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.
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