BNY Mellon has joined TruSight as a key investor and client to combine best practices, standardise processes and deliver third-party risk assessment services.
TruSight, created by financial industry participants, is an industry initiative, formed in an effort to simplify and streamline third-party risk assessment and establish industry-wide best practices, based on a standardised best practices questionnaire delivered over the firm’s managed-services platform.
BNY Mellon will join the company’s founding members—American Express, Bank of America, JPMorgan Chase and Wells Fargo.
Abel Clark, CEO of TruSight, said: “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.”
He added: “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.”
Carol Britton, COO of corporate services at BNY Mellon, commented: “We are committed to creating industry standards around risk assessment and information validation for third-party risk management.”
She added: “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. 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.”
