KY3P is the first centralised, cloud-based data hub that simplifies and standardises third party risk management processes focusing on vendor due diligence and ongoing monitoring.

Customers

  • Third parties
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  • Asset managers
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  • Banks
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  • Broker dealers
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  • Hedge funds
  • |
  • Insurance firms
  • |
  • Fund Administrators

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Product summary

Third party relationships are under growing scrutiny by regulators globally, including the US Office of the Comptroller of the Currency (OCC), FINRA, the UK Financial Conduct Authority, the Prudential Regulation Authority and the Monetary Authority of Singapore. As institutions increase reliance on third parties to deliver business critical processes and services, the complexity of oversight also increases. The lack of standardisation around collecting due diligence data can lead to duplicative efforts, creating inefficient processes that may result in delays in response time, revenue recognition, increased costs and overall inconsistency of responses.

KY3P, developed in partnership with leading global banks, is designed to simplify third party oversight processes. By standardising due diligence questionnaires and storing third party information centrally, the service minimises efforts around information requests and responses.

The data hub helps firms collect and maintain information, including corporate profiles and questionnaire responses from third parties. Standardised questionnaires and firm-specific questions support third party due diligence. Our service provides monitoring and reporting of industry wide events, such as the detection of critical security vulnerabilities. We will also be offering simplified workflows around requesting and sharing risk related information, and tracking of negative news related to specific vendors.

    Key Benefits

    • Efficiency

      Information and questionnaire responses are stored for use across multiple requests, allowing data to be submitted once and then updated as needed, reducing time consuming processes around information gathering and maintenance

    • Centralisation

      Access vendor information in a single location and share across the organisation

    • Control

      Maintain control and transparency over your company’s information

    • Vendor/Customer Onboarding

      Collaborate quickly and more effectively, and reduce time to market

    • Cost reduction

      Reduces cost through a more efficient third party oversight process

    • Secure hosted application

      Cloud based solution hosted by NTT Data on a virtual private network

    Product Features

    • Vendor discovery

      Aggregation of company information including financial profile, corporate hierarchies, products and services

    • Audit and compliance

      Storage, organisation and accessibility of third party external audit reports

    • Incident response

      Notification and tracking of significant industry wide events, such as security vulnerabilities, and a firm’s own customised bilateral event

    • Due diligence

      Standardised questionnaires facilitate efficient information gathering and risk assessment

    • Ongoing monitoring

      Tracking and monitoring of negative news related to specific vendors

    Industry Insight

    • Webcast: Vendor risk management in the new age of cyber insecurity

      Watch a session to learn why continuous monitoring of vendor security performance is so critical and how firms are transforming the way they interact with vendors and suppliers.

      View the webcast

    • The current state of third party risk management

      Firms increasingly rely on third parties to deliver business critical processes and services. Yet, current processes for managing third party risk are manual, time intensive and duplicative, which may result in incomplete or incorrect information.

      View the infographic

    • Connected due diligence: Optimising the management of supply chain risk

      The effective management of operational risk is now a mission critical area in financial services. Recurring financial crises, data protection concerns, cybersecurity threats and an intense regulatory spotlight have combined to create a perfect storm-in-waiting for financial institutions. View Celent’s research note to learn more.

      View the research note

    articles

    • April 2016

      Inside Markit’s Know Your Third Party platform

      View
    • January 2016

      Top factors driving a revolution in third party risk management

      View
    • October 2015

      What keeps a CISO awake? An uncomfortable bed…and my third party supply chain

      View

    VIDEOS

    KY3P for vendors

    KY3P Portal

    CASE STUDIES

    partners

    Press Releases

    • Aug 15 2017

      KY3P® by IHS Markit Adds Shared Assessments’ Standardized Information Gathering Questionnaire

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    • Jun 6 2017

      Barclays, Goldman Sachs, HSBC and Morgan Stanley Invest and Obtain Equity Stake in KY3P® by IHS Markit

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