New York, NY—January 23, 2020— TruSight, a leading third-party assessment utility, today announced that it finished 2019 with record revenues and assessment delivery, driven by the rapid adoption of its best-practices standard for third-party risk management in the financial services industry.
“By all measures, 2019 was a tremendous year for TruSight, as more members of the financial services industry coalesced around our single, holistic standard for third-party risk assessment,” said Jonathan Pressman, President of TruSight. “It is gratifying that so many of the industry’s top institutions and their suppliers have recognized the value of our approach and have joined our effort.”
TruSight’s 2019 highlights include:
Significant customer growth, with more than 25 global financial institution clients added in 2019 as these institutions seek to deploy a more efficient, effective approach to assessing and mitigating risk among their vendors.
Greater industry adoption, as the key suppliers to the financial services industry, including Microsoft Cloud Services, chose to undergo TruSight’s comprehensive assessment process to help them streamline their client acquisition and relationship management processes, and deliver a higher level of responsiveness and services to their clients.
Product and standard advancement, as TruSight’s founding banks and customers refined and updated the TruSight Best Practices Questionnaire (BPQ), the industry-standard foundation of the TruSight assessment methodology. The latest version, BPQ 2.0, was launched in 2019 and embraced by the industry as the most complete, comprehensive assessment tool, meeting the industry’s needs across information and cybersecurity, privacy, business resiliency and more than 20 other risk domain categories.
Continued support of bank founders, as American Express, Bank of America, BNY Mellon, JP Morgan Chase, and Wells Fargo continue to provide their insight and expertise to ensure that TruSight meets – or exceeds -- the industry’s needs.
“The financial services industry is facing increasing pressure to ensure that the expanding networks of suppliers and partners with which we work are adequately prepared to manage and mitigate risk,” said Taryn Thompson, chief procurement officer of Bank of America. “The TruSight standard helps to address that challenge by giving financial institutions the means to gain greater visibility into potential risks and to manage third-party relationships more efficiently and effectively. The past year has proven that the market is ripe for the TruSight model, and we foresee even greater adoption in the year ahead.”
TruSight is the best-practices third-party risk-assessment service created by leading financial institutions for the collective benefit of the financial services industry including customers, suppliers, partners, and other third parties. TruSight simplifies third-party assessments by executing best-practice, standardized assessments once and making them available to many – enabling financial institutions to gain greater visibility into potential risks and manage third-party relationships more efficiently and effectively.
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