The Third Party Risk Management community is dominated by content focused on GRC and TPRM technology tools. White papers, research reports, web-ex presentation fill our in-box daily. Each claiming unmatched ability to solve our challenges.
What is missing from this ongoing barrage is guidance and best practices on how TPRM leaders can successfully leverage to support the other key elements of TPRM operations. Best Practices such as:
· How TPRM leaders can effectively build organizations and operations integrated with business operations, procurement, VMO and legal.
· How the tool can enable quick, accurate and dynamic monitoring combined with the other activities such as RCSA’s and contract triggers to provide a single risk view.
· How do we establish rapid, ‘fast-track’ risk processes to meet business expectation
· How to integrate existing tools to maximize investment
TPRM leaders understand the importance of the TPRM platform, but it is an enabler, not the complete required solution. Let’s build on this foundation and expand the discussion to encompass a comprehensive TPRM solution!