Third-Party and Vendor Risk Management Basics

Third-party vendors play a critical role in modern business operations, providing technology, cloud services, logistics,...

4.9(5)
88
2-4 Hours
20
Intermediate

About This Course

Third-party vendors play a critical role in modern business operations, providing technology, cloud services, logistics, professional advice, payroll, cybersecurity, and other essential business functions. While outsourcing can improve efficiency and innovation, it also introduces significant operational, cyber, privacy, compliance, financial, and reputational risks. The Third-Party and Vendor Risk Management Basics course provides practical, Australia-focused training to help organisations identify, assess, manage, and monitor third-party risks throughout the vendor lifecycle.

Australian organisations are increasingly expected to maintain effective oversight of suppliers, contractors, service providers, and other third parties. Regulatory frameworks such as APRA CPS 230, the Privacy Act 1988, and the Security of Critical Infrastructure (SOCI) Act require organisations to understand outsourcing risks, perform vendor due diligence, strengthen contractual controls, and maintain operational resilience. Poor vendor governance can expose organisations to cyber incidents, privacy breaches, business disruption, regulatory penalties, and reputational harm.

This comprehensive online Third-Party and Vendor Risk Management Basics course explains how to build an effective third-party risk management (TPRM) framework using practical, real-world examples. Participants will learn how to classify vendors, conduct risk-based due diligence, assess cybersecurity and privacy risks, evaluate fourth-party exposure, strengthen contracts, monitor vendor performance, and support business continuity. The course also explores governance, board reporting, operational resilience, and continuous monitoring practices that help organisations reduce supplier-related risks and improve regulatory compliance.

Through realistic workplace scenarios, practical examples, and interactive learning, participants will develop the confidence to assess supplier risks, strengthen vendor oversight, improve governance, and support resilient business operations. Whether you are a procurement professional, risk manager, compliance practitioner, business owner, operations manager, IT leader, or governance professional, this course provides practical knowledge to help your organisation build stronger supplier relationships while protecting critical business functions and maintaining regulatory compliance.

What You'll Learn

By completing this course, you will be able to:

  • Understand third-party and vendor risk management principles.
  • Classify vendors using a risk-based approach.
  • Conduct effective supplier due diligence and risk assessments.
  • Assess cyber, privacy, operational, and compliance risks.
  • Understand APRA CPS 230 and Australian vendor governance expectations.
  • Identify fourth-party and supply chain risks.
  • Strengthen contracts, controls, and vendor assurance processes.
  • Monitor vendor performance and incident management activities.
  • Support operational resilience and business continuity planning.
  • Build an effective third-party risk management framework.

Who should Take This Course

This course is ideal for:

  • Procurement Professionals
  • Vendor Managers
  • Risk Managers
  • Compliance Officers
  • Business Owners
  • Operations Managers
  • IT Managers
  • Cybersecurity Professionals
  • Internal Auditors
  • Governance Professionals
  • Supply Chain Managers
  • Company Directors

Compliance and Regulatory Alignment

This course supports awareness and understanding of Australian third-party risk management and governance requirements, including:

  • APRA CPS 230 – Operational Risk Management
  • Privacy Act 1988 (Cth)
  • Australian Privacy Principles (APPs)
  • Security of Critical Infrastructure (SOCI) Act 2018
  • ISO 31000 – Risk Management Guidelines
  • ISO 27001 – Information Security Management
  • Third-Party Risk Management (TPRM) Best Practices
  • Supplier Due Diligence and Vendor Governance Principles
  • Business Continuity and Operational Resilience Frameworks
  • Corporate Governance and Internal Control Practices
  • Cybersecurity Risk Management Principles

Why Compliance Training Matters


Third-party vendors can introduce risks that directly affect an organisation's operations, cybersecurity, regulatory compliance, and reputation. Without effective vendor governance, organisations may be exposed to privacy breaches, cyber incidents, supply chain disruptions, and operational failures. Third-party risk management training helps organisations strengthen supplier oversight, improve due diligence, implement stronger controls, and support compliance with Australian regulatory requirements. It also enables employees to identify vendor risks early, make informed procurement decisions, and contribute to resilient business operations. Investing in vendor risk management helps organisations build trusted supplier relationships while protecting critical business services and maintaining stakeholder confidence.

