Meeting the
need to know
TruSight™ gathers, validates and provides robust information that
enables financial institutions to make more informed decisions about
third-party selection, initiation and management.
Elevating standards
and best practices
industry-wide
TruSight™ was launched by a consortium of leading banks to
institutionalize best practices. Our seasoned team has deep roots in
third-party management within the financial services industry.
Improving and
validating the quality of
third-party information
Offering a shared platform for banks and vendors for data collection,
review and validation, TruSight™ offers a comprehensive online questionnaire,
and virtual and on-site reviews.
Streamlining and
speeding the process
TruSight™ helps banks and vendors save time and money throughout
the ongoing process of third-party management.
Mastering third-party
assessments
Leveraging collective
knowledge
Providing relevant
information
Driving
efficiency
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Who We Are
Founded by a consortium of leading financial services companies, including American Express, Bank of America, JPMorgan Chase and Wells Fargo, TruSight provides mutual benefits for financial institutions and their third-party service providers, and elevates the discipline of third-party management industry-wide.
TruSight’s approach is unique — by working with industry participants and harnessing collective expertise, we raise standards for all and simplify the third-party risk assessment process.
This inclusive, cross-industry approach not only helps financial services companies better assess risk, but also reduces the amount of assessments that suppliers and partners must complete. All parties will benefit as our service model becomes the accepted practice across the industry.
Who We Are
Founded by a consortium of leading financial services companies, including American Express, Bank of America, JPMorgan Chase and Wells Fargo, TruSight provides mutual benefits for financial institutions and their third-party service providers, and elevates the discipline of third-party management industry-wide.
TruSight’s approach is unique — by working with industry participants and harnessing collective expertise, we raise standards for all and simplify the third-party risk assessment process.
This inclusive, cross-industry approach not only helps financial services companies better assess risk, but also reduces the amount of assessments that suppliers and partners must complete. All parties will benefit as our service model becomes the accepted practice across the industry.
What We Do
TruSight gathers and provides accurate and consistent third-party assessment information using best-in-class methodology. TruSight offers a wide range of services, from an online questionnaire to virtual and on-site reviews that validate a given vendor’s protocols, processes and practices are operating as designed and described.
TruSight then stores vendor data on a secure platform that financial institutions of all sizes — such as investment banks, wealth management firms, asset managers, credit card companies, insurers, and community and regional banks — can utilize to assess and manage relationships with third-party servicers. Each institution then uses the information to make its own vendor risk and engagement decisions.
Why TruSight™
The standardized approach and network effects, particularly where data and assessment needs overlap, will drive business benefits for banks and vendors alike.
Banks will benefit from industry-wide best practices to realize process efficiencies and allow broader reach in assessing risk in their third parties.
Vendors will benefit from a greatly simplified and reduced assessment burden as the industry shifts to this new common service model.
The financial services industry as a whole will benefit from consistently high standards and widely shared best practices that elevate the discipline of third-party management industry-wide.
News
BNY 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 PDFFrequently Asked Questions
How will TruSight change the industry?
By combining best practices for managing and evaluating third-party service providers, TruSight will enable financial institutions across the industry to augment their internal processes and make better decisions for their organizations.
Completing the assessment process can be duplicative and burdensome for suppliers and partners. By adopting the comprehensive assessment conducted by TruSight, financial institutions and third parties of all sizes can save valuable resources that otherwise would have been providing, collecting and validating assessment information.
How is TruSight different from others in the market?
TruSight combines innovative technology with expertise and best practices from TruSight and the founding financial institutions. 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 transform and simplify the way financial institutions manage third-party relationships and risk.
TruSight’s proprietary questionnaire is a robust compilation of key business, operational risk, and information security controls and best practices providing a single source of data needed to perform third-party assessments. TruSight will administer the questionnaire on its secure platform and will deliver a comprehensive view of the data that financial institutions need to assess and manage third parties.
How will TruSight stay ahead of emerging risks and new regulatory requirements?
TruSight will ensure that its third-party assessment methodology and processes are consistently and continually improved and updated. A wide variety of experts, including TruSight consortium members will help TruSight nimbly respond to emerging risks and changes in the regulatory environment.
When will TruSight’s offerings become available?
TruSight services will be available to customers in Q2 2018.