A new Certified Third Party Risk Professional (CTPRP) Designation certification program is being launched by the Shared Assessments Program, which is managed by The Santa Fe Group , a consulting company based in Santa Fe, N.M. The program validates proficiencies in third-party risk management concepts and principles, and includes managing the vendor lifecycle, vendor risk identification and rating, and the fundamentals of third party risk assessment, monitoring and management.
According to The Santa Fe Group, recent high-profile data breaches have spotlighted third party risk, resulting in increased vendor management awareness. Doing business in an outsourced economy requires special strategies, processes, and practices when evaluating and managing vendor risk and overseeing the security of sensitive data once it’s in the hands of third parties, it says. It also says that the top findings of the 2014 Vendor Risk Management Benchmark Study reveal that current third party risk management practices cross-industry—especially insurance and healthcare—are vulnerable and lacking in governance, policies, standards, and procedures. The certification is aimed at helping organizations increase their commitment to customer privacy, compliance, governance, and risk management best practices.
CTPRP certification requirements include a minimum of five years experience as a risk management professional, in a position that demonstrates proficiency in assessment, management, and remediation of third-party risk issues. In addition to successfully passing the CTPRP examination, continuing education is needed to ensure CTPRP holders stay current with changes to regulations, standards, and guidelines.
Shared Assessments will offer two CTPRP certification workshops and exams each quarter. First quarter 2015 events will be held Jan. 22-23, 2015 in Scottsdale, Ariz. and February 25-26 in New York City. The next CTPRP certification workshop will be held April 30-May 1, 2015 in Baltimore, Md., following the 8th Annual Shared Assessments Summit 2015.