This course is provided by the Compliance Education Institute.
Have you selected the right service provider for the job? Are they adding value to the relationship? Are they performing as expected and living up to contractual commitments? Are they on target to meet your strategic objectives? And what are the early warning signs that indicate trouble in paradise? Selecting the right service provider for the right job can be like throwing a dart. But should it be?
This course will address the questions above and covers the second and fourth stages of the 3rd Party Risk Management Lifecycle: Selection and Monitoring & Review.
- Selection: the course begins by guiding you through a formal RFP process so you can be sure the service provider you select meets stakeholder needs and helps you achieve your strategic objectives. The course transitions into due diligence and discusses best practice for determining the adequacy of the service provider’s controls and condition prior to signing a contract so you know that all foreseeable risks have been mitigated.
- Monitoring & Review: Due diligence is an activity that only assures us that the service provider can support us operationally and is financially sound. Once that contract is signed, the service provider must meet its contractual commitments and perform as expected. In addition, how can you quantify the intangible and determine whether your service provider is adding value to the relationship? This section of the course focuses on:
- Key performance indicators
- Key risk indicators
- Vendor value
Who should attend
This course is beneficial for senior executives, those who manage 3rd party relationships, 3rd party program managers, risk officers, procurement staff, governance analysts and auditors.
Additional course resource, provided by Compliance Education Institute:
Course length: 1 hour and 20 minutes
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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