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Foundations of Third-Party Risk Management

A. OVERVIEW

B. RISK MANAGEMENT

Figure 1: Stages of the Risk Management Life Cycle

Pre-Contract Life Cycle Stages

1. Planning

2. Due Diligence and Third-Party Selection

3. Contract Negotiation

🎮 Pixel Quest: Pre-Contract Review

Post-Contract Life Cycle and Governance

4. Ongoing Monitoring

5. Termination

1. Oversight and Accountability

2. Independent Reviews

3. Documentation and Reporting

🎮 Crossword: Governance Terminology

Supervision

E. SUPERVISORY REVIEWS OF THIRD-PARTY RELATIONSHIPS

Knowledge Check

Quiz: Planning and Strategy

Quiz: Due Diligence Processes

Quiz: Contractual Agreements

Quiz: Monitoring and Termination

Quiz: Governance and Oversight

Course Feedback

Course Survey

Master the end-to-end standards, procedures, and workflows needed to confidently implement the Interagency Guidance on Third-Party Relationships (sr2304a1). This practical, compliance-first course translates regulatory expectations into clear, repeatable processes your institution can operationalize across the full third‑party life cycle—from planning and due diligence to contracting, ongoing monitoring, and termination. You will learn how to design a risk-based program, distinguish critical from non‑critical activities, build defensible documentation, and prepare for supervisory reviews with confidence. Through concise lessons, visual life‑cycle mapping, interactive knowledge checks, and scenario-driven exercises, you will align policy with day-to-day execution. Whether you are launching a new third‑party risk framework or optimizing a mature program, this course provides actionable templates, governance controls, and performance measures that streamline oversight without sacrificing rigor. By the end, you will be able to tailor oversight by risk, negotiate contracts with the right protections, monitor providers effectively, and evidence compliance through robust reporting. If you are responsible for third‑party risk management, vendor management, compliance, internal audit, procurement, information security, or board governance, this course equips you to deliver consistent, audit-ready results that meet examiner expectations and reduce operational, compliance, and reputational risk.

Standard Procedures and Workflows for sr2304a1 Implementation

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            <p>The Interagency Guidance on Third-Party Relationships, as detailed in SR 23-4, establishes a rigorous framework for banking organizations to identify, assess, and mitigate risks associated with external partnerships. This course provides a comprehensive analysis of the standard procedures and workflows required for the effective implementation of these regulatory expectations. Participants will evaluate the scope and applicability of the guidance, focusing on the diverse types of third-party relationships that fall under supervisory scrutiny. By establishing a firm foundation in risk management principles, bank professionals can ensure that their institutions maintain operational resilience while adhering to the highest standards of safety and soundness.</p>

<p>The curriculum is structured to guide employees through the entire third-party relationship life cycle, from initial strategic planning and due diligence to contract negotiation and eventual termination. Emphasis is placed on a risk-based approach, allowing for the prioritization of resources toward critical activities and high-risk service providers. Furthermore, the course examines the essential pillars of governance, including the roles of the board of directors, the necessity of independent reviews, and the requirements for meticulous documentation and reporting. By mastering these workflows, participants will be better prepared to align internal practices with supervisory expectations and successfully navigate regulatory examinations.</p>
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