TruSight Announces Record Year with 130% Year-Over-Year Revenue Growth
NEW YORK, Jan. 13, 2021 /PRNewswire/ -- TruSight, the financial industry's leading third-party risk utility, today announced record company growth during 2020, fueled by increasing industry adoption and an accelerated pace of assessment deliveries. As the only utility platform founded and owned entirely by the financial industry, the company is now the preferred provider of third-party risk data covering the financial industry's most critical technology infrastructure and professional services suppliers.
In addition, TruSight closed its second round of financing, enabling further expansion of its offering, and announced that American Express, Bank of America, BNY Mellon, JPMorgan Chase and Wells Fargo hve all implemented the TruSight methodology in their third-party risk management (TPRM) programs to improve the efficiency and effectiveness of their assessment processes.
"We have made tremendous strides in terms of assessing the majority of the industry's most important third parties," said Jonathan Pressman, CEO of TruSight. "We were able to exceed our customer acquisition goals for 2020, as well as accelerate our production of assessments. I am extremely proud of what we have achieved and look forward to maintaining our trajectory in the year ahead as third-party risk management becomes increasingly important to the financial industry and to global regulators."
TruSight is a TPRM utility platform that facilitates the efficient and cost-effective collection of accurate third-party risk data. Created and backed by five of the largest global financial institutions, the TruSight utility combines best practices and standardization to execute comprehensive risk assessments once and deliver to many over a secure, shared-services platform. Because the benefits of TruSight's TPRM utility model are significant for everyone who participates in the financial industry, its risk assessment services are sold to both financial services institutions and to third-party companies that engage with them.
An example of this in action is Microsoft. TruSight conducted a comprehensive risk assessment of Microsoft's cloud services and made that assessment available to financial institutions on demand. Microsoft was the first major cloud provider to successfully go through TruSight's rigorous process. This program makes it fundamentally easier for financial institutions to complete cloud assessments, monitoring, and risk reviews.
"TruSight has galvanized the industry by redefining how financial services institutions manage risk," said Dave Dadoun, Managing Director, Global Regulatory Compliance, Worldwide Financial Services at Microsoft. "By using a standardized, industry-backed approach, TruSight is enabling service providers to the financial industry an opportunity to reduce bilateral assessments, which translates into more efficient risk management, cost savings and better alignment with our customers obligations to meet regulatory requirements."
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