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Banks form industry consortium to transform third-party risk management

GRC Announcements | November 20, 2017

A consortium of leading financial institutions—including American Express, Bank of America, JPMorgan Chase, and Wells Fargo— announced the formation of TruSight, a company designed to combine best practices and simplify the process of conducting third-party risk assessments of suppliers and partners across the financial services industry.

"We are breaking new ground in the financial services industry by creating a consistent and efficient process for assessing third-parties," TruSight CEO Abel Clark said in a statement. "TruSight's unique approach brings together industry participants and harnesses their collective expertise, allowing us to ensure the same high standards are met across the board. This inclusive, cross-industry effort will also simplify and streamline the third-party risk assessment process for financial institutions and their suppliers, delivering real benefits for all."

TruSight's founders selected Clark,...

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