education Institute.
As the outsourcing of critical functions and services continues to increase, as technology becomes more complex and as vendor interdependencies continue to expand to 4th and 5th parties, additional emphasis must be placed on formal, comprehensive Outsource Planning and developing a well thought out Exit Strategy before any 3rd parties are even considered.
Who should attend
This course is beneficial for senior executives, 3rd party risk management staff, procurement staff, IT officers, auditors, examiners, risk officers, compliance officers and any staff involved in planning a significant outsource.
This course dives into the first and last stages of the 3rd Party Risk Management Lifecycle, Outsource Planning and Exit/Transition, focusing on how a well-planned outsource and exit accomplishes 5 key objectives.
The 5 key objectives are:
- Identify and mitigates risk
- Aligns the institution’s strategic objectives with outsourced activities
- Monitors the progress towards achieving strategic objectives
- Maintains control of budget
- Minimizes the impact of disruptions and change
This course begins with a review of the latest regulatory guidance concerning outsource planning and exiting a 3rd party relationship. It then provides a detailed study of the 12 key components of outsource planning followed by an in-depth discussion of the issues which must be considered when exiting or transitioning from one 3rd party to another or even bringing the service back in-house.
Additional course resources, provided by Compliance Education Institute, include:
- Comprehensive exit strategy document
- Outsource planning checklist
Course length: 1 hour and 20 minutes
Last updated: 2018
About the presenter: Compliance Education Institute LLC
Mick Kless is the founder and CEO of RISC Associates, a regulatory compliance consultancy and compliance automation tools developer, and Compliance Education Institute, the training and education division of RISC. He is a recognized industry expert on vendor management and the creator of the Certified Regulatory Vendor Program Manager (CRVPM) course. Mick has spent more than 30 years in financial services, has focused on GLBA 501(b) issues since 2001 and has specialized in vendor management regulatory issues since 2004.
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