Vendor Outsource & Exit Strategy

Outsource Planning and Exit Strategy: Look Before You Leap!

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, 3^rd 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”

Introduction:

As the outsourcing of critical functions and services continues to increase, as technology becomes more complex and as vendor interdependencies continue to expand to 4^th and 5^th parties, additional emphasis must be placed on formal, comprehensive Outsource Planning and developing a well thought out Exit Strategy before any 3^rd 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 3^rd 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 3^rd party to another or even bringing the service back in-house.