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TruSight Accelerates Growth and Industry Adoption in 2019

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.”

About TruSight

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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For more information, contact:
Laura Nelson or Kay Kelly
SVM Public Relations
401.490.9700
laura.nelson@svmpr.com
kay.kelly@svmpr.com

svgImg Coronavirus Statement

Coronavirus Statement

Our highest priority at TruSight Solutions is to maintain health and safety, and we are closely monitoring the global situation regarding the spread of coronavirus (COVID-19.) At the same time, we remain steadfast in our commitment to deliver assessment products of the highest quality for our customers and assessed parties. In light of these dual goals, this statement addresses precautions and strategies that TruSight is implementing with respect to on-site assessments and the assessors who conduct these facility visits.

Assessors who have been assigned to conduct on-site assessments have attested that they have not traveled in the past 30 days to a country with a Level 2 or Level 3 designation from the U.S. Centers for Disease Control and Prevention. (A Level 2 alert is for enhanced precautions, and a Level 3 warning is to avoid non-essential travel.)

Upon request, each individual assigned assessor will confirm this assurance in writing via email.

Any assessor currently conducting an assessment in an affected country is bound by the country’s domestic regulations and will remain in that country as long as required.

Assessors have been instructed to escalate any personal travel concerns to their manager. Individual concerns will be respected and assignments adjusted accordingly.

For reasons of health and safety, there could be a delay in conducting an assessment and/or delivering a product where a country is prohibiting travel or otherwise inhibiting movement that is necessary for such assessment. In this event, we will inform impacted vendors and customers as soon as we become aware of the situation. We may also propose performing a remote assessment in lieu of an on-site assessment and making adjustments accordingly.

As the coronavirus situation quickly evolves, TruSight is closely following developments from the World Health Organization, U.S. Centers for Disease Control and Prevention, and other domestic and international bodies. If you have questions or concerns, please reach out directly to your TruSight contacts.

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