WASHINGTON--(BUSINESS WIRE)--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.
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.