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TruSight Completes Rollout of Third-Party Risk Data Platform
Today, companies spend a lot of time and money worrying about data theft and loss under their own roof. But the integrated nature of twenty-first century business means that companies need to worry just as much about what third parties are doing with customer information and intellectual property. Third-party risk is necessary to gauge the potential threat presented to companies’ employee and customer data, financial information and operations from supply-chain partners and other outside parties that provide products and/or services and have access to data.
Last week, third-party risk data provider TruSight announced the completion of its enhanced customer consumption project, including the creation of a new assessment execution platform, customer API integration and custom template functionality.
Launched back in the spring, TruSight’s platform is a radically new data model that serves as the foundation for the implementation of its API interface and customized product templates. The 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.
Also in the spring, TruSight introduced an API that 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.
Beta customer Bank of America praised TruSight’s new platform.
"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, in a statement. "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."
Edited by Luke Bellos