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Know Your Third Party (KY3P®)

The future of third-party risk management

KY3P® is the first centralized data hub that simplifies and standardizes third-party risk management processes.

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

KY3P®, developed in partnership with global banks, asset managers, and Big 4 consulting firms, is designed to help you simplify third-party risk management processes. By standardizing due diligence questionnaires and storing third-party information centrally, the service minimizes efforts around information requests and responses.

The platform helps firms collect and maintain risk information, including cybersecurity & financial ratings, sanctions data, news alerts, cyber event data, and questionnaire responses from third parties that can be used to generate risk scores. Customized workflow capabilities allow firms to implement KY3P® into their existing processes in a seamless fashion.

Key benefits:

  • Efficiency – With information and questionnaire responses stored for use across multiple requests, you only need to submit data once and then update as needed, reducing time-consuming processes for information gathering and maintenance
  • Control – Maintain control and transparency of your company’s information
  • Cost reduction – Cut costs with a more efficient third-party oversight process
  • Centralization – Access vendor information in a single location and share across the organization
  • Vendor/customer onboarding – Collaborate quickly and more effectively, and reduce time to market
  • Securely hosted application – Use a solution hosted by NTT Data on a virtual private network

Customers

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

Product Features

Vendor discovery
Aggregate company information including financial profile, corporate hierarchies, products and services

Audit and compliance
Store, organize and access third-party external audit reports

Incident response
Receive notification and tracking of significant industry wide events, such as security vulnerabilities, and a firm’s own customized bilateral event

Due diligence
Use standardized questionnaires to facilitate efficient information gathering and risk assessment

Data verification
On-site or remote verification of vendor questionnaire responses performed by KY3P global assurance and advisory partners 

Vendor Management Portal
Provides standardized onboarding, due diligence, inherent risk calculation, oversight and off-boarding of third party provided products and services

RapidRatings
View RapidRatings Financial Health Ratings from within KY3P; providing the most sophisticated analysis of the financial health of the public and private companies

Industry Insight

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

Connected due diligence: Optimizing 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.

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 might result in incomplete or incorrect information. View infographic.

Articles

Inside Markit Know Your Third Party platform (April 2016)

Top factors driving a revolution in third-party risk management (January 2016)

What keeps a CISO awake? An uncomfortable bed…and my third party supply chain (October 2016)

Partners

News Releases

Go to News Releases

Partners

Best operational risk management solution 2017

Best operational risk management solution 2016

Products and Solutions

  • KY3P® for Third Parties

    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. Moreover, 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 duplicated efforts, costly errors or delayed responses to information requests.

Events

IHS Markit Event 23 October 2018

Data Science and Digital Transformation Seminar

How businesses are making the change

Resources

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