Special expertise and training is required to manage risk in this outsourced economy. Studies consistently demonstrate a disconnect between regulatory and industry standards for third party risk management (TPRM) and a lack of holistic, proactive program design and implementation. This gap is placing organizations at acute risk.
Therefore, Shared Assessments developed the Certified Third Party Risk Professional (CTPRP) program in 2014 to meet the need for this expertise both in house and at the third party level. The Shared Assessments CTPRP Program is growing at a rapid pace, having awarded more than 500 CTPRP certifications since the program launch, and increased opportunities for training and recertification will continue each year.
In order to earn the CTPRP certification, individuals must hold a minimum of five (5) years of risk management professional experience. CTPRP trainers are witnessing an increase in the number of individuals with varying professional backgrounds now involved with TPRM who are hesitant to participate in critical CTPRP training due to a lack of relevant professional experience. The Associate CTPRP designation now offers a solution for those individuals who are building their skill sets, but may not have qualifying experience at the time of the CTPRP workshop. The Associate CTPRP designation also provides a good opportunity for university graduates without much real-world experience to obtain industry training while they search for a job in a related field and earn the professional experience.
The Associate CTPRP designation provides an opportunity for individuals newer to third party risk management to leverage the course and exam for training purposes, earn the Associate CTPRP designation and apply for the CTPRP certification once the requisite experience is earned. The Associate CTPRP designation does not contain an expiration date which allows holders to apply for the CTPRP certification at any time once the professional experience requirement is met.
Data is getting harder to protect, and the third and fourth party service providers are being seen by hackers as a way to gain access to outsourcing organization data. This Associate CTPRP designation provides a workplace advantage showing professional credibility and TRPM expertise, demonstrating that risk professionals with this certification are trained in TPRM concepts and principles and their practical application. This allows Associate CTPRP holders to go forward and gain additional real-world experience while better managing vendor risk by introducing more rigorous standards into their third party risk management program assessments and receive professional credibility, recognition, and marketability.
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