Another Survey?!

November 2nd, 2021 Jackie Risley Reading Time: 2 minutes
Blog - Another Survey?! - FI

It feels like every purchase or interaction I have these days is followed by a survey  — from a latte at my local coffee shop to my recent dental appointment. So I completely understand why survey fatigue might discourage you from completing the annual “Taking the Pulse of Third Party Risk Management” survey. But unlike a typical consumer survey, this one isn’t about collecting stars or soliciting testimonials.

The goal of the survey is to help the TPRM community benchmark their programs and understand the trends and challenges practitioners face in what is still a relatively young discipline. That means that we need input from TPRM practitioners across company sizes, vertical markets, geographies, and roles to share their experiences to create an accurate picture of the state of the discipline. In the past, TPRM leaders have used this data to:

  • Build a business case for TPRM. The readout and analysis of the survey data (provided in a free report) typically uncovers correlations between maturity/effectiveness and factors such as board engagement, program ownership, and more. This is data you can take to your management team to help them understand the value of investing resources in TPRM.
  • Reflect on program strengths and weaknesses. It’s common to get caught up in the heads down, day-to-day demands of running a TPRM program. An objective view of the state of TPRM programs like the one provided in the survey results can help you take a more realistic look at your own program to identify opportunities to increase maturity and acknowledge successes.
  • Advocate for themselves and their programs. Have you ever wondered how other programs are resourced? What kind of internal support they have? This report gives you the benchmarking data you need to justify the support you and your team deserve.

None of this data exists without the contribution of TPRM practitioners, which is completely anonymous. Unlike the car dealer who told me that if I couldn’t give him all 5s I shouldn’t complete the survey, we really want your honest opinions and experiences for the benefit of the TPRM community. Hopefully, this survey will foster important discussions about the role of TPRM and its evolving challenges, as it has in previous years.

And this year there are many new insights to be gained as we look at trends compared to past surveys. Aravo has hosted the survey for several years, but this will be the first year that programs have operated in a pandemic for a full twelve months. How has the pandemic changed priorities and funding? How has it impacted the number of incidents? Has ownership of TPRM programs changed?

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