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Press Release

TruSight Announces Record Year with 130% Year-Over-Year Revenue Growth

The Industry-Leading TPRM Utility Also Achieved 100% Year-Over-Year Growth of Assessment Deliveries to an Expanding Customer Base

New York, NY—January 13, 2021— TruSight, the financial industry’s leading third-party risk utility, today announced record company growth during 2020, fueled by increasing industry adoption and an accelerated pace of assessment deliveries. As the only utility platform founded and owned entirely by the financial industry, the company is now the preferred provider of third-party risk data covering the financial industry’s most critical technology infrastructure and professional services suppliers.

In addition, TruSight closed its second round of financing, enabling further expansion of its offering, and announced that American Express, Bank of America, BNY Mellon, JPMorgan Chase and Wells Fargo have all implemented the TruSight methodology in their third-party risk management (TPRM) programs to improve the efficiency and effectiveness of their assessment processes.

“We have made tremendous strides in terms of assessing the majority of the industry’s most important third parties,” said Jonathan Pressman, CEO of TruSight. “We were able to exceed our customer acquisition goals for 2020, as well as accelerate our production of assessments. I am extremely proud of what we have achieved and look forward to maintaining our trajectory in the year ahead as third-party risk management becomes increasingly important to the financial industry and to global regulators.”

TruSight is a 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, shared-services 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.

An example of this in action is Microsoft. TruSight conducted a comprehensive risk assessment of Microsoft's cloud services and made that assessment available to financial institutions on demand. Microsoft was the first major cloud provider to successfully go through TruSight's rigorous process. This program makes it fundamentally easier for financial institutions to complete cloud assessments, monitoring, and risk reviews.

“TruSight has galvanized the industry by redefining how financial services institutions manage risk,” said Dave Dadoun, Managing Director, Global Regulatory Compliance, Worldwide Financial Services at Microsoft. “By using a standardized, industry-backed approach, TruSight is enabling service providers to the financial industry an opportunity to reduce bilateral assessments, which translates into more efficient risk management, cost savings and better alignment with our customers obligations to meet regulatory requirements.”

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. To learn more, please visit trusightsolutions.com.

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

sage.morander@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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