Time Required: 80 minutes
Availability: Web-based eLearning System, self-paced
CPE Eligible: 1.6 credits
Includes comprehensive Exit Strategy document and Outsource Planning Checklist
Who Should Take This Course:
This is an absolute MUST 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.
“Exit Strategy should be the first step in outsource planning”
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.
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 the following 5 key objectives:
- Identifies 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.