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.