Over the past several months, I have had the fortunate opportunity to speak with a growing community of TPRM leaders. Based on these discussions, two consistent challenges to TPRM operations have emerged.
1. Investment in TPRM is not keeping pace with demand and expectation. TPRM and Operational Risk Management is viewed as an expense with little return. This perspective makes it difficult to secure incremental funding to support the expanding TPRM agenda.
2. Attracting and retaining TPRM skills is difficult. Identifying and retaining the necessary skills for a comprehensive TPRM operations is a challenge. Attrition impacts stability, consistency and ability to mature operational capability.
In many ways, these two key drivers fueled the growth of outsourcing and development of managed service offerings. Technology leaders identified task where efficiencies could be gained, allowing them to focus their limited resources and skills in the areas of greatest visibility and value.
Some ideas for improved TPRM operational efficiency include:
· We are fortunate in the TPRM community to be supported by expert advisory and consulting operations who are investing in platforms and skills to augment operations. TPRM managed service could potentially bring efficiencies and consistent operations and focus your resources on strategic activities.
· If your organization has other global facilities, perhaps you can explore adding staff at these locations to support TPRM activities as well as RCSA execution.
· Explore ways to enhance Third Party ‘Rules of Engagement’ across business units and product teams for risk priority.
· Coordinate with Audit, Vendor Management & Procurement to ensure activities are properly aligned to ensure there are no gaps or redundancies and explore if there is an opportunity for a shared GRC platform.
Please share other budget relieving approaches and ideas that have helped your TPRM efforts!