BNY Mellon backs third-party risk management firm TruSight
TruSight announced today the addition of BNY Mellon as a key investor and client, joining the company’s founding members—American Express, Bank of America, JPMorgan Chase and Wells Fargo.
TruSight was formed to simplify and streamline third-party risk assessment and establish industry-wide best practices. TruSight offers comprehensive assessment services based on a standardized Best Practices Questionnaire delivered over the company’s managed-services platform.
“We are pleased to welcome BNY Mellon to TruSight as an investor and client, supporting the industry’s establishment of best practices and simplified process for third-party risk assessment,” said Abel Clark, CEO of TruSight. “Through the collective expertise of our clients, investors and third-parties, TruSight uniquely brings together industry participants to streamline third-party risk assessment. Our Best Practices Questionnaire and comprehensive assessment methodology were developed through an inclusive, industry-led effort leveraging the expertise and experience of our investors and clients. TruSight’s managed-services model provides a substantially more efficient assessment process, streamlined to reduce duplication and cost. Our secure platform and comprehensive assessment services simplify the burdensome aspects of conducting third-party assessments to benefit financial institutions, their suppliers and partners, and the industry as a whole.”
BNY Mellon Embracing Innovation
“We are committed to creating industry standards around risk assessment and information validation for third-party risk management. Our investment in TruSight reflects our ongoing effort to innovate and enhance our operational business processes. We look forward to contributing our expertise to this important industry initiative,” said Carol Britton, COO, Corporate Services, BNY Mellon. “We believe TruSight’s approach will elevate standards across the industry by facilitating best-in-class third-party assessments to support our risk management processes.”