TruSight™ was established by leading financial industry participants as a utility to raise standards and simplify third-party risk management—for the benefit of all financial institutions, their suppliers, partners, and other third parties.
Elevating standards
through best practices.
TruSight was founded by leading financial institutions to establish
best practices and raise standards. Consequently, our pioneering Assessments-as-a-Service
solutions uniquely leverage industry best practices in third-party risk management.
A more efficient
one-to-many model.
TruSight reduces duplicate efforts and costs while substantially alleviating
the considerable burden placed on third parties. The adoption of our standardized
approach means financial institutions and third parties save valuable resources otherwise
spent repeatedly providing, collecting and validating assessment information.
Execution on a
global scale.
TruSight offers global assessment services backed by an expert
workforce with extensive third-party risk assessment experience.
Staying ahead of
emerging risks and
regulatory requirements.
Our Customer Advisory Board, comprised of industry experts and thought leaders,
provides strategic guidance and subject matter expertise. This ensures our products
continue to lead the market and reflect the needs of all industry participants.
Make More
Informed Decisions
Eliminate Redundant
Efforts & Costs
Access Global
Assessment Capabilities
Engage with Industry
Partners and Peers
scroll for more information
Who We Are
TruSight is the best practices third-party assessment service created by leading industry participants for the collective benefit of all financial institutions, their suppliers, partners, and other third parties. As innovators of the Assessments-as-a-Service model, TruSight streamlines and simplifies third-party assessments by executing best practice assessments once and delivering to many over a secure, shared-services platform.
TruSight was founded as an innovative industry initiative by a consortium of leading financial services companies, including American Express, Bank of America, Bank of New York Mellon, JPMorgan Chase and Wells Fargo. TruSight’s comprehensive assessment solutions, all powered by TruSight’s standardized Best Practices Questionnaire, are uniquely built on this collective industry expertise to elevate the discipline of third-party management industry-wide.
Who We Are
TruSight is the best practices third-party assessment service created by leading industry participants for the collective benefit of all financial institutions, their suppliers, partners, and other third parties. As innovators of the Assessments-as-a-Service model, TruSight streamlines and simplifies third-party assessments by executing best practice assessments once and delivering to many over a secure, shared-services platform.
TruSight was founded as an innovative industry initiative by a consortium of leading financial services companies, including American Express, Bank of America, Bank of New York Mellon, JPMorgan Chase and Wells Fargo. TruSight’s comprehensive assessment solutions, all powered by TruSight’s standardized Best Practices Questionnaire, are uniquely built on this collective industry expertise to elevate the discipline of third-party management industry-wide.
What We Do
TruSight gathers and validates information that enables financial institutions to make more informed decisions about third-party vendors, and provides this information to customers through a secure platform. Our Assessments-as-a-Service offerings range from the collection and validation of third parties’ responses and artifacts aligned to our Best Practices Questionnaire, to virtual and on-site assessments in which we validate that a given vendor’s protocols, processes and practices are operating as designed and described.
Financial institutions of all sizes—such as investment banks, wealth management firms, asset managers, credit card companies, insurers, and national, regional and community banks—access third-party data from TruSight to assess and manage relationships with third-party service providers through our secure platform.
The TruSight Difference
TruSight enables financial institutions and third parties to make better risk management decisions for their organizations. TruSight wasn’t formed simply to assess third-party vendors and offer data and reports. It was established as part of an industry-initiated effort to establish best practices, elevate standards and simplify the way financial institutions manage third-party relationships and risk.
Key Benefits:
For Financial Institutions
Benefit from combined industry best practices and peer engagement leading to more robust third-party risk assessment
Realize process efficiencies leading to cost savings and ROI
Streamline and speed up supplier onboarding and improve ‘ease of doing business’
Participate in a collective effort to help you stay ahead of industry and regulatory change
For Third Parties
Enjoy reduced assessment burden from the removal of duplicative information requests and virtual and onsite reviews
Benefit from a greatly simplified approach with consistent standards and expectations across all customers
Accelerate onboarding for new products and services
For the Financial Services Industry
All participants benefit from consistently high standards and widely-adopted best practices that elevate, simplify and streamline the discipline of third-party management industry-wide
TruSight’s services are already powering the third-party risk management programs of many leading financial institutions.
Our Products
TruSight’s assessments are based on our best practices methodology, which was created in partnership with leading financial institutions. This robust, standardized assessment approach includes control-based questions (our Best Practices Questionnaire, or BPQ), attributes and required evidence used to conduct validation test steps.
TruSight’s best practices methodology and complete assessment products reduce third-party workload through the elimination of redundant questionnaires and follow up requests, as well as duplicative virtual and on-site reviews.
Three assessment products, all based on TruSight’s best practices methodology:
Verified Best Practices Questionnaire
TruSight gathers, verifies and provides the third party’s responses to our control-based questions (BPQ), confirming that any responses or artifacts provided by the third party align to each question and its attributes
Standard Assessment
TruSight gathers, verifies and provides the third party’s responses to our control-based questions (BPQ), confirming that any responses or artifacts provided by the third party align to each question and its attributes
In addition, TruSight conducts a remote assessment of the third party’s control environment to review and confirm that controls are designed and implemented according to the policies and procedures provided by the third party
Comprehensive Assessment
TruSight gathers, verifies and provides the third party’s responses to our control-based questions (BPQ), confirming that any responses or artifacts provided by the third party align to each question and its attributes
In addition, TruSight conducts an onsite assessment of the third party’s control environment to review and confirm that controls are designed and implemented according to the policies and procedures provided by the third party
The TruSight Platform
TruSight’s centralized technology platform streamlines the assessment process for all participants. It allows customers to order, track and download assessments. The TruSight Platform also enables third parties to access and provide responses to our Best Practices Questionnaire, provide supporting artifacts and engage with our team of assessors in a secure online environment.
News
TruSight Announces Global Operating Agreement with EY
The Strategic Operating Agreement with the EY Financial Services Organization Provides Global Execution Scale While Contributing to TruSight’s Mission to Elevate Standards.
Download PDFBNY Mellon Joins TruSight as Key Investor and Client to Transform Third-Party Risk Management
TruSight, Created By Leading Financial Industry Participants, is an Innovative Industry Initiative To Combine Best Practices, Standardize Processes and Deliver Comprehensive Third-Party Risk Assessment Services.
Download PDFAmerican Express, Bank of America, JPMorgan Chase and Wells Fargo form industry consortium to transform third-party risk management
TruSight formed as an innovative industry initiative to share and elevate best practices, set standards and deliver comprehensive third-party risk assessment services.
Download PDF