Financial services have matured and improved their ability to identify, assess, manage and monitor risks from the use of third parties through third-party risk management ("TPRM") programs. Some of these programs can be complex, clunky and expensive. A significant bottleneck in this process is the time spent gathering and validating the accuracy of due diligence information.
Third-party utilities, such as KY3P and TruSight, have emerged with the promise of meaningfully reducing third-party onboarding costs and cycle time. In this whitepaper, we collaborated with the leadership of both utilities to highlight potential benefits and key integration points to consider when choosing to partner with a third-party utility.