Technology TPRM Forum is pleased to share the results of the survey covering the impact Digital Transformation is having on TPRM operations. We hope you enjoy the survey findings and it brings value to your TPRM efforts.
Thank you to the 114 risk professionals who completed the IT-TPRM.com survey on the impact of Digital Transformation on TPRM operations. The survey is now closed and we have initiated analysis of the results but wanted to share the typical profile or average demographics of the respondent.
Respondents to the IT-TPRM.com survey are:
- Members of their TPRM organization
- Work in the banking and capital market segment
- On average, have $100 billion assets under management
- Is being impacted by digital transformation
- Cloud is the leading digital technology impacting operations
- Primary operational focus is accelerating support of business operations
- Most concerned about identifying 4th and 5th parties for business continuity
- Believes regulators will increasingly focus on capacity and concentration of third parties
We will release final survey results and analysis next week!
Thank you to Venminder for the opportunity to discuss the impact digital transformation is having in the TPRM operations. It is easy to see Venminder’s commitment to this community and desire to continually evolve best practices.
The IT-TPRM.com survey on the impact of Digital Transformation ask respondents the specific areas and activities TPRM leaders are taking with regards to Business Continuity. Results so far show a significant separation between oversight and governance tactics versus operational engagement. It appears TPRM professionals have limited interest or involvement in areas necessary to execute the business continuity plan, preferring to focus on assessing effectiveness of contract terms, identification of sub-contractors and alignment across parties.
Do you agree? Does this lead to ineffective business continuity? Does this create an unnecessary void between TPRM and operational execution? Should the FLOD be more engaged in scenario and BIA development?
Responses continue to stream in for the IT-TPRM.com survey on the impact of Digital Transformation on TPRM operations. We remain on track to share the full survey Mid-June!
The survey ask respondents to identify the digital technology dynamics impacting their organization currently or in the coming 12 months. To no surprise, Cloud, Cybersecurity & Automation are consistently identified as the technologies of greatest impact. The surprise so far is how low Blockchain is trending as a key area of focus for TPRM leaders.
At the recent RMW GCOR conference, during the regulator panel they stated the areas of great focus and interest is Cloud, Automation & Distributed Ledger (Blockchain). Are TPRM leaders not seeing what is emerging on the horizon or not clear as yet how it will impact their operations? Share your thoughts! Please take 3 1/2 minutes to take the survey.
Help us identify emerging best practices!
IT-TPRM.com has developed a targeted survey with the input and support of multiple TPRM leaders. The purpose of the survey is to identify emerging best practices being employed by TPRM teams to effectively meet the demands of digital transformation. Our plan is to share the complete research results by the end of June with the full TPRM community. Hopefully the results will help risk leaders fine tune their current digital agenda and bring enhanced value to the business.
Thank you for taking 4 minutes to answer the 10 questions on the survey. All results are anonymous and will be reported in aggregate.
The Third Party Risk Management organizational structure of 3 distinct layers of defense (FLOD, SLOD, Audit) is widely recognized as risk best practice. However, as I meet with risk executives and leading advisors focused on this community, there is an all too common opinion the First Line of Defense (FLOD) is less effective in digital and technology settings than designed.
It appears FLOD teams are challenged by the complexity and pace at which third party risk issues must be addressed to support their organizations digital agenda. This dynamic is producing a gap between TPRM and IT operational teams, making the FLOD a disconnected, oversight function versus operational contributor.
The ISACA manual for the Certified in Risk and Information Systems Control (CRISC) designation identifies a possible root cause of this FLOD/TPRM dilemma. Section 1.6 of the CRISC Manual states “The risk practitioner is not expected or required to be a technical expert in the design, implementation or support of IT systems and applications. However, strong knowledge of general IT concepts is invaluable for anyone whose roles and responsibilities require close and ongoing interaction with IT staff. The identification, assessment and monitoring of IT risk, as well as recommendation appropriate responses to the risk that is identified, require that type of close and ongoing interaction.”
To meet business demands, FLOD must establish credibility and be fully engaged with IT operations to become an integral part of the team. TPRM leaders must closely evaluate the skills and capabilities of their FLOD to form this critical linkage. FLOD teams need to feature a blend of IT operations, InfoSec and risk backgrounds. By taking this proactive measure, TPRM leaders enable their FLOD to ‘get in the game’ and contribute at the speed necessary to achieve success and empower digital transformation.