We have myself (compliance) and head of HR as administrators, with the audit done by IA. Unless you're a very small outfit, your setup wouldn't be considered sufficient. Easiest would probably be to pass off the admin responsibility to someone else, depending on how involved your second administrator is and if they would be able to handle it.
Sometimes you get so crazy, you have to kick yourself in the face, then bite your own leg. This may be one of those times.