Career opportunities

Knowledge of third-party and vendor risk management is highly valued across procurement, governance, compliance, cybersecurity, operational risk, and supply chain management. As Australian organisations strengthen outsourcing oversight and operational resilience, professionals with vendor risk expertise continue to be in high demand.

This course can support career development in roles such as:

  • Third-Party Risk Manager
  • Vendor Manager
  • Procurement Manager
  • Supply Chain Manager
  • Risk Manager
  • Compliance Officer
  • Operations Manager
  • Internal Auditor
  • IT Risk Manager
  • Cybersecurity Manager
  • Governance Professional
  • Business Continuity Manager
  • Company Director
  • Business Owner
  • Operational Risk Specialist

Requirements


There are no formal prerequisites for this course. It is suitable for procurement professionals, compliance officers, risk managers, IT teams, business owners, operations managers, governance professionals, and anyone responsible for supplier or vendor management.

Certification

Certification

Upon successful completion of the course and final assessment, learners will receive a Digital Certificate from Australian Compliance Training. This certificate demonstrates practical knowledge of third-party risk management, vendor governance, supplier due diligence, and Australian compliance obligations.

Certification

Why Choose Us

  • Gain practical, workplace-ready knowledge of third-party and vendor risk management.
  • Understand Australia's regulatory expectations for supplier governance and operational resilience.
  • Learn how to identify, assess, and manage supplier, cyber, privacy, and operational risks.
  • Develop practical skills for vendor due diligence, contract management, and ongoing monitoring.
  • Strengthen your understanding of APRA CPS 230, Privacy Act obligations, and SOCI requirements.
  • Learn through realistic Australian workplace scenarios and practical case studies.
  • Study online at your own pace with flexible, self-paced learning from any device.
  • Complete knowledge assessments to reinforce learning and improve workplace confidence.
  • Build stronger supplier governance and business resilience.
  • Receive a Digital Certificate from Australian Compliance Training upon successful completion.

Compliance and Regulatory Alignment

This course supports awareness and understanding of Australian third-party risk management and governance requirements, including:

  • APRA CPS 230 – Operational Risk Management
  • Privacy Act 1988 (Cth)
  • Australian Privacy Principles (APPs)
  • Security of Critical Infrastructure (SOCI) Act 2018
  • ISO 31000 – Risk Management Guidelines
  • ISO 27001 – Information Security Management
  • Third-Party Risk Management (TPRM) Best Practices
  • Supplier Due Diligence and Vendor Governance Principles
  • Business Continuity and Operational Resilience Frameworks
  • Corporate Governance and Internal Control Practices
  • Cybersecurity Risk Management Principles

Frequently Asked Questions


Third-party risk management (TPRM) is the process of identifying, assessing, monitoring, and managing risks associated with suppliers, contractors, service providers, and other external business partners.


This course is suitable for procurement professionals, vendor managers, compliance officers, risk managers, operations managers, IT professionals, cybersecurity teams, business owners, and anyone responsible for supplier oversight.


Effective vendor risk management helps organisations reduce operational, cyber, privacy, financial, and compliance risks while supporting business continuity, regulatory compliance, and stronger supplier relationships.

The course covers key Australian frameworks including APRA CPS 230, the Privacy Act 1988, the Security of Critical Infrastructure (SOCI) Act, ISO 31000 risk management principles, and recognised vendor governance best practices.


This course helps organisations strengthen supplier governance, improve due diligence, reduce third-party risks, support operational resilience, enhance compliance, and build more secure and reliable vendor relationships.

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