Top 6 Third Party Risk Management Certifications – Eligibility & Exam Costs

According to the EY 2023 Third-party risk management (TRPM) Survey, 9 out of 10 respondents report having invested in a robust TRPM program. They are transitioning from risk identification to actively managing and mitigating them. This shift is driven by the increased dependency on vendors and rising third-party breaches. The research underscores that there is going to be an increasing demand for dedicated professionals to manage third-party risks, ensure compliance, and minimize supply chain disruptions.

If you are an aspiring professional looking for jobs in the compliance, security, and audit space and want to specialize in third-party risk management, a third-party certification can help you stand out from the crowd. Read on to learn about the top TRPM certifications in the market and key requirements you must consider.

What is a TPRM certification?

Third-party Risk Management Certification is a professional accreditation that validates an individual’s expertise and knowledge in identifying third-party risks and implementing a third-party risk management program that minimizes exposure and mitigates impact.

These vendor risk management certifications are valuable in industries such as finance, healthcare, etc., where third-party risks persist and where information security is central to the audit and compliance process.

Why do we need TRPM certification?

A TRPM certification proves your vendor risk management skills and can enhance the reputation of the organization that hires you. Here’s why TRPM certifications are important:

Credibility and recognition

TRPM certifications are industry-recognized and demonstrate expertise while enhancing an individual’s credibility. These supplier risk management certifications are suitable for people at various stages of their careers and can lead to advancements and growth opportunities.

Enhanced risk management

With more businesses going global and rising dependency on vendors, the risks of third-party breaches and subsequent supply chain disruptions have increased. TRPM-certified professionals can ensure greater visibility into these third-party risks and help improve mitigation strategies.

Ensuring compliance

Third-party risk management is necessary for various compliance frameworks such as PCI DSS and GDPR to protect the security and integrity of sensitive data. TRPM-certified professionals can be knowledgeable enablers in demonstrating vendor compliance and simplifying the process.

As a bonus, download the “Third-Party Risk Management Policy” to protect your business. This important document outlines how to manage third-party risks and secure vital information.

List of third-party risk management certifications

While a few third-party certifications focus entirely on third-party risk management, others have vendor risk management as a part of their extended curriculum. Here are six best third-party risk management certifications that you can consider:

1. Certified Third-party Risk Professional Certification (CTPRP)

Certified Third-party Risk Professional Certification (CTPRP) is a leading certification offered by Shared Assessments that helps professionals validate expertise in third-party risk management.

Shared Assessments is a global community dedicated to developing standardized tools, education and training programs, best practices, and collaboration opportunities for third-party risk assurance. 

Individuals must take the CTPRP class, pass the certification exam, and present proof of experience for the CTPRP certification.

Who is it for?

This vendor risk management certification is recommended to people in their mid-career who are interested in roles such as Business Vendor Relationship Managers, GRC Analysts or Managers, Third-party Risk Analysts, Sourcing Risk Managers, etc.

Eligibility requirements:

• A minimum experience of 5 years in risk management that demonstrates the ability to manage third-party risks.
• 1 year of experience can be substituted if the candidate holds a valid IT/IS certification such as CISSP, CISA, etc.
• 1 year of experience may be substituted if the candidate has a bachelor’s or master’s degree in information security or information technology from a recognized university.

The candidate must submit the details of their reporting manager to verify the experience. In case of experience substitution, the Shared Assessments Advisory Council holds the right to approval.

Exam:

• The CTPRP exam is a 3-hour online exam with 125 questions for 140 points. With a passing score of 70%.
• The exam must be booked 24 hours prior and must be attempted within 15 weeks of the classes.
• 3 re-attempts of the exam are allowed with a fee of $150.

Curriculum:

The CTPRP curriculum has 4 modules: Third-party Risk Management Foundation, TPRM program design and structure, Controls evaluation in TPRM, and TPRM Program Operations and Implementation.

