TruSight, Created By Leading Financial Industry Participants, is an Innovative Industry Initiative To Combine Best Practices, Standardize Processes and Deliver Comprehensive Third-Party Risk Assessment Services
NEW YORK, April 24, 2018 /PRNewswire/ -- TruSight announced today the addition of BNY Mellon as a key investor and client, joining the company's founding members—American Express, Bank of America, JPMorgan Chase and Wells Fargo. TruSight was formed to simplify and streamline third-party risk assessment and establish industry-wide best practices. TruSight offers comprehensive assessment services based on a standardized Best Practices Questionnaire delivered over the company's managed-services platform.
"We are pleased to welcome BNY Mellon to TruSight as an investor and client, supporting the industry's establishment of best practices and simplified process for third-party risk assessment," said Abel Clark, CEO of TruSight. "Through the collective expertise of our clients, investors and third-parties, TruSight uniquely brings together industry participants to streamline third-party risk assessment. Our Best Practices Questionnaire and comprehensive assessment methodology were developed through an inclusive, industry-led effort leveraging the expertise and experience of our investors and clients. TruSight's managed-services model provides a substantially more efficient assessment process, streamlined to reduce duplication and cost. Our secure platform and comprehensive assessment services simplify the burdensome aspects of conducting third-party assessments to benefit financial institutions, their suppliers and partners, and the industry as a whole."
BNY Mellon Embracing Innovation "We are committed to creating industry standards around risk assessment and information validation for third-party risk management. Our investment in TruSight reflects our ongoing effort to innovate and enhance our operational business processes. We look forward to contributing our expertise to this important industry initiative," said Carol Britton, COO, Corporate Services, BNY Mellon. "We believe TruSight's approach will elevate standards across the industry by facilitating best-in-class third-party assessments to support our risk management processes."
TruSight is the best practices third-party assessment service created by leading banks for the collective benefit of all financial institutions, their suppliers, partners, and other third-parties. As innovators of the Assessments-as-a-Service model, TruSight streamlines and simplifies third-party assessment by executing assessments once and delivering to many over a secure, shared-services platform.
TruSight was founded as an innovative industry initiative by a consortium of leading financial services companies, including American Express, Bank of America, JPMorgan Chase, Wells Fargo, and Bank of New York Mellon. TruSight's comprehensive assessment solutions, all powered by TruSight's standardized Best Practices Questionnaire, are uniquely built on this collective industry expertise to elevate the discipline of third-party management industry-wide.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of Dec. 31, 2017, BNY Mellon had $33.3 trillion in assets under custody and/or administration, and $1.9 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.