Increase your efficiency in responding to due diligence questionnaires
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.
KY3P® for Third Parties from IHS Markit streamlines your approach to delivering due diligence information to your financial clients by standardizing and centralizing documentation in a single, easy-to-use platform.
Whether you are 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.
Through our centralized data hub, vendors can engage in standardized due diligence questionnaires and exchange relevant information to your customers once. 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.
- Efficiency – Store documentation and questionnaire responses once and permission information to your customers
- Cost reduction – Cut expenses 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 – Be confident that your information is secure within our solution hosted by Amazon Web Services (AWS)
- Control – Maintain ownership and transparency over your company's information