Maintenance:

To maintain the certification, candidates must earn 60 Continuing Professional Education (CPE) credits during the 3-year term. The annual maintenance fee is $100.

Costs:

The cost of on-demand self-study classes is $995 for members and $1295 for non-members. For online instructor-led classes, the cost is $1195 for members and $1495 for non-members.

2. Certified Third-party Risk Assessor (CTPRA)

Certified Third-party Risk Assessor (CTPRA) is another certification offered by the Shared Assessments program that enables professionals to assess third-party risks and controls to mitigate the associated risks.

Like CTPRP, candidates must take classes, clear the CTPRA examination, and submit proof of experience to receive the certification.

Who is it for?

People in senior-level roles, such as senior third-party risk analysts, senior IS auditors, enterprise risk managers, senior operational risk analysts, etc.

Eligibility requirements:

• A minimum of 5 years of experience as a risk professional with knowledge of risk assessment techniques, technical controls, vendor risk assessment fundamentals and remediation of third-party risks.
• 1 year of experience can be substituted if the candidate holds a valid IT/IS certification such as CISSP, CISA, etc.
• 1 year of experience can be substituted if the candidate has a bachelor’s or master’s degree in information security or information technology from a recognized university.

The candidate must submit the details of the manager who can verify the experience. In case of experience substitution, the Shared Assessments Advisory Council holds the right to approval.

Exam:

• The CTPRA exam is a 3-hour online exam with 125 questions for 140 points with a passing score of 70%.
• The exam must be booked 24 hours prior and must be attempted within 15 weeks of the classes.
• Re-attempts are allowed for a fee of $150.

Curriculum

The CTPRA curriculum broadly has 4 modules: Third-party risk program management, Performing risk-based due diligence, governance and information protection, rechnology management, and operational risk

Maintenance

To maintain the certification, the candidates must earn 60 Continuing Professional Education (CPE) credits during the 3-year term. The annual maintenance fee is $100.

Costs

CTPRA offers online instructor-led classes for $1195 for members and $1495 for non-members. In-person instructor-led classes are $1345 for members and $1645 for non-members.

3. Certified in Risk and Information Systems Control (CRISC)

Certified in Risk and Information Systems Control (CRISC) is a globally recognized certification offered by ISACA for professionals who deal with information systems risk at the enterprise level.

 ISACA (previously, Information Systems Audit and Control Association) is an international association providing knowledge, certifications, and opportunities for IT governance and risk management professionals.

Candidates must pass the exam, apply for certification and demonstrate the required experience to get certified.

Who is it for?

The supplier risk management certification is for people in their mid-career with roles in risk, security,, and audit,ing, such as risk managers, risk analysts, risk and compliance investigators, etc.

Eligibility:

A minimum cumulative experience of 3 years in at least two of four CRISC domain areas. Of these two domain areas, at least one should be from Domain 1 or 2. The experience must be gained within 10 years of filling out the application. CRISC does not have experience substitution or waivers. The experience is verified with the supervisor, manager, colleague, or client.

Exam

The CRISC exam consists of 150 questions across the 4 domains. The exams are scored on an ISACA standard scale ranging from 200-800 points. Candidates must score a minimum of 450 points to pass the exam.

Curriculum

The CRISC curriculum broadly has four modules: governance, IT risk assessment, risk response and reporting, and Information Technology and security.

Maintenance

To maintain the certification, candidates must earn a minimum of 20 CPE (Continuing Professional Education) credits annually and 120 CPE over a period of 3 years. The annual maintenance fee is $45 for members and $85 for non-members.

Cost

The certification costs $575 for members and $760 for non-members.

4. Certified Third-party Risk Management Professional (C3PRMP)

Certified Third-party Risk Management Professional (C3PRMP) is offered by Third-party Risk Institute Ltd. (TPRA) to enhance an individual’s capabilities to manage third-party risks and relationships. TPRA is an organization that provides educational material, certifications, and networking opportunities to promote learning related to vendor risk management.

