TruSight Expands and Completes a Record Number of Third-Party Assessments in 2021
- APIs , Risk Management
- 20.01.2022 04:55 pm
The TPRM Utility Also Unveiled New Technologies to Optimize Customer Experience and Streamline Workflow
TruSight, the financial industry’s leading provider of validated third-party risk data, today announced a record-breaking year in 2021, completing a large assessment portfolio of the most systemically important service providers to the financial services industry—and making a series of important hires to enhance its regulatory and technology capabilities. The company also saw a 60% increase in assessment distributions as the company continues to add marquee customers.
TruSight’s TPRM operating model, in which assessments are performed once and shared by many, reduces the time and effort spent by both financial services institutions and third parties by eliminating the need for repetitive and duplicative questionnaires. The TruSight assessment methodology also leads to more consistent, higher-quality data, quicker third-party onboarding, and better allocation of resources to managing risk.
Over the past year, TruSight completed hundreds of assessments of the industry’s leading vendors, including Adobe’s Cloud Services, Symphony Communication Services, Sigma, Iron Mountain, Akoya, and many others. TruSight also joined the ServiceNow Partner Program and the Cloud Security Alliance (CSA) in 2021. In addition, TruSight launched the FMI/FMU working group, an initiative that brings together financial market infrastructure, financial market utilities, and financial institution participants to build a mutually agreed-upon assessment methodology for the industry. The group intends to pilot the methodology in the second quarter of 2022.
“We are extremely proud of our work in launching the FMI/FMU initiative,” said TruSight CEO Jonathan Pressman. “As members of a highly regulated and systemically important industry, we need to come together to create an effective assessment mechanism that can drive efficiency for both sides of the market. It is a critical next step in managing risk for the industry.”
TruSight also unveiled a suite of new technology solutions, including a new assessment execution platform, custom API integration, and custom template functionality, enabling the company to conduct assessments and interface with third parties and customers more efficiently and effectively. Among other capabilities, the TruSight platform now structures assessment data to support maximum flexibility in meeting customer needs while driving operational efficiency. The company also implemented an automated scheduling tool to optimize assessment workloads to meet customer demand.
The company made several key hires as well, including appointing Collin Schwartz as head of legal and regulatory affairs, head of methodology, and Caitlin Bray as director of marketing and communications. TruSight also added John Shay, the chairman of AcadiaSoft, to the company’s Board of Directors.
“This past year, we expanded and accelerated our production of assessments of the industry’s most widely used vendors, delivering on our promise to meaningfully reduce the time, effort, and costs associated with third-party onboarding,” said Jonathan Pressman. “In 2021, we also continued to make impactful technology improvements to ensure our customers have the most flexible, efficient, and effective access to our validated data as possible.”