Industry Leader Recognized for Reducing Compliance Costs via Collaborative Compliance
DREXEL HILL, PA / ACCESSWIRE / December 21, 2017 / Trust Exchange, the leader in Collaborative Business Information Services, today announced that RegTech Markets, a global community of thought leaders, innovators, and investors, has named Trust Exchange to its RegTech 50 list of the top providers in regulatory and compliance technologies.
RegTech Markets evaluated more than 600 products and services from notable regulatory technology providers, like BearingPoint, Nasdaq, KPMG, and others. The Top 50 was based on voting from regulated companies globally to identify the top solutions for improving compliance processes. The growing interest in regulatory and compliance solutions is driven by increasing regulation and growing frustration with traditional business information services and manual compliance processes.
Compliance costs are soaring based on the growing volume and complexity of business relationships. A study from Juniper Research recently showed that companies spent more than $10B USD globally on compliance in 2017, and predicted that compliance costs will skyrocket to more than $76B USD by 2022[1].
''Yesterday's approach to compliance won't solve the problems of tomorrow,'' said Ed Sullivan, Founder and CEO of Trust Exchange. ''You can't just throw people and manual processes at a problem of this scale. That's why more institutions are turning to new technologies and methods like crowdsourcing, Artificial Intelligence (AI), gamification, and blockchain to digitize costly and cumbersome compliance processes.''
Along with providing a crowdsourced platform for overall vendor management, Trust Exchange enables Collaborative Compliance. The Trust Exchange Community is a community of businesses who securely disclose and monitor key information to increase their trust in each other. The company was founded by a father and son team of entrepreneurs who were both frustrated with the current state of business information applications. The data available was stale and delivered via printable reports or email. It wasn't timely, predictive and certainly not actionable. Furthermore, the business information and B2B credit bureaus kept this stale information behind a two-way paywall and charged companies to correct and update their information.
Exchanging and monitoring this information is a complex problem that has grown exponentially with the growth of outsourcing and regulation. Trust Exchange solves compliance challenges by providing a platform where businesses can directly and securely exchange key information required to do business with each other. This can be as simple as disclosing the number of employees and insurance to complex certifications or audits.
Trust Exchange has also launched an industry benchmark to assess the state of today's compliance and vendor management processes to understand the current challenge institutions are facing, and identify common themes across top-performing companies. Survey participants will receive a complimentary copy of the summarized survey findings to evaluate their own processes compared to their peers.
To learn more about the survey and to participate, please visit http://www.trustexchange.com/blog/2017/12/18/vendor-management-survey.
To learn more about Trust Exchange and to join for free, visit https://web.trustexchange.com/register.php.
About Trust Exchange
Trust Exchange is disrupting the $40B Business Information Services market by enabling companies to securely disclose and monitor key information about customers, vendors, and partners with a centralized, secure cloud platform. Trust Exchange provides Collaborative Compliance, dramatically lowering the cost of compliance by helping institutions automate critical compliance activities, build deeper trust with customers, vendors, and partners, and monitor their own company's reputation performance over time. The company was founded in 2011 by CEO Ed Sullivan, a serial entrepreneur who has created multiple successful startups, and his son Edward Sullivan III who is the company's lead architect. Today, Trust Exchange has tens of thousands of individual members as well as hundreds of customer institutions. Leaders like Nasa, Sodexo, Xerox and others count on Trust Exchange to streamline vendor management and compliance processes and deepen their trusted business relationships.
For more information, visit www.trustexchange.com.
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CONTACT:
Ed Sullivan
Trust Exchange
[email protected]
[1] Juniper Research, ''Regtech Strategies for Financial Services 2017-2022,'' October 22, 2017
SOURCE: Trust Exchange