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.
Trust Exchange is a social network designed to allow the free flow of real-time information between businesses. The Company’s technology-enabled platform allows businesses of all sizes and in all industries to connect, exchange and monitor up to the minute, mission-critical business information.
Next week, I'm speaking in Boston on April 18th and 19th, at the Risk Management Association's Governance, Compliance and Operational Risk Conference. I'm speaking on a topic that is very familiar to me but may be a tad bit controversial for the typical Risk Management Professional. The Topic: How Collaborative Compliance Overcomes the Limitations of Artificial Intelligence.
Artificial Intelligence has been over-hyped to the point where it is thought of as a cure-all. In fact, some claim computerized superhuman intelligence is just around the corner. So powerful, that AI-powered computers and robots will take all of our jobs! This is simply not the case. Ai has a LOT of limitations. It is powerful but in a very specific set of applications.
Artificial Intelligence works well when both the data being analyzed and the analysis rules are static. OCR, Gaming, Diagnosis and Speech Recognition are all good examples of AI working at scale. AI is a way to super scale LINEAR problems. However, Operational Risk Management and Regulatory Compliance are fields wrought with redundant manual processes that chase and verify rapidly changing data. They are EXPONENTIAL problems.
In my talk next week, “Compliance in an Exponential World: The Role of Artificial Intelligence and Curated Crowdsourcing in the Future of Compliance,” I will explore the use cases and limitations of Artificial Intelligence for managing risk and compliance and compare it to Trust Exchange’s unique Collaborative Compliance solution.
If you're attending, drop me a line here: http://www.trustexchange.com/GCOR
We're co-hosting an event with our partner Audit Link this Wednesday, March 29th from 11to 11:30 ET. The web conference will focus on the cost of Credit Union Vendor Management. There will also be q & a with Jim Vilker, VP of Professional Services and Edward Sullivan, CEO of TrustExchange.
The webinar will cover the following topics:
•FFIEC and new OCC guidelines and requirements
•Responding to Alerts or expired/updating due diligence
•Periodic reviews and reports
•Non-responsiveness
•Business decisions
•Performance
•Contracts
• Report to management significant findings
•Report to Board on significant findings
•Keeping up with the changing regulatory environment
The Trust Exchange is a community of businesses who securely disclose and monitor key information to increase their trust in each other. Compliance is a key application for our platform and we are redefining how credit union vendor management should be done. To learn more about how we work with partners like AuditLink to solve compliance problems in many industries, follow the contact link below.
More details can be found HERE.
Congratulations to Catherine Muldoon and Shelly Barard, who work for our customer BDP International, on the publication of this article: A Logical, Logistical Approach to Oil and Gas Supply Chain Compliance. The article was published in The Association for Corporate Counsel's "Docket."
The article describes the complexity of the oil and gas supply chain and the specific international anti-corruption regulations. They detail their approach to ensuring compliance and the various consequences of non-compliance including criminal charges, fines and reputational damage to companies. They also touch on the negative impact corrupt practices can have on developing countries across the globe.
Catherine and Shelly explain how they use TrustExchange's (aka G2Link) platform to ensure compliance and increase the trust and transparency between their suppliers. They even include a nice quote from me:
“Leveraging the advantages of cloud computing organizations has an unprecedented opportunity to more rapidly share their valuable data within their extended organiza- tion including customers, employees, partners, and vendors,” says Edward Sullivan, CEO of G2Link. “When the collaborative economy technologies are fully embraced by enterprises, the value is exponential. Automation and true real-time decision making have come of age.”
You can download and read the entire article HERE.
If you want to learn more about how TrustExchange can help REQUEST MORE INFORMATION.
Credit Unions and CUSO's are facing a tough compliance landscape. After the passing of Dodd-Frank, vendor management, as applied to financial institutions became much more complex. Each regulatory body (OCC, FDIC, NCUA, OCC and the Federal Reserve) has issued their own rules and guidelines for achieving and maintaining compliance with the new regulations. The monitoring aspect of these guidelines require financial institutions and their vendors to communicate and exchange critical information more frequently and on a much deeper level. CUSO's (Credit Union Service Organizations for the uninitiated) and some financial "super vendors," have a particularly challenging problem with compliance due to the multiple layers of one-to-many relationships.
The monitoring requirement for Credit Union and CUSO compliance, increases the number of minimum interactions between a vendor and credit union exponentially. The frequency and depth of these interactions depend upon the risk posed by each service provided. High risk vendors (payments, clearing, settlement) must be monitored at a higher frequency than low risk vendors (non-core, staffing, facilities etc.). For example, a high risk vendor might require the review of monthly SLA's, quarterly performance and qualifications, whereas a low risk vendor might only require the review of insurance and qualifications annually.
Adding to this compliance complexity for CUSOs is the fact that many of them provide more than one service and may utilize downstream vendors as well. Each of these services has an independent risk profile and associated monitoring frequency. Just delivering these compliance documents to their Credit Union clients can quickly become an unmanageable problem: a seemingly infinite number of interactions. This is an exponential problem and unfortunately, the existing tools (email, spreadsheets, people) are linear solutions and won't solve it without increasing costs.
Fortunately, the latest influx of solutions from the Internet has provided us with several models that give us hints on how to untie this knot. For instance, the sharing or collaborative economy model illustrates a clear path to getting to scale without breaking the bank by opening up the data and enabling each participant to create valuable data.
At TrustExchange, we've studied this problem from several industry points of view: finance, logistics, shipping and healthcare and have built a product that leverages a few of these key innovations to solve the compliance problem. Credit Unions and CUSO's have a unique compliance challenge because of their position as a "super vendor" and sitting in the middle of a large compliance interchange. By creating a solution that leverages lessons from the collaborative economy, we've built a scalable collaborative compliance platform that solves this problem for CUSO's and Credit Unions simultaneously.
Contact us to learn more about how we can solve this problem for you!
E: info@trustexchange.com
T: 888 777 8434
24 Veterans Square, Media, PA 19063 | 701 Brazos Street, Suite 1616, Austin, TX, 78701
