Several of America’s biggest banks have come together to create a new company that will carry out risk assessments on suppliers and partners.
American Express, Bank of America, JPMorgan and Wells Fargo all had a hand in the creation of TruSight.
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TruSight hopes to combine best practices and standardize risk vendor assessments,
Finextra reported.
A company release said that TruSight is looking to provide a streamlined and comprehensive approach to gathering and validating risk assessment information on financial services firms. The risk management company added that it can carry out information validation either on-site or remotely.
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TruSight also noted that it stores all the information it gathers – service providers’ information security, technology, hiring practices and governance – on a secure, shared platform that financial institutions of all sizes can safely access.
“Financial institutions of all sizes can benefit from the confidence and added credibility that comes from using industry standards to gather and validate third-party risk information,” said JPMorgan Chase chief procurement officer Ken Litton in a statement. “We look forward to TruSight’s work with institutions and third-party vendors to combine risk management and control best practices.”
This is not the first time banks have come together to create their own risk management firm; earlier this year, Barclays, Goldman Sachs, HSBC and Morgan Stanley invested in Know Your Third Party – an HIS Markit platform.
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