TruSight, the financial industry’s leading provider of third-party risk data, today announced that it has completed a comprehensive risk assessment of Symphony Communication Services, the secure and compliant collaboration platform that has become a key technology infrastructure provider for financial services firms around the world.
Symphony’s federated technology was created to enable secure collaboration among the biggest banks and has all of the encryption and monitoring that the financial industry needs from a compliance perspective.
“We welcomed the opportunity to work with TruSight on this assessment,” said Brad Levy, president and chief commercial officer of Symphony. “The rigor and thoroughness of the TruSight evaluation of our collaboration tools engenders trust among our prospective partners by ensuring that we are maintaining the highest level of security and compliance.”
TruSight is a third-party risk management (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 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 the third-party companies that engage with them.
“TruSight serves an important function in the industry by bringing standardization to the risk management process and by improving the quality of risk data,” said Ken Litton, senior managing director, head of corporate & site services at JPMorgan Chase. “By performing standardized assessments of key vendors such as Symphony once and making them available to all, TruSight allows all of us in the industry to devote more time and resources to the more important job of remediating risk.”
The foundation of the utility is the TruSight Best Practices Questionnaire (BPQ), a robust, standardized questionnaire created by TruSight’s founding banks and updated in partnership with its customers and industry experts.
The BPQ’s 27 diversified control domains are designed to meet the industry’s assessment needs across the information and cybersecurity, privacy, business resiliency and other operational risk domains.
“As a bank-owned industry consortium, we share the same DNA as Symphony,” said Jonathan Pressman, CEO of TruSight. “Symphony’s collaboration tools are designed to address the unique security and compliance challenges of our highly regulated industry, and having TruSight certify that they meet these requirements is an important milestone for the organization. We appreciate Symphony’s partnership in this effort.”
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