CeFPro Research

Best practices in third party risk management

As the third party risk management industry evolves and regulations tighten, organizations face mounting pressure to enhance their programs. CeFPro’s latest research reveals striking disparities in TPRM maturity across financial services, highlighting both challenges and opportunities. Are current efforts enough, or is deeper insight needed to navigate risk exposure?

In a time of increased scrutiny and the need for holistic strategies, the industry stands at a critical juncture. This report uncovers inconsistencies, offers benchmarks, and exposes gaps that could impact future resilience. Dive into our findings to see how your organization can stay ahead in this ever-changing landscape.

In this report, you will learn:

This report is a must-read essential for any TPRM professional looking to leave their mark on the industry. Discover invaluable benchmarks, trends, and regulatory considerations that will equip you with the knowledge needed to navigate evolving challenges and optimize your organization’s risk management strategies.

  • Understand the lack of centralization in managing third parties and its implications.
  • Explore the increasing recognition of TPRM as a strategic asset at the executive level.
  • Identify common gaps in TPRM maturity and what they mean for your organization.
  • Learn about trends in resource allocation and future investment plans for TPRM.
  • Gain insights into how regulatory initiatives are shaping the TPRM landscape.
  • Access data-driven benchmarks to evaluate your TPRM program’s effectiveness.
  • Discover the variety of approaches to TPRM ownership within organizations.
  • Anticipate changes in TPRM strategies over the next 2-3 years to stay ahead.


Supported by prominent industry figures leading their institution

Key findings: Insights from the report


anticipate growth in their TPRM program but are unaware of how to improve performance or what the next best steps are


of TPRM teams are understaffed despite TPRM programs being perceived as mature within the industry


are driven by liability avoidance as the biggest reason they are implementing a TPRM program in response to recent regulatory changes and increasing pressure

The key findings of our report shed light on the intricate dynamics of third party risk management, revealing a diverse range of findings as we uncover common gaps in program maturity across organizations and provide actionable insights into resource allocation and future investment plans.

From revealing the persistent challenge of decentralized TPRM approaches to showcasing the growing recognition of TPRM as a strategic asset at the executive level, our report offers a nuanced understanding of the current landscape, providing actionable recommendations to bridge divides and strengthen program resilience.

Explore what's inside:

Organizational drivers

Delve into the complexities of third party relationships within the financial sector, exploring the diverse scope of third party engagements and the multitude of factors influencing their management. Anticipate emerging trends as we raise critical questions surrounding the definition of third parties and their inclusion in organizational counts.

Program benchmark

There is a notable discrepancy between self-assessments and industry realities, particularly concerning the challenges faced by larger organizations in achieving program integration. Despite high levels of confidence in program ability to withstand audits and regulatory scrutiny, there is the growing risk of becoming overconfident as the evolving regulatory landscape and the need for continuous improvement to meet emerging challenges effectively adds more pressure.

Technology benchmark

Data plays a pivotal role in TPRM programs, with many institutions experiencing challenges in accessing and managing data consistently across complex organizational structures. How does your institution compare? While technology is ever-advancing, the multitude of available technologies presents the dilemma of a universal solution…

Long term view

As institutions navigate regulatory changes and market pressures, there’s a growing impetus toward developing multi-year roadmaps to drive progress. Anticipated changes in organizational approaches to TPRM highlight a strong inclination towards investing in people, technology, and additional resources, with a notable emphasis on leveraging technology and automation opportunities for process unification and improved performance.

About Aravo

Aravo is an industry leader that enables global brands to accelerate their third party risk management program performance to predict, anticipate, and respond to business disruptions, meet sustainability goals, and comply with regulations. Aravo’s platform and its broad range of risk domain applications deliver unified visibility into an organization’s third party ecosystem to manage and proactively mitigate risks.

Aravo’s people, products, and services all work together to support a greater purpose: to elevate the operational integrity of the business community. More than just being regulatory compliant, Aravo helps customers meet the increasing demand for more responsible organizations and extended enterprises.

Using Aravo, customers can grow their top-line revenue, avoid financial and brand liability, gain process efficiencies, and promote integrity. Aravo was founded in 2000 and is headquartered in San Francisco, California, USA.


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