TRST Score Join hands with Finance Industry Development Council (FIDC) and Sa-Dhan to Reinforce Trust in the Workplace

~In an attempt at strengthening corporate trust, TRST Score, the world’s only human risk mitigation platform has joined forces with FIDC and Sa-Dhan~

TRST Score, World’s Only Human Risk Mitigation Platform, has partnered with Sa-Dhan, an association for the Microfinance Companies, and the Finance Industry Development Council (FIDC) an association for all NBFCs. These coalitions intend enhance trust and transparency in the workplace by encouraging the reporting of any instances of unethical behaviour. The partnership of TRST Score with FIDC and Sa-Dhan will address a significant industry issue involving the participation of numerous avatars of people in the business ecosystem, including clients, employees, agents, and gig workers. Human Risk problems cause businesses to lose up to 5% of their income on average. All businesses are gathered on a single platform by TRST Score as part of a collaborative effort to reduce these risks.

TRST Score is a cutting-edge platform introduced by Fiducia Score Private Limited, a dynamic tech startup headquartered in Chennai. It serves as the world’s sole platform designed to report an individual’s trustworthiness. Much like a credit score that assists in mitigating financial risks, TRST Score aids in mitigating trustworthiness risk of humans. By coining the term “Human Risk Mitigation,” TRST Score provides a comprehensive analysis of the risks involved in engaging with an individual.

FIDC and Sa-Dhan are distinguished associations that play a pivotal role in advancing the interests of NBFCs and Microfinance firms. These organizations endeavour to foster an enhanced comprehension of the finance industry among a diverse spectrum of stakeholders. Through this strategic partnership, these associations seek to facilitate the scrutiny and regulation of financial institutions with a focus on ensuring their safety, soundness, and consumer protection. This collaboration also aims to aid in the management of complex financial transactions. Presently, over 30 NBFCs and Microfinance companies have already established an association with TRST Score, while discussions are underway with over one hundred plus companies for their inclusion. They are offering their services free of cost for the first 2 years and companies can sign up by visiting their website https://trstscore.com.

Commenting on the partnership, Sudhakar Raja, Founder and CEO of TRST Score said, ‘’In order to solve numerous human risk-related challenges like fraud, absconding, accepting offers and not joining and multitudes of such issues, the SAAS-based TRST Score was created. Our collaboration with two reliable institutions will improve our system for measuring human trust by utilizing the expertise of the financial supervisory agency. As a result, we will provide our users with a system that is more trustworthy and secure for managing their financial data. We are dedicated to collaborating with them to stipulate innovative solutions that also comply with international standards of privacy.’’

Mr. Mahesh G. Thakkar, Director General – FIDC, “FIDC has partnered with TRST Score as it addresses HR related issues NBFC members face in an effective manner. The industry can save a lot of money and resources by sharing the information pertaining to their work force. The NBFC industry workforce of different types such as Employees, DSAs, Collection Agents, Surveyors, Valuers, Customers etc. who all need to be risk mitigated and TRST Score offers a unique solution that can help our member companies solve this problem.”

Mr. Jiji Mammen, Executive Director & CEO – Sa-Dhan said, “Microfinance sector is a human resource-oriented industry. Therefore, it is also prone to high levels of human risk issues and there is a need for appropriate tools to mitigate these problems. TRST Score is an initiative to create scoring for the employees, based on the actions and behaviour. I am sure such a ready reckoner will help in identifying the right kind of human resource for industry. Hence, we have joined hands with TRST Score to promote such a scoring mechanism. I am happy apart from Sa-Dhan, FIDC, the industry association of NBFC is also supporting this initiative. The partnership of FIDC and Sa-Dhan with TRST Score is a step towards creating a standard platform for reporting such issues and ensuring that we mitigate human risks at all levels.”

This strategic partnership is intended to increase workplace trust and transparency while enhancing the evaluation and reporting of fraud incidents. Businesses will benefit from the association’s critical knowledge into trust scores, enabling them to build stronger relationships based on trust across their enterprises.

About TRST Score:

Established in Aug 2021, TRST Score, a venture by Fiducia Score Private Limited, is the world’s only employee trust score platform and was founded by former Oracle and KPMG Silicon Valley executive Mr. Sudhakar Raja. It is the only Human Risk Mitigation Platform in the world, giving it a unique and sharp edge in the market. TRST Score aims to bring transparency, and quick decision-making, improve process efficiency, reduce the cost of hiring and more importantly reduce losses due to human risks. The start-up raised funding from seven prominent angel investors in 2022. Receiving a major boost owing to the unique idea, they are already serving a clientele base of over 150+ companies ranging across various IT, NBFC, and other corporate sectors.

Website: www.TRSTscore.com

About Sa-Dhan

Sa-Dhan is an association of Impact Finance Institutions and an RBI-appointed Self-Regulatory Organization (SRO) for Microfinance Institutions. Sa-Dhan is the first and largest association of community development finance institutions in India formed over two decades back. It strives to create a better understanding of the microfinance sector among policymakers, funders, banks, governments, researchers, and practitioners. Sa-Dhan has about 220 members working in thirty-three states/UTs and over six hundred districts, which includes both Profit and Not for Profit MFIs, SHG promoting institutions, banks, rating agencies, capacity-building institutions etc. Sa-Dhan’s members with diverse legal forms and operating models, reach out to approximately forty-four million clients with loans outstanding of more than ₹1,27,801 crores. Sa-Dhan is also recognized as a National Support Organization (NSO) by the National Rural Livelihood Mission (NRLM).

About FIDC

Finance Industry Development Council (FIDC) was formed in 2004 and is the recognized face of NBFCs, especially those engaged in Assets and Loan financing. Almost all the leading NBFCs and many small and medium-sized NBFCs are FIDC members. Headquartered in Mumbai, FIDC is run by the strong Members of the Managing Committee comprising of the most active NBFC heads and the Director General Mr. MAHESH THAKKAR. FIDC has regional chapters and affiliated associations all over India.