B of A, JPMorgan, Wells, Amex launch vendor management firm | American Banker

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Clark said TruSight will go a step beyond. It will also gather, store and share data from vendors. In addition, it will validate the vendors’ responses and conduct remote and on-site vendor assessments on the banks’ behalf. It will also help identify and promote best practices. The consortium model means these services can be done more consistently and at a fraction of the cost of each bank acting on its own, he said.

Two camps on this: Camp 1) consolidated list of questions makes it easier to be onboarded for multiple financial institutions, also allows for sharing of standards. Camp 2) Will result of a hodge-podge of questions and demands from competing parties that increases complexity and introduces additional "exception" processes for each FI. 

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