Increasing innovation in financial services has led to more partnerships and more risk events, which are increasingly sophisticated, according to Abel Clark CEO of TruSight and a former Thomson Reuters executive. “There really is a challenge here that is best responded to by a joined-up industry effort,” Clark said. Financial institutions currently vet potential suppliers by sending them questionnaires with hundreds of questions. They then have to work with the supplier to be sure it understood the questions and provided accurate and detailed answers, according to Clark.

https://www.reuters.com/article/us-usa-banks-vendors/u-s-financial-giants-create-consortium-to-vet-third-party-suppliers-idUSKBN1DE1TV