Trust Exchange has launched a series of applications that enable governments to connect, engage and collaborate more effectively and operate at the speed of trust. Join us on November 15th at 1:00PM EST as we discuss these innovative solutions and how they help local governments digitally transform their interactions with local businesses.
Financial institutions have a regulatory obligation to mange and monitor the compliance of all of their Third Parties ( Vendors, Customers Partners etc.) This function, while normally complex and expensive has been complicated by the uncertainty added to many companies by the pandemic response over the past 18 months. Join us and some industry experts to discuss the state of Vendor Compliance in this new reality.
Thank you to everyone who filled out our 2021 Vendor Management Survey! We had over 1,500 participants from a variety of backgrounds including Banking, Pharma, Government, and Retail! Despite the huge variety in organization size and number of key vendors, there was something over 80% over our respondents had in common: they expect their vendor management costs to increase in 2021.
Trust Exchange, a collaborative compliance platform, today announced that the company has appointed Graham Richard, former Mayor of Fort Wayne, Indiana to its Advisory Board.
Managing companies for success across a range of time frames – are requisite for achieving both performance and health – is one of the toughest challenges in business today. Turbulent economic conditions have concentrated the collective minds of many executives on pure survival. The fact that 10 of the largest 15 bankruptcies in history have occurred in the last 10 years is a strong deterrent to business building, playing upon its inherent risks.
The digital transformation of compliance has begun. The emergence of technologies such as cloud computing, artificial intelligence, crowdsourcing, and blockchain is accelerating the demise of the manual pushing and parsing information. Financial institutions have been at the forefront of adopting these technologies for “front office” functions such as marketing, digital banking, and customer experience yet have been slow to transform the “back office” functions where they are still moving things around. A key step in this process is “Dematerialization” or, the process of using fewer things to create more output.
Compliance professionals need to stop thinking like notaries and think in terms of compliance "bits." Bits don't take up space, they can be easily shared or even broadcast to many parties simultaneously. The cost of storing or transporting "bits" is so minimal it's hard to measure. Validation processes can be completed remotely via digital signatures, digital tasks, or some sort of digital proof. As regulations grow and become more complex, the atomic world can't keep up.
While very powerful, Artificial Intelligence (AI) is often misunderstood and broadly applied to solve problems that may not be a fit for the technology. In banking and finance, compliance pressure and the associated costs have grown exponentially in recent years instigating a search for effective solutions. Unfortunately, AI is becoming the hammer used against almost every compliance nail.
Businesses of all sizes, throughout all industries, make the same errors every day. I understand, the competition is ruthless and is always looking to take some market share. Even non-profit organizations are in competition. Why would you ever want to share information with a rival? I’m going to begin my answer with an example. When casinos catch a cheater, what do they do? They quickly notify all their competition throughout the region. Why would they do this? The cheater won’t do any more damage to their business. Why not let the cheater go wreak some havoc at the competition’s Blackjack table? You know the answer, because passing that information quickly and efficiently helps to keep the industry healthy. When it comes to reporting cheaters, there is a high level of trust between competitors.
As we pointed out in our prior post, The Secret of the B2B Credit Middlemen, the process for establishing, maintaining, and granting credit is fundamentally busted. It’s expensive, inaccurate, and non-transparent. We believe this industry can be restored in three key ways: 1. Freeing the Data, 2. Socializing the Data and 3. Fixing the Process. In this post we’ll discuss how socializing the data can eliminate one of the key problems in business credit reports: accuracy.
The process of collecting and monitoring business information is broken, laden with middlemen who don't add value and yield less than perfect information. One of the most compelling aspects of Internet companies is their ability to eliminate the number of parties involved between a producer and a consumer.
Trust Exchange Announces its new partnership with Integrated Compliance Solutions.
ICS is your trusted, compliance partner offering a complete SEED-TO-BANK™ regulatory solution with our BSA software application customized to meet the needs of financial institutions.
Join us on Thursday February 28th at 12 Noon EST as we study the true cost of vendor management. During this webinar, we will take a look at the tactical costs of interacting and transacting with Third Parties as well as make a case to consider a well designed vendor management program a valuable asset.
Topics to be covered:
Definition of Vendor/Third Party
Vendor On-Boarding Best Practices
Vendor Monitoring Policies
Results of Trust Exchange Vendor Management Cost Study
Analysis of Results and ROI
Impact of Collaboration..Value Creation
This will be following by a Question and Answer session. Additionally, we may be joined by an industry expect to share their experience. Don’t miss this one!
E: info@trustexchange.com
T: 888 777 8434
24 Veterans Square, Media, PA 19063 | 701 Brazos Street, Suite 1616, Austin, TX, 78701
