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TruSight Announces Completion of Symphony Communication Services Assessment

Risk assessment ensures that the industry-leading messaging and collaboration platform meets global regulatory compliance standards

New York, NY—March 2, 2021—TruSight, the financial industry’s leading provider of third-party risk data, today announced that it has completed a comprehensive risk assessment of Symphony Communication Services, the secure and compliant collaboration platform that has become a key technology infrastructure provider for financial services firms around the world. Symphony’s federated technology was created to enable secure collaboration among the biggest banks and has all of the encryption and monitoring that the financial industry needs from a compliance perspective.

“We welcomed the opportunity to work with TruSight on this assessment,” said Brad Levy, president and chief commercial officer of Symphony. “The rigor and thoroughness of the TruSight evaluation of our collaboration tools engenders trust among our prospective partners by ensuring that we are maintaining the highest level of security and compliance.”

TruSight is a third-party risk management (TPRM) utility platform that facilitates the efficient and cost-effective collection of accurate third-party risk data. Created and backed by five of the largest global financial institutions, the TruSight utility combines best practices and standardization to execute comprehensive risk assessments once and deliver to many over a secure platform. Because the benefits of TruSight’s TPRM utility model are significant for everyone who participates in the financial industry, its risk assessment services are sold to both financial services institutions and to third-party companies that engage with them.

“TruSight serves an important function in the industry by bringing standardization to the risk management process and by improving the quality of risk data,” said Ken Litton, senior managing director, head of corporate & site services at JPMorgan Chase. “By performing standardized assessments of key vendors such as Symphony once and making them available to all, TruSight allows all of us in the industry to devote more time and resources to the more important job of remediating risk.”

The foundation of the utility is the TruSight Best Practices Questionnaire (BPQ), a robust, standardized questionnaire created by TruSight’s founding banks and updated in partnership with its customers and industry experts. The BPQ’s 27 diversified control domains are designed to meet the industry’s assessment needs across the information and cybersecurity, privacy, business resiliency and other operational risk domains.

“As a bank-owned industry consortium, we share the same DNA as Symphony,” said Jonathan Pressman, CEO of TruSight. “Symphony’s collaboration tools are designed to address the unique security and compliance challenges of our highly regulated industry, and having TruSight certify that they meet these requirements is an important milestone for the organization. We appreciate Symphony’s partnership in this effort.”


ABOUT SYMPHONY

Established in 2014, Symphony is the cloud-based messaging and collaboration platform that securely connects markets, organizations and individuals. Powered by a growing and open app ecosystem, and protected with customer-controlled encryption key infrastructure, Symphony’s communications platform increases workflow productivity while maintaining global regulatory compliance. Already the platform of choice for the financial services industry, Symphony unifies the enterprise workflow to boost productivity in any information-centric business. Symphony currently has over half a million users from more than 445 companies worldwide, powering over 170 million monthly messages.

For more information, please visit: www.symphony.com.


ABOUT TRUSIGHT

TruSight is the industry’s leading third-party risk management (TPRM) utility platform, facilitating efficient, cost-effective collection and consumption of accurate risk data. Developed and backed by five of the largest global financial institutions, including American Express, Bank of America, JPMorgan Chase, and Wells Fargo, the TruSight methodology standardizes the risk assessment process to deliver the highest quality data, enabling financial institutions to gain greater visibility into supply chain resilience.

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For more information, contact:
Laura Nelson or Sage Morander
SVM Public Relations
401.490.9700
sage.morander@svmpr.com
laura.nelson@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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