US-based S&P Global said that it has acquired third-party vendor risk assessments provider TruSight Solutions for an undisclosed price.

Through the acquisition, S&P Global is expected to improve its risk management capabilities by combining TruSight Solutions with its KY3P suite of solutions and integrating it into its market intelligence division.

Founded in 2017 by a consortium of financial services companies, including Bank of America, American Express, JPMorgan Chase, and Wells Fargo, TruSight Solutions is said to offer mutual benefits for financial institutions and their third-party service providers.

The company has an inventory of risk assessments developed by detailed reviews of third-party suppliers to its clients.

According to S&P Global, the transaction will expedite the development of common industry standards and create a leading third-party risk management solution.

With the acquisition of TruSight Solutions, the firm is expected to deliver high-quality validated assessment data to customers that are developed to reduce further the vendor due diligence burden on service providers to the financial services sector.

S&P Global market intelligence network and regulatory solutions head John Barneson said: “Providing innovative, connected solutions for risk management is a key area of strategic focus for our business.

“The combination of TruSight with our KY3P business will accelerate the development of common industry standards for third-party risk management and will enable our clients to mutualize costs, streamline workflows and eliminate inefficiencies.”

Morgan Lewis served as TruSight Solutions legal advisor while Broadhaven Capital was the exclusive sell-side financial advisor to the company. S&P Global was served by Gibson Dunn as legal advisor.