20 July 2018
Visit www.avoka.com

Top banks create third-party risk management company

15 November 2017  |  9787 views  |  0 Risk on chalkboard

Some of America's biggest financial institutions, including American Express, Bank of America, JPMorgan and Wells Fargo, have set up a new company that will carry out risk assessments on suppliers and partners.

Headed up by Thomson Reuters veteran Abel Clark, TruSight aims to combine best practices and standardise processes for carrying out risk vendor assessments.

Financial services firms are increasingly relying on third parties for a host of critical services in the digital age but, says TruSight, the industry lacks a simple and comprehensive approach to gather and validate risk assessment information on these firms.

This causes both the financial institutions and the vendors to spend time and money requesting, providing and validating assessment information in an inefficient and duplicative manner.

TruSight is promising to make life easier by gathering information on service providers' information security, technology, hiring practices and governance, verifying it through remote or on-site validation.

This information is stored on a secure, shared platform available to financial institutions of all sizes, including investment banks, wealth management firms, asset managers, credit card companies, insurers and community and regional banks.

Ken Litton, chief procurement officer, JPMorgan Chase, says: "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. We look forward to TruSight's work with institutions and third-party vendors to combine risk management and control best practices."

Earlier this year Barclays, Goldman Sachs, HSBC and Morgan Stanley invested in a similar platform from IHS Markit, called Know Your Third Party (KY3P).


Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

OCC warns banks on fintech risks

OCC warns banks on fintech risks

11 July 2017  |  14274 views  |  0 comments | 9 tweets | 15 linkedin
Markit to create Know-Your-Vendor data hub

Markit to create Know-Your-Vendor data hub

14 October 2015  |  7038 views  |  0 comments | 8 tweets | 8 linkedin

Related company news


Related blogs

Create a blog about this story (membership required)
Visit iliad-solutions.com/Visit https://secure.vasco.comVisit info.nice.com

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
12636 views comments | 6 tweets | 7 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
10048 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
9620 views 19 comments | 15 tweets | 30 linkedin
IBM to test dollar-pegged 'stablecoin'IBM to test dollar-pegged 'stablecoin'
6548 views comments | 4 tweets | 14 linkedin
Bringing about new systems and faster payments globallyBringing about new systems and faster paym...
6375 views comments | 2 tweets | 7 linkedin

Featured job

Find your next job