On November 14th, a consortium of financial institutions, including Bank of America, American Express, JP Morgan Chase, and Wells Fargo announced the formation of TruSight, a company that promises to transform current methods of evaluating third-party vendors and help manage the risks associated with hiring outside consultants.
TruSight offers a unique approach in that it will gather information, assess third party vendors, and store vendor data on a secure platform that will be accessible to financial institutions of all sizes. According to the TruSight website: “…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 reduced the amount of assessments that suppliers and partners must complete.”
Read the full article here for more details about TruSight and the announcement of its formation: