TPRM Program Assessments

Financial institutions increasingly rely on third parties—including vendors, fintech partners, and other service providers—to deliver critical products and services. While these relationships drive innovation and operational efficiency, they also introduce significant operational, cybersecurity, compliance, and reputational risk.

Regulators such as the National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board (FRB), and Consumer Financial Protection Bureau (CFPB) emphasize that financial institutions must maintain robust oversight of third-party relationships throughout their lifecycle—from planning and due diligence to contracting, ongoing monitoring, and termination. The Federal Financial Institutions Examination Council (FFIEC) and the 2023 Interagency Guidance on Third-Party Relationships: Risk Management set clear expectations for boards and management to manage these risks effectively.

Our consulting firm specializes in helping banks, credit unions, and fintechs assess, build, and mature Third Party Risk Management (TPRM) programs in alignment with regulatory expectations and industry best practices. We deliver solutions that are practical, scalable, and tailored to each client’s size, complexity, and strategic objectives.

TPRM Program Assessments

We begin by performing a comprehensive assessment of your existing TPRM framework to establish a clear understanding of current capabilities, strengths, and gaps. This includes:
Program Governance Review: Evaluating board and management oversight, defined roles and responsibilities, and reporting structures

Lifecycle Coverage Assessment: Reviewing how well current practices address each stage of the third-party lifecycle—planning, risk assessment, due diligence, contracting, ongoing monitoring, and exit planning
Control Design and Effectiveness Testing: Evaluating the design of risk assessment tools, contract standards, monitoring practices, and issue management processes

Regulatory Alignment Analysis: Measuring program maturity against guidance from the Office of the Comptroller of the Currency, Federal Financial Institutions Examination Council, and National Credit Union

Administration

Benchmarking: Comparing program structure and capabilities to peer institutions and industry-leading practices
We provide a clear findings report with risk ratings, priority recommendations, and a roadmap to enhance program maturity.

New Program Builds

For institutions without a formal TPRM program—or those looking to completely rebuild outdated or fragmented practices—we offer end-to-end program development services. We work closely with your team to design and implement a right-sized TPRM framework that aligns with your organizational structure, risk profile, and available resources.

Our new program build services include:

Program Architecture Design: Establishing the governance framework, operating model, and role definitions needed to launch a functioning TPRM program

Policy, Standards, and Procedures Development: Drafting foundational program documentation to ensure clear responsibilities and consistent execution

Tool and Workflow Setup: Designing manual or technology-enabled processes to support risk assessments, due diligence reviews, and ongoing monitoring

Training and Change Management: Educating stakeholders, establishing accountability, and integrating the program into existing risk and procurement processes

This approach enables clients to quickly stand up a compliant, sustainable TPRM program without adding unnecessary complexity or cost.

Maturity Builds and Optimization

For organizations with existing TPRM programs, we offer targeted services to enhance capabilities and efficiency, including:

Enhancing risk tiering models and scoring methodologies

Automating manual assessments and due diligence processes

Strengthening reporting, metrics, and board oversight

Integrating TPRM into enterprise risk management and strategic planning processes

We tailor improvements to leverage your existing staff and tools wherever possible, reducing implementation burden while increasing effectiveness.

Regulatory Alignment and Best Practices

We ensure every program we assess or build aligns to key regulatory and industry frameworks, including:

Interagency Guidance on Third-Party Relationships: Risk Management

Federal Financial Institutions Examination Council (FFIEC) IT and Outsourcing Handbooks

National Credit Union Administration (NCUA) Supervisory Priorities and Risk Management Guidance

International Organization for Standardization (ISO) and National Institute of Standards and Technology (NIST) risk frameworks

We also embed leading practices in performance monitoring, concentration risk analysis, and fourth-party oversight.

Building Resilient TPRM Programs

Ultimately, our approach builds TPRM programs that are resilient, transparent, and aligned to your organization’s strategic goals. We help financial institutions move beyond compliance checklists to implement risk-based, value-driven vendor oversight capabilities that:

Reduce operational and compliance risk

Strengthen regulatory exam readiness

Increase efficiency and visibility through automation

Reinforce a culture of accountability and risk ownership