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By Peter Pernebo, Global Head of Third Party Risk Solutions, KY3P, S&P Global
What can organizations do to establish world class TPRM with limited resources?
Limited resources – and TPRM skills in general – has become a growing problem, mainly out of two reasons. First, the “great resignation” where the raw number of skilled TPRM experts have declined, setting up for a much harder competition for the remaining TPRM professionals. Second, regulator as well as boards and senior executives have recognized that TPRM is required and desired in many more organizations that was typically the target. OCC expanded their oversight to community and commercial banks last year, the energy and government sectors are increasingly targeted by cyber criminals as are other industries. This increases yet further the demand on TPRM professionals.
What we are seeing is a move and acceptance of out of the box solutions and managed TPRM. This allows organizations to quickly tap into strong already established programs with industry professionals and leverage their staff to both manage the TPRM process and conduct critical due diligence leveraging shared platforms, solutions and assessments. Organizations can tap into these solutions independent on their location and still establish a world class TPRM program with strong industry professionals in a rapid way and keep growing in maturity with their partner.
