TruSight, the financial industry’s leading third-party risk utility, announced that American Express, Bank of America, BNY Mellon, JPMorgan Chase and Wells Fargo have all implemented the TruSight methodology in their third-party risk management (TPRM) programs to improve the efficiency and effectiveness of their assessment processes. This is an important step for TruSight, which is designed to substantially reduce the burden of bi-lateral assessments on suppliers to the financial services industry.
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TruSight is a TPRM utility that combines best practices and standardization to deliver comprehensive, high-quality assessments. It provides a standardized method for gathering and validating due diligence on a third party and allows multiple financial services institutions to access and use this due diligence to support their internal TPRM processes. Using TruSight’s methodology creates efficiencies for both financial institutions and their suppliers by reducing time spent on completing and analyzing duplicative questionnaires while enabling them to focus more time on mitigating and managing third-party risk.
“The assessment information from TruSight’s platform provides an efficient and effective solution to help our internal teams manage third-party risk while creating synergies for suppliers by reducing the amount of time they spend on reviews,” said John Standring, executive vice president and general manager of Global Business Services at American Express. “We believe over the long term, the deployment of TruSight will help provide a more seamless experience for us and our suppliers.”
The announcement comes on the heels of TruSight completing its second round of financing. The company has experienced rapid growth over the last year, as it has assessed an expanding list of the industry’s most widely used third parties and refined and updated its product to meet the growing regulatory needs of financial institutions and their third parties.
“TruSight’s future is bright as its adoption across global financial institutions continues to broaden and it completes assessments of the most critical and widely used suppliers to the financial services industry. TruSight’s new leadership team has made material progress throughout 2020 and is well positioned for continued growth,” said Greg Schmid, head of supply chain management at Wells Fargo. “For that reason, Wells Fargo is proud to join with our peers to provide additional capital so the company can expand its offering and its customer base.”
