Does his bump look like the one in this link?
If his bump looks like that then it is possibly a sebaceous adenoma. These are very benign growths of the sebaceous (oil) glands (thus the light color) and can be cream colored to reddish or black depending upon how irritated they get. They are very common on the head, neck, trunk and legs/feet. Once one pops up they seem to multiply, meaning the pup often gets more. But really it's just if the dog has the genetic predisposition to form one then they will continue to get them. I tend to remove them if they break open or bother the dog as then they can get infected. Or if they are in a bad spot. They aren't really warts and aren't caused by a virus so don't respond to medication used to treat warts in people.
Dogs can get viral warts but they occur in young dogs and are generally on the lips, mouth and sometimes the genital area. They would be very rare in an older dog.
Another likely cause is a benign growth called a histiocytoma. These growths pop up quickly, grow quickly for a month or so and then tend to regress and resolve on their own within 2 to 3 months. They are most common in young dogs (less than a year) on the face, ears and legs and paws. But older dogs can get them too and if they scratch them they may not resolve.
If the dog rubs them or scratches they will hang around longer or can get infected. You can use a drop of cortisone cream on them to reduce inflammation. If they are scratched open I would recommend an antibacterial ointment instead. And I would recommend an E-collar for him to try and stop him from scratching if he is doing so. If the bump doesn't resolve completely in 3 months it should be surgically removed as it is unlikely to go away on its own at that point and can lead to a secondary infection.
Another possibility is a tumor called a mast cell tumor. These have variable degrees of malignancy, some can be treated with just surgical removal, some are quite aggressive and will spread deep into tissue and to local lymph nodes. The only way to know for sure how malignant the tumor is is to remove it and have it biopsied. In general mast cell tumors on the ears, face and near the genitals tend to be more aggressive/malignant.
Other tumors that this may be include a basal cell tumor but these are much less common in dogs then in people or a melanoma. These tend to be fairly benign behaving in the skin and respond to surgical removal. A plasma cell tumor is another possibility.
Of all of these tumors none resolve completely on their own except a histiocytoma. Mast cell tumors will change in size if they are bumped, and then go down slightly in size but never fully resolve on their own.
Ideally because we cannot truly tell what a tumor may be just by looking at it your veterinarian should perform a fine needle aspirate on the bump. The veterinarian puts a tiny needle in the bump, draws cells out, puts them on a slide, stains them and looks at the cells under the microscope to identify them.
Please let me know if you have any further questions.