Wednesday, February 21, 2024

Third Party Risk Institute: Inspiring professionals to invest in themselves


Businesses today operate increasingly complex extended enterprises, relying heavily on third parties that expose them to strategic, operational, financial, legal, regulatory, and reputational risk. This has pivoted the companies, both small businesses, and multinational companies to an intense focus on how to establish reliable third-party relationships, and identify, mitigate, and monitor the risks.  With the right combination of capabilities, lifecycle management activities, and risk oversight, companies can protect the organization from harm and strengthen their operational resilience.  

Third Party Risk Management is a relatively new set of practices, and people are still learning. Linda Tuck Chapman, the CEO of Third-Party Risk Institute Ltd. is widely recognized as a leading expert in third-party risk management and successful entrepreneur. Recognizing her expertise, Risk Management Association published her first book in 2018 “Third Party Risk Management: Driving Enterprise Value”, and the second edition in 2021. It is a best-seller and an excellent guide to third-party risk management principles and practices. Later in 2018, Linda authored the “Certified Third Party Risk Management Professional” (C3PRMP) program,  the global “gold standard” certification. In 2022 Institute for Internal Auditors published her second book “Third Party Risk Management: A Practical Guide”.

Linda was Chief Procurement Officers and Head of Third-Party Risk Management in three major financial institutions, one of the first of a new breed. She has helped create many best practices in strategic sourcing and high-impact third party risk management. In 2008, Linda founded her first company Ontala Risk Solutions, specializing in third-party risk management. In 2019, she founded Third Party Risk Institute Ltd. with a renewed sense of purpose and an ambitious strategic plan. Her vision is to deliver on-demand training and education, share proven practices, and create a global network of third party risk management professionals in every sector and geography. 

Access to expertise & professional networking 

Linda describes third party risk management as a ‘team sport’ that relies on cooperation and collaboration between the business, risk specialists, procurement, compliance, legal counsel, and internal audit. She adds, “To be effective, the processes and activities need to be systematic and risk-informed. To be efficient each stakeholder needs to have the right expertise and be engaged at the right time.” Third Party Risk Institute is one of the largest and fastest growing professional networks of third party risk management professionals, with a secure forum for professional networking and access to subject matter experts. It offers the highest quality adult education such as specialized certification programs, courses, and self-paced eWorkshops. 

Members have the access to expert resources such as an ever-expanding Resource Library, ‘Ask the Expert’ livestream series, and Newsletters. The team posts relevant content and thought leadership on LinkedIn three times a week. 

Expanding Training & Education Programs 

Over the years, Third Party Risk Institute has grown organically, gaining recognition on the strength of Linda’s professional profile and recognized expertise. To expand its services and fuel growth, the firm continues to enter into successful partnerships with delivery partners like SIG University, and other subject matter experts to offer existing and new courses. ‘DeRisking Your Contract’ eWorkshop was created by two seasoned subject matter experts, in collaboration with Third Party Risk Institute. These partnerships complement successful programs like the Certified Third Party Risk Management Professional (C3PRMP) certification, which is a huge success. Participants can enroll in the self-paced version on Third Party Risk Institute’s website or a Faculty-supported virtual program through its delivery partner SIG University. C3PRMP is certified for 66 CPE credits. 

Recognitions for the Subject Expert

Risk Management professionals rarely receive public recognition, but Linda has received several awards. Risk Management Association (RMA), a 100+-year-old risk management association, recognizes Linda as their subject matter. On their behalf, Linda chairs the TPRM Executive Steering Committee and has facilitated their Third Party Risk Management Roundtable meetings since its inception in 2014. RMA published Linda’s first book, her many White Papers and articles for The RMA Journal, and her third party risk management podcasts.

Linda received an inaugural  “Sourcing Super Nova” lifetime achievement award from Future of Sourcing, sponsored by the Sourcing Industry Group. She was also recognized as the ‘Top 20 Social Media Superstars’ by NearShore Americas. Third Party Risk Institute is receiving accolades too. It ranks among the top 10 fastest-growing companies of the year 2022 and is #1 on CIO Review’s list of 10 Most Promising Risk Management Services Companies (2022). 

Roadmap for 2023 

Third Party Risk Institute is founded on hands-on expertise delivered by seasoned professionals. The company offers a unique blend of high-quality, practical training that can be applied immediately, access to a professional network of experts and peers, and an excellent Resource Library, all of which have contributed to making Third Party Risk Institute one of the fastest-growing companies of 2022. 

In the coming year, Third Party Risk Institute will focus on expanding its professional network, adding new services, and growing its Resource Library. It will enter into more long-term partnerships to expand the list of certification programs and eWorkshops. Linda concludes with, “In early 2023 we hope to announce some “game-changer” partnerships that are in negotiation now.”

Quote: “Our vision is to share proven practices, expertise, and facilitate collaboration among third party risk management professionals in every sector and geography around the world.”

Read Full Magazine Here: Top 10 Fastest Growing Companies of The Years 2022