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KY3P® for Third Parties

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.

Key benefits:

  • 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 cloud-based solution hosted by NTT Data Services
  • Control – Maintain ownership and transparency over your company's information

Industry Insight

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

Watch the webcast 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 Webcast

Connected due diligence: Optimizing the management of supply chain risk

Effectively managing 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.

Download Infographic

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

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Events

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IHS Markit Event Jun 07, 2018

IHS Markit xVA Seminar

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IHS Markit Event May 22, 2018

Fixed Income Risk and Liquidity In Focus - Boston

IHS Markit and MSCI are hosting a roundtable disc (...)

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IHS Markit Event Jul 13, 2018

IHS Markit Compliance Series - The CRS Edition

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IHS Markit Event May 25, 2018

Economic Outlook Briefing

Join IHS Markit as we examine market dynamics sha (...)

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IHS Markit Event Jul 05, 2018

IHS Markit Compliance Series - The CRS Editio (...)

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