U.S. financial giants create consortium to vet third party suppliers

Gareth Jones

November 17, 2017

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Gareth Jones

BofA, JPMC, Wells Fargo and Amex have created a company called TruSight to standardize the work of vetting third party suppliers and partners. And our old colleague Abel Clark is CEO - congrats Abel.

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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