It is considered a gold standard in vendor risk management. It has sponsors such as NASBA (National Association of State Boards of Accountancy) and GARP (Global Association of Risk Professionals) for its continuing education.

Who is it for?

The certification is for people in their mid-career who work in risk management, compliance, procurement, and vendor management.

Eligibility

Candidates must have at least one of the following:

• Bachelor’s degree or equivalent
• 3 years of experience as a management professional
• 5 years of general business experience

Exam

Candidates must complete 2 qualitative assessments comprising multiple-choice questions. The first assessment must be completed after completing modules 1-7, and the second assessment must be completed after modules 8-15 with a passing score of 70%. There is no limit on the re-attempts but participants must also complete an essay on the topics covered.

Curriculum

The curriculum topics have not been explicitly laid out, but it is a video-based program that covers best practices for vendor risk management.

Maintenance

The certification is valid for 3 years, and to maintain it, candidates must earn 75 Continuing Education credits during the renewal period. The processing fee is $150 if you have earned the credits and $750 for re-enrollment.

Cost

The cost of the certification is $4895.

5. Certified Regulatory and Compliance Manager (CRCM)

Certified Regulatory and Compliance Manager (CRCM) is offered by the American Banking Association and is relevant for regulatory compliance in the banking and finance sector. It is relevant for compliance professionals who aim to meet the needs of U.S. federal laws and is not offered outside the U.S.

Third-party relationships require compliance with laws such as AML (Anti-money laundering), and CRCM professionals can ensure this while managing third-party risks. Candidates must meet the eligibility requirements and pass the CRCM exam to get certified.

Who is it for?

The certification is meant for people with experience as a compliance professional within the banking industry.

Eligibility

One of the following experience and training experience is required to be satisfied.

OPTION 1

• A minimum of 3 years of experience as a compliance professional in the U.S.
• Any two of the following training options must be completed within the last 5 years

1. ABA Compliance School-Foundation
2. ABA Compliance School-Intermediate
3. Compliance Professionals Certificate

• Candidates must complete 3 certificates: Compliance Essentials, Deposit Compliance and Lending Compliance Core Concepts/ Mortgage Lending Compliance
• Candidates must go through CRCM exam prep
• They must complete ABA In-bank Compliance School training
• They must complete 30 credits of compliance training related to US laws as given in the CRCM Examination Outline

OPTION 2

• A minimum of 6 years of experience as a U.S. compliance professional within the last 10 years, of which 3 years of experience must be within the last 5 year period.

Candidates must be responsible for a full range of compliance risk functions to demonstrate professional experience, such as performing compliance risk assessments, developing and implementing compliance risk programs, etc.

Exam

The CRCM exam consists of 200 multiple-choice questions that must be completed within 4 hours. It is scored on a scale of 200 to 800 points, and the passing score is 500.

Curriculum

The certification tests the compliance professional’s knowledge across six domains: assessment and management of compliance risk, compliance monitoring, governance and oversight, regulatory change management, regulator and auditor compliance management, compliance analysis, and internal/external reporting.

Maintenance

To maintain the CRCM certification, candidates must earn 60 CE credits (continuing education credits) every 3 years and adhere to the ABA professional code of ethics. The annual maintenance fee is $299.

Cost

The cost to take the exam is $775.

 6. Certified Information Systems Security Professional (CISSP)

Certified Information Systems Security Professional (CISSP) is a widely recognized certification offered by ISC2 (International Information System Security Certification Consortium). CISSP provides an understanding of information security and covers various risk management concepts, including third-party risk management. 

ISC2 is a non-profit organization that provides cybersecurity education and certifications and has a strong community of members.

Candidates fulfilling the eligibility requirements must take the exam and training to achieve CISSP certification.

Who is it for?

