Key Industry Standard Certifications for Third-Party Risk Management

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Certifications are not the sole factor to consider when hiring for a third-party risk management (TPRM) team, but they can be a deciding factor when all other qualifications are equal. While real-world experience is invaluable, certifications can demonstrate a candidate’s expertise and dedication to the field. In this article, we will review several key industry standard certifications that you may want to consider when building your TPRM team.

Targeted vs. Broad Certifications

When it comes to TPRM certifications, there are two main types to consider: targeted certifications that focus specifically on third-party vendor assessments, and broad certifications that demonstrate competence in information security or audit/compliance. Depending on your team’s needs, you may want to look for candidates with one or more of these certifications.

Certified Third Party Risk Professional (CTPRP) Certification

A focused certification to consider is the Certified Third Party Risk Professional (CTPRP) offered by the Shared Assessments Organization. This certification aims to validate expertise in evaluating and assessing third-party risk. It is intended for mid-level professionals with at least 5 years of TPRM experience.

Requirements for the CTPRP certification include attending a CTPRP class, passing a test, and having 5 years of experience in risk management. According to Shared Assessments, the CTPRP designation validates knowledge, experience, and proficiency in the development and operations of a comprehensive TPRM program.

Certified Third Party Risk Assessor (CTPRA)

Another relevant certification offered by the Shared Assessments Organization is the Certified Third Party Risk Assessor (CTPRA). This certification is intended for senior-level professionals with in-depth knowledge of TPRM topics.

Requirements for the CTPRA certification include attending a CTPRA class, passing a test, and having 5 years of experience in IT risk management. The CTPRA designation validates knowledge, expertise, and proficiency in controls evaluation within specific third-party risk control domains needed to perform a comprehensive IT risk evaluation of a third party during an assessment.

Certified Information Systems Security Professional (CISSP)

The CISSP certification is a highly respected industry standard certification that demonstrates an individual’s breadth and depth of information security knowledge. It is offered by (ISC)².

Requirements for the CISSP certification include passing the CISSP test and having 5 years of experience in areas such as risk management, security operations, security assessment, and testing. According to (ISC)², earning the CISSP proves that an individual has what it takes to effectively design, implement, and manage a best-in-class cybersecurity program.

Certified in Risk and Information Systems Control® (CRISC®)

The CRISC certification is unique in that it focuses exclusively on enterprise IT risk management. While certifications like the CISSP include risk management as one of their areas of expertise, the CRISC goes much further and delves deep into the topic.

Requirements for the CRISC certification include passing the CRISC exam and having a minimum of 3 years of work experience across at least two of the four CRISC domains. According to ISACA®, the CRISC validates experience in building a well-defined, agile risk management program based on best practices to identify, analyze, evaluate, assess, prioritize, and respond to risks.

Certified Regulatory Compliance Manager (CRCM)

If you are in the finance or banking industry, the CRCM certification is a valuable credential to consider. It attests to an individual’s knowledge in managing all aspects of a compliance risk management program and ensuring compliance with U.S. federal laws and regulations.

Requirements for the CRCM certification include passing the CRCM examination and having either 3 years of experience as a compliance professional with specific compliance training or 6 years of experience as a compliance professional. According to the American Bankers Association®, the CRCM sets the standard of professional expertise in the compliance field.

Certified Enterprise Risk Professional (CERP)

Another valuable certification to consider for risk management professionals within the banking or finance industry is the CERP. It is offered by the American Bankers Association®.

Requirements for the CERP certification include passing the CRCM examination and having either 5 years of experience in the financial industry and risk management with a bachelor’s degree or 7 years of experience in the financial industry and risk management without a degree. According to the American Bankers Association®, the CERP designation measures knowledge across several domains and categories, including credit risk, financial and non-financial risks.

When building your TPRM team, considering candidates with relevant certifications can set them apart from others. These certifications demonstrate expertise, knowledge, and dedication to the field of third-party risk management. While certifications are not a substitute for real-world experience, they can be a valuable asset in making a hiring decision.

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Responsible Cyber is a leading-edge cybersecurity training and solutions provider, committed to empowering businesses and individuals with the knowledge and tools necessary to safeguard digital assets in an increasingly complex cyber landscape. As an accredited training partner of prestigious institutions like ISC2, Responsible Cyber offers a comprehensive suite of courses designed to cultivate top-tier cybersecurity professionals. With a focus on real-world applications and hands-on learning, Responsible Cyber ensures that its clients are well-equipped to address current and emerging security challenges. Beyond training, Responsible Cyber also provides cutting-edge security solutions, consulting, and support, making it a holistic partner for all cybersecurity needs. Through its dedication to excellence, innovation, and client success, Responsible Cyber stands at the forefront of fostering a safer digital world.