New York, NY (September 7, 2021) TruSight, the financial industry’s leading provider of third-party risk data, today announced that it has completed its enhanced customer consumption project, including the creation of a new assessment execution platform, customer API integration and custom template functionality.
TruSight’s new platform is purpose-built to enable the company to conduct assessments and interface with third parties and customers efficiently and effectively. The platform structures assessment data in a way that supports maximum flexibility in meeting customer needs while driving operational efficiency. Launched in April, the TruSight platform is a radically new data model that serves as the foundation for the implementation of its API interface and customized product templates.
The TruSight API, introduced in May, allows customers to connect programmatically to TruSight and retrieve assessment data in a highly structured way. The company is now working with GRC system providers to bring additional connectivity capabilities to the platform.
The final component of TruSight’s enhanced customer consumption solution is the Custom Product functionality, released in June. This capability enables users to create their own customized products by selecting the specific questions they want to review and pay only for what they consume. Functionality is enabled through TruSight curated tag collections as well as customer-defined tags on questions, which can be used once or applied to all products purchased.
“TruSight has built a truly customer-focused platform that gives banks greater access to and control over the valuable third-party risk data that the utility collects,” said Taryn Thompson, Chief Procurement Officer of Bank of America. “As a TruSight board member and a client, we have seen first-hand that the added functionality and connectivity capabilities will deliver significant efficiency gains to financial institutions’ TPRM programs.”
“The work done by the TruSight team to develop the new platform has been phenomenal. The underlying technology paves the way for TruSight to create innovative new data products and functionality not seen in the third-party risk management space before,” said David Hayman, Vice President of Technology at TruSight. “We are excited to work with our customers and third parties to leverage these new capabilities to bring even greater efficiencies to the industry.”
TruSight is the industry’s leading third-party risk management (TPRM) utility platform, facilitating efficient, cost-effective collection and consumption of accurate risk data. Developed and backed by five of the largest global financial institutions, including American Express, Bank of America, JPMorgan Chase and Wells Fargo, the TruSight methodology standardizes the risk assessment process to deliver the highest quality data, enabling financial institutions to gain greater visibility into supply chain resilience.