Introduction 

In today’s interconnected business environment, organizations rely heavily on external partners and vendors to support their operations. However, this increased reliance on third-parties brings increased risks to the organization.

Employees accountable for developing and managing TPRM programs or for conducting assessments need to enhance their skills and knowledge to keep risk management programs current. TPRM certifications for risk management personnel have become integral for businesses seeking to fortify their resilience against potential threats.

This blog explores improvements to Shared Assessments’ CTPRP and CTPRA professional certifications this year focusing on the dynamic landscape of third-party risk management and Shared Assessments’ ongoing commitment to excellence.

About Our Certifications

The Certified Third-Party Risk Professional (CTPRP) designation is a professional credential designed to validate knowledge, experience, and proficiency in the design, structure, and implementation of a comprehensive Third-Party Risk Management (TPRM) Program. The CTPRP incorporates best practices for TPRM program metrics, management reporting and evaluating the operational performance of the program. Learn more and see our upcoming class schedule here.

The Certified Third-Party Risk Assessor (CTPRA)  is a professional credential that validates expertise, decision making and proficiency in third-party risk and controls evaluation. The program structure emphasizes on the controls evaluation process within specific risk domains to conduct comprehensive governance, operational risk, IT, and cyber-risk third party evaluations using distinct assessment techniques. Learn more and see our upcoming class schedule here. 

Adapting to Emerging Threats

As the threat landscape continues to evolve, so too must third-party risk management certifications. Annually, the Shared Assessments’ Education department performs a thorough review to identify emerging risks and incorporates the latest threat intelligence and cybersecurity trends.

The 2024 CTPRP curriculum explores emerging technologies such as Artificial Intelligence (AI), Connectivity Advancements, Internet of Things and the evolving privacy landscape for TPRM professionals to effectively understand these emerging threats and the requirements necessary from third-party providers.

The 2024 CTPRA curriculum considers these emerging threats at a deeper technical level from an assessment perspective to thoroughly understand the types of risk posed by these evolving technologies. This proactive approach ensures that CTPRP and CTPRA certified professionals are equipped to assess and mitigate risks associated with the ever-changing nature of the business environment.

“TPRM professionals today are facing increasingly complex ecosystems to manage third-party risk. As regulators continue to demand increased maturity in governance functions, TPRM programs need to adapt. Professional development for TPRM team members is a key element of talent management to not only enhance TPRM resource capability but enable career growth and retention.”- Linnea Solem, President and CEO, Solem Risk Partners

Regulatory Compliance Updates

In the realm of third-party risk management, compliance with regulatory standards is non-negotiable. Shared Assessments’ CTPRP and CTPRA programs undergo regular updates to align with the latest regulatory requirements and guidelines.

The 2024 CTPRP curriculum includes enhanced alignment with the Interagency Guidance on TPRM programs, notably in topic areas including Corporate Governance, Developing TPRM Program Requirements, and TPRM Governance, Oversight and Audit.

The 2024 CTPRA curriculum enhanced its curriculum material in response to the NIST Artificial Intelligence Risk Framework and how TPRM risk assessors need to consider AI risks. In addition, the CTPRA curriculum contains new content within IT Governance Structures to address Cybersecurity Supply Chain Risk Management, C-SCRM Standards and monitoring of supply chain events.

Alignment to Shared Assessments’ 2024 Products within the Vendor Risk Management Lifecycle

Shared Assessments’ TPRM products incorporate industry standards and the collective intelligence of Shared Assessments’ membership to keep third-party risk management programs current. The CTPRP and CTPRA curricula align seamlessly with these industry-standard methodologies, thus providing TPRM practitioners the essential knowledge and skills needed to leverage vendor risk management products most effectively. Notable enhancements within the 2024 curriculum include increased course content on Inherent Risk Scoring, Vendor classification structures, and ESG compliance.

Continuous Improvement

Not all annual certification improvements are related to the threat du jour or critical regulatory changes. The Education team also spends significant time focusing on improvements to the learner experience.

2024 curriculum enhancements include updates to the CTPRP case study and CTPRA real-world assessment scenarios to provide an interactive learning and peer-to-peer discussion experience. The 2024 curriculum strengthened practice exam questions to align with new course content, and restructured course curriculum sequencing by tailoring content and learning objectives for each certification to provide greater emphasis on professional development in TPRM program management or controls evaluation.

Annual updates in certification content ensure that TPRM professionals not only grasp theoretical concepts but also develop the practical skills necessary to assess and manage third-party risks effectively.

Conclusion

The third-party risk management journey is continuous. Shared Assessments’ annual improvements to the CTPRP and CTPRA certifications underline our commitment to excellence and adaptability in an ever-evolving risk landscape. By incorporating the latest regulatory changes, embracing technological advancements, and tailoring content to industry-specific needs, the CTPRP and CTPRA certifications empower professionals to navigate the complexities of third-party relationships successfully.

As organizations continue to prioritize robust risk management practices, certified TPRM professionals play a crucial role in safeguarding the integrity and resilience of businesses across diverse sectors.

Interested to learn more? Visit our Education website here.

Don’t wait to get certified! Join us for an upcoming certification training by viewing the upcoming CTPRP schedule or CTPRA schedule.

Are you planning to attend the Shared Assessments Summit in Fort Lauderdale? Take advantage of the rare opportunity to attend an in-person certification training, and get your CTPRP or CTPRA certification that week as well.