TPRM Fundamentals: Putting On Risk Management Shoes

TPRM Fundamentals: Putting On Risk Management Shoes

May 8, 2023 | Risk Professionals

risk management shoes

“Put yourself in their shoes…” is a commonplace reminder to practice empathy. You must put on someone else’s shoes (and then walk a mile) to understand how someone thinks and to gain a sense of the landscape in which this person lives or works.

Supply Wisdom, a provider of real-time risk intelligence and continuous monitoring, uses Shared Assessments’ Third-Party Risk Management (TPRM) Fundamentals certificate course to put their customer-facing team into risk management shoes.


What is the Third-Party Risk Management Fundamentals Certificate Course?

Shared Assessments’ TPRM Fundamentals course gives participants foundational knowledge in third party risk management (TPRM). This certificate-based learning course is designed for individuals with limited or no third-party risk experience, and provides an overview of key third-party risk concepts, program components, and processes involved in minimizing risk in third-party relationships.


About Supply Wisdom

Supply Wisdom helps supply chain, procurement, and third-party risk leaders realize operational resilience in a volatile world. John Bree, Chief Evangelist & Chief Risk Officer and Mike Mitchell, Head of Global Marketing work for Supply Wisdom alongside a team of expert risk practitioners and colleagues who are newer to the risk management field.

For teammates new to the risk management industry, Shared Assessments’ Fundamentals course brings fresh Supply Wisdom employees up to speed. “The Third-Party Risk Fundamentals course is something we use to make our teams’ lives easier” shares John Bree.


Risk Management: A Specialized Field 

While third-party risk management is a specialized field, a pure risk practitioner is a rare bird. People tend to come into this industry from a variety of professional backgrounds such as procurement, banking, finance, and insurance. With plenty of intelligence and diverse experience onboard, the workforce joining the risk management industry still needs a basic education specific to risk and its business impact.

Bree describes TPRM Fundamentals as helping new practitioners, “understand the nomenclature, the process, and most importantly the why —why should a third party monitor risk? What is the impact to the organization if they don’t have an effective TPRM program in place?”

Bree defines the purpose of risk management, “Empowering your organization to enhance revenue by maintaining an acceptable level of risk in a dynamic world. Building a sound and efficient TPRM program can make your business profitable. The TPRM Fundamentals course from Shared Assessments gives newer practitioners knowledge of the foundational elements needed to build a successful and operationally efficient service provider program.”


Marketing Team Takes a Walk in Customer Shoes

The Third-Party Risk Management Fundamentals course gives Supply Wisdom’s marketing team a foundational understanding of their current and potential risk management customers.

According to Mike Mitchell, “TPRM Fundamentals illustrates many of the challenges and gaps Supply Wisdom’s customers face. Understanding a day in the life of a risk practitioner and really taking the time to walk in the shoes of our customer base” helps to develop a marketing strategy that rings true with its audience.

Marketing to the risk management industry is best supported with a baseline education in risk. “Risk managers tend to be more attune to what might be amiss, what kind of messaging in the market is not sincere and true” Mitchell explains.


Sales Sees World Through Customer Eyes

TPRM Fundamentals advances the Supply Wisdom sales team’s understanding of the risk environment.

“Our sales team recruits the best of the best – our people have incredibly high sales acumen. Some of these talented individuals are new to risk. Shared Assessments’ Third-Party Risk Management Fundamentals opens their eyes to important concepts in risk management including residual risk and critical risks that need to be monitored” says John Bree.

“If I were a prospect, I would expect and appreciate interacting with a team that knows what they are talking about, a team that walks the walk,” Bree continues.

Third-Party Risk Management Fundamentals from Shared Assessments helps the Supply Wisdom team “better understand the solution Supply Wisdom provides.”


Asking Better Questions

The intuitive materials presented in the Third-Party Risk Management Fundamentals course allow the

Supply Wisdom team “To ask better questions.” John Bree finds that “After completing the course, the questions from internal employees are more sophisticated and in- depth than before training. I know they have a deeper level of understanding of TPRM basics.”


The Transformation

With the Third-Party Risk Fundamentals Certificate course from Shared Assessments, Supply Wisdom transforms its marketing and sales organizations into professional, risk-fluent teams.

With many pairs of risk management shoes on the ground and a vendor risk mindset, Supply Wisdom’s team can move forward with its goal of continuously identifying, informing, preventing, and mitigating supply chain and third-party risk exposure for enterprises.


Sabine Zimmer

Sabine is Vice President of Marketing and Sales for Shared Assessments. Sabine enjoys collaborating across teams to build a stronger risk management community. When she's not at work, she is outdoors in the Southwest with her family.

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