Transformative model designed to simplify the risk assessment process of third-parties across the financial services industry

Ernst & Young LLP (EY) has been selected by TruSight, to support the global delivery of TruSight’s third-party risk management (TPRM) assessment offering. TruSight, a consortium composed of leading financial services companies, was formed to establish industry best practices and streamline third-party risk assessments for the collective benefit of financial institutions, their suppliers, partners and other third parties. TruSight selected EY for its vast experience and subject matter knowledge, global capabilities at scale, superior service delivery and extensive risk and regulatory experience that will support its servicing this model.

“We are excited to have been selected by TruSight to transform the effectiveness and efficiency of third-party assessments,” said Peter Davis, EY Americas Financial Services Advisory Leader. “Working with TruSight enables us to expand our managed service capabilities and support the industry in elevating its standards. We believe the establishment of industry best practices and shared execution is the future of third-party risk assessment, and we are thrilled to be supporting TruSight with this transformative approach.”

“Following an extensive evaluation of market capabilities and providers, we are pleased to announce that we have chosen EY to support the operational delivery of TruSight’s third-party risk assessments globally” said Abel Clark, CEO of TruSight. “Our best practices-led, Assessments-as-a-Service approach will benefit from the deep subject matter experience and regulatory insights and global scalability that the EY organization, a leading provider of third party risk management services to financial institutions, brings.”

“EY is proud to be a part of this transformative risk assessment model,” said Matthew Moog, Principal, EY Financial Services Advisory Services. “Financial services firms are focused on streamlining their operations and risk management while improving their effectiveness. For years, the EY risk management practice has helped clients simplify and improve third-party risk management assessments. We are excited to work with TruSight to support the consistent delivery of these services across the industry.”

The EY organization is a leading provider of risk management and regulatory services globally. Its highly qualified professionals have deep experience in building, assessing and delivering third-party risk management programs. It offers transformational and managed services backed by deep industry knowledge, advanced technology and the flexibility and scalability needed to address today’s business challenges.

The EY organization is the only Big Four organization that has a TPRM practice fully-dedicated to financial services. Additionally, EY publishes an annual survey on third-party risk management trends, benchmarks and leading practices giving our people unparalleled industry regulatory insight.