FiscalNote and True Digital Group Announce Partnership Using Risk Connector to Provide Banks with Third- and Fourth-Party Vendor Identification and Risk Monitoring
14 November 2023 - 2:37AM
Business Wire
True Digital Group Becomes Anchor Customer
for AI-Powered FiscalNote Risk Connector
True Digital Group, powering collaboration across a network of
bankers, and FiscalNote Holdings, Inc. (NYSE: NOTE), a leading
AI-driven enterprise SaaS technology provider of policy and global
intelligence, today announced a strategic alliance to map 3rd and
4th party vendors and monitor critical risks, presenting a first of
its kind opportunity for financial institutions to understand and
monitor risks within their expansive supplier networks and elevate
transparency throughout the vendor ecosystem.
The partnership leverages the AI-powered, cutting-edge
technology and data analytics capabilities of FiscalNote Risk
Connector to furnish True Digital and its bank industry members
with an invaluable resource for risk management. FiscalNote's
state-of-the-art AI models provide a unique view for banks of their
vendor's supply chain structure - a strategic advantage that
empowers community and regional banks by offering them a solution
to better navigate the intricate web of vendor relationships,
serving as a pivotal asset in both the vendor selection and ongoing
monitoring processes.
FiscalNote Risk Connector, which recently launched, delivers the
power of data and AI capabilities to equip large enterprises in the
private and public sectors to anticipate, understand, quantify, and
track risks emanating from their operations and full web of
relationships – including not only their supply chains, but also
customers, investors, partners, and any other vectors through which
a risk could materialize. Equipped with these insights — updated
every 15 minutes and covering reputational issues, legal matters,
financial risk, regulatory changes, emerging competitors, data
privacy breaches and more — enterprises can rapidly determine
whether doing business with a specific company or individual might
lead to unnecessary risk or compliance challenges due to undeclared
relationships, front companies, or other risk-related behavior —
including third-, fourth-, and fifth-party relationships.
“We are very excited to announce the anchor customer for our
transformative, AI-powered FiscalNote Risk Connector product, and
to also extend our relationship with True Digital Group into a
strategic partnership that can empower thousands of banks and
credit unions to make more informed decisions that manage and
mitigate vendor and supply chain risks effectively. Like never
before, community banks and enterprises have an essential need for
data about their increasingly extended supply chains and complex
web of relationships, and this partnership provides that critical
data in real time at a moment when the stability of financial
institutions continues to be challenged by macroeconomic factors
and geopolitical tensions, as we’ve witnessed over the past year.
For FiscalNote, this partnership is a huge validation of our unique
and innovative AI technology, and also allows us to forge deeper
partnerships across the industry by opening up potentially hundreds
of channels to community banks around the nation,” said Josh
Resnik, President and Chief Operating Officer, FiscalNote.
"This partnership with FiscalNote underscores our commitment to
equipping financial institutions with the tools necessary for
proactive vendor risk management. In line with recent Interagency
Guidance, FiscalNote’s Risk Connector solution will allow our
members to better evaluate their vendors' risk management of
subcontractors, as well as evaluate a vendor's exposure to
potential subcontractor risks,” said Lindsay Harden, General
Counsel, True Digital.
As the partnership between True Digital and FiscalNote advances,
both companies will drive further innovation driven by input from
True Digital’s network of thousands of banking professionals and
enhance the joint offering to meet the dynamic risk management
requirements of an ever-wider variety of financial institutions.
Together, the companies aim to provide unparalleled insights and
tools that empower the community banking industry to proactively
manage vendor risk and ensure the resilience of the financial
ecosystem.
About FiscalNote
FiscalNote (NYSE: NOTE) is a leader in policy and global
intelligence. By uniquely combining data, technology, and insights,
FiscalNote empowers customers to manage political and business
risk. Since 2013, FiscalNote has pioneered technology that delivers
critical insights and the tools to turn them into action. Home to
CQ, FrontierView, Oxford Analytica, VoterVoice, and many other
industry-leading brands, FiscalNote serves approximately 5,000
customers worldwide with global offices in North America, Europe,
Asia, and Australia. To learn more about FiscalNote and its family
of brands, visit FiscalNote.com and follow @FiscalNote.
About True Digital
True Digital is a collaborative network designed for bankers,
and only for bankers, to help foster innovation and transformation
through collaboration. To learn more about True Digital, go to
truedigitalgroup.com and connect on LinkedIn.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231113626170/en/
Media Nicholas Graham FiscalNote press@fiscalnote.com
Avery Geehr True Digital Group media@truedigitalgroup.com
Investor Relations Sara Buda FiscalNote
IR@fiscalnote.com
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