The certification is meant for people in IT security who wish for career advancement and build a career in cybersecurity (including third-party risk management)

Eligibility

• A minimum of 5 years of cumulative experience (full or part-time) in 2 or more of the 8 domains
• A bachelor’s or master’s degree in Computer science, IT, or a related field or an approved credential from ISC 2 can substitute for 1 year of the required experience.

Exam

Effective April 15, 2024, the CISSP exam contains 100-150 questions to be completed in 3 hours. The exam is in Computerized Adaptive Testing (CAT) format, and the passing requirement is 70%

Curriculum

CISSP curriculum contains 8 domains: security and risk management, asset security, security architecture and engineering, communication and network security, identity and access management, security assessment and testing, security operations and software development security.

Maintenance

To maintain the certification, you must earn 40 CPE credits per year and 120 by the end of the 3-period cycle.

Cost

The exam fee for CISSP is $749. Candidates also need to pay for course materials and training.

CTPRP Vs CTPRA: Which one to consider?

People often confuse the two certifications Shared Assessments provides: CTPRP and CTPRA. While both of these enhance your capabilities in managing third-party lifecycle, they have slight differences:

Basis	CTPRP	CTPRA
Focus	To validate an individual’s expertise in third-party risk management processes	To validate an individual’s expertise in assessing and mitigating risks associated with vendor relationships
Suitability	People in their mid-career, such as business Vendor Relationship managers, GRC analysts or managers etc.	People in senior positions include Senior third-party risk analysts, senior operational-risk analysts, senior auditors etc.
Targeted vs Broad	CTPRP is a broader-level certification as it covers how to oversee the entire third-party risk management program	CTPRA is a more targeted certification with a main focus on vendor risk assessments and control evaluations
Domains	Third-party Risk Management Foundation, TPRM program design and structure, Controls evaluation in TPRM and TPRM Program Operations and Implementation.	Third-party risk program management, Performing risk-based due diligence, Governance and information protection, Technology Management and Operational Risk

Whether you should consider CTPRP or CTPRA depends on your current role and future career goals. If you are interested in third-party risk program oversight at a broader level, you can choose CTPRP, and if you want a deeper understanding of risk assessments, you can choose CTPRA.

As of writing this blog, the average CTPRP salary is $100k—$140k, and for vendor risk assessors (CTPRA), it is $130k (Source: ZipRecruiter). However, you must always do your industry research and choose the best career path for you.

Track and manage third-party risks with Sprinto

Third-party risk management certifications can be a key differentiator in your resume validating your willingness to acquire knowledge and skills. However, you also need to know how to leverage automation and tools to enable your organization to minimize workload and drive results. Platforms like Sprinto can be handy and help you easily manage vendor risks and compliance requirements.

Sprinto automates vendor discovery and helps you manage vendor risks throughout their lifecycle. Google Workspace integrations enable you to catalog vendors automatically. Vendor risks are identified based on the type of data your vendor has access to, and you get alerts for high-risk vendors or any breaches.

The platform also enables you to fulfill vendor compliance requirements for frameworks such as SOC 2, GDPR, etc., and expands the scope of compliance programs with hundreds of other features. Talk to a compliance expert today and learn more about Sprinto’s capabilities.

FAQs

Are third-party risk management certifications high-paying?

Third-party risk management certifications can get you jobs paying anywhere from $90000-$150000+ annually. With increased dependency on third-party service providers and strict regulatory requirements, the demand for such profiles is definitely on the rise.

How do TRPM certifications differ from other risk management certifications?

TRPM certifications are more focused and provide an in-depth understanding of third-party risks. They also provide an understanding of regulatory requirements that specify third-party risk management. As for other risk management certifications they do cover third-party risks in their curriculum but the coverage is less comprehensive.

Are TRPM certifications globally recognized?

Yes, several TRPM certifications such as CTPRP, CTPRA, and C3PRMP are globally recognized and indicate a level of proficiency in managing third-party risks.