7.ai Completes TruSight Comprehensive Risk Assessment - TruSight, an industry-backed, best-practices third-party assessment utility, has conducted a comprehensive risk assessment of 7.ai platform. The completed assessment, which is available to financial institutions on-demand, provides high-quality, comprehensive data on 7.ai based on a standardized, industry-backed control assessment methodology.
The foundation of TruSight's assessment methodology is the TruSight Best Practices Questionnaire ("BPQ"), a robust, standardized questionnaire created by TruSight's founding banks and updated in partnership with TruSight's customers and industry experts, to eliminate duplicative assessments across the industry. Its 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.
"Suppliers to the financial services industry spend enormous and ever-increasing time and resources responding to duplicative assessments from their customers," said Abel Clark, CEO of TruSight. "One of TruSight's primary goals is to change that equation by driving efficiency and simplification across the industry. Through partnership with financial institutions and their third parties, we've pioneered an industry-standard, best-practices assessment methodology that allows assessments to be conducted once and delivered on-demand to many institutions."
For the 7.ai assessment, TruSight conducted a rigorous onsite assessment of the company's services, including platform, human resources, data flows, process and procedures, to validate the design and implementation of controls according to the BPQ's requirements. The comprehensive assessment validation procedures included structured inquiries, policy and procedure inspection, evidence-based validation, and onsite dynamic control observations and validation.
PV Kannan, CEO & Co-Founder of 7.ai, noted, "7.ai understands the importance of enabling institutions' assessments, monitoring, and risk reviews. We are always looking for ways to make this process easier for our customers and are pleased to announce that we have successfully go through TruSight's rigorous process."
Financial institutions seeking to work with 7.ai can now purchase the robust, high-quality assessment of 7.ai contacting [email protected].
"By executing best-practice assessments once and making them available to many, TruSight is transforming the assessment process and making it substantially more efficient for everyone involved," said Brian Wallace, head of third party governance operations at BNY Mellon. "We're proud to have been a founding member of this transformative effort."
TruSight is the best-practices third-party risk-assessment service created by leading financial institutions for the collective benefit of the financial services industry including customers, suppliers, partners, and other third parties. TruSight simplifies third-party assessments by executing best-practice, standardized assessments once and making them available to many – enabling financial institutions to gain greater visibility into potential risks and manage third-party relationships more efficiently and effectively.