Major US banks form third-party risk company

A consortium of major US banks has announced the formation of a new company, TruSight, which will provide third-party risk assessment services.

The consortium includes American Express, Bank of America, JPMorgan Chase and Wells Fargo.

TruSight aims to simplify the process of conducting third-party risk assessments of suppliers and partners across the financial services industry.

The new firm will be headed up by Abel Clark, who has more than 20 years of experience running financial technology and information services businesses, and was most recently global managing director for Thomson Reuters' $5 billion financial business.

Currently the industry lacks a simple and comprehensive approach to gather and validate third-party risk assessment information, according to the consortium. This causes financial institutions and third parties of all sizes to spend valuable resources requesting, providing and validating assessment information in an inefficient and duplicative manner.

TruSight aims to address these challenges by gathering information critical to thoroughly evaluate a service providers’ risk profile, including information security, technology, hiring practices and governance among others.

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.

Abel Clark, CEO of TruSight, said: “We are breaking new ground in the financial services industry by creating a consistent and efficient process for assessing third-parties. 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.”

    Share Story:

Recent Stories


Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.

Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.

Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.