KY3P® streamlines your approach to delivering due diligence information to your financial clients by standardizing and centralizing documentation on a single, easy-to-use platform.



Statistics

  • 800+ registered vendors
  • 75+Customers

Email this product

Send using your default email client.

SHARE

Social sharing

Get in touch

Want to talk to the team directly?

Product summary

Current vendor third party risk processes are highly duplicative and costly. Responding to requests to complete multiple questionnaires from different customers is arduous and inefficient. The lack of standardization around collecting and distributing due diligence data can lead to duplicative efforts, costly errors or delayed responses to information requests.

As a trusted and strategic supplier of critical products and services to financial institutions, recent regulatory changes require firms to proactively manage third and fourth party suppliers, leading to an increase in due diligence questionnaires. This creates an increased burden on you and your firm to share information on a timely basis.

KY3P by IHS Markit provides a centralized hub that enables firms to standardize and simplify third party due diligence and ongoing monitoring. Whether you’re working to meet the due diligence requirements of your financial institution clients or looking to conduct due diligence on your own suppliers or fourth parties, KY3P removes repetitive, time intensive and manual processes.

Vendors can engage in standardized due diligence questionnaires once and exchange relevant information to your customers via a centralized network. You can retain control over who can view your information, keep sensitive data secure and gain visibility into what information has been viewed and by whom. Standardized vendor questionnaires allow you to store and reuse responses for multiple requests across products and services. This reduces duplicative processes and enables you to spend more time on your business.

    Key Benefits

    • Efficiency

      Store documentation and questionnaire responses once and permission information to your customers

    • Cost reduction

      Reduce costs by facilitating a more efficient third party oversight process

    • Visibility

      Give your firm visibility and connect with leading financial firms searching for third party solutions

    • Communication

      Create custom events, upload documents and notify all clients to major incidents

    • Secure hosted application

      Have confidence that your information is secure through our cloud based solution hosted by NTT Data Services

    • Control

      Maintain control and transparency over your company’s information

    Product Features

    • Due Diligence

      Create a library of accurate Due-Diligence Questionnaire (DDQ) responses organized by product based on a Standardized Questionnaire

    • Audit and Compliance

      Store, organize and distribute documentation for third party external audit reports

    • Distribution

      Securely transmit due diligence information and documents to all clients

    • Incident Management

      Notify clients of product or service impacting events including cyber security incidents

    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