SE2 Selects IHS Markit to Advance Third-party Risk Management Program
SE2 is embarking on an ambitious plan to uplift its supplier risk management program to effectively assess critical and outsourced services in a streamlined way using industry best practices. To guide this process, the organization has adopted KY3P® by IHS Markit as its strategic third-party risk management (TPRM) solution. The firm will leverage KY3P as a managed service hosted on the cloud. SE2 is the #1 administrator of variable annuities in the U.S., delivering solutions to innovative life and annuity insurers, with over $100 billion AUM on the SE2 Aurum platform.
KY3P will provide SE2 with a fully managed service solution for TPRM and will handle new vendor requests from onboarding and due diligence through lifecycle oversight and termination. As part of the managed service, SE2 will have access to KY3P's patented, industry leading platform and the ability to leverage IHS Markit's industry expertise for TPRM and supplier risk for management and execution of due diligence.
"We are very happy to have selected KY3P for our TPRM program. KY3P gives us a transparent and unified platform for our vendor risk program," said Josh Everett, Director and Chief of Staff to the CEO at SE2. "The expertise to manage the supplier lifecycle and conduct due diligence allows us to focus on managing the vendors and the risks rather than the process. The fully managed services solution provided by the KY3P team allows me to quickly stand up a world class solution and dynamically scale up as SE2's success continues in the marketplace."
"Given its impressive and unique position in the industry, we are delighted to support SE2 over the course of their exciting transformation journey and beyond," said Richard Blore, CEO of KY3P at IHS Markit.
"TPRM solutions are rapidly moving to platform and managed services, as it is getting harder and more expensive to find skilled resources with industry experience to manage and conduct end to end third party risk management," said Peter Pernebo, Global Head of Third-Party Risk Management Solutions at IHS Markit. "Our solutions across the entire lifecycle include technology and data as well as deeply skilled resources. We are excited and honored by the trust SE2 is putting in KY3P and our people."
KY3P is the industry standard for supplier and third-party risk management. It is an integrated solution enabling organizations to uncover supply chain vulnerabilities, identify risk exposure, and build best in class third party risk management capabilities. KY3P offers an unparalleled solution built by experts in partnership with a global design network. Our deep domain expertise, data, and technology enhance and accelerate all aspects of supplier and third-party risk management from onboarding and regulatory compliance to assessment, monitoring and oversight.
SE2, an Eldridge business, is a life and annuities insurance technology and services firm. SE2 has a proven track record of enabling technology driven transformations. SE2 uniquely combines industry knowledge stemming from its 125+ years of life insurance heritage along with its end-to-end SE2 Aurum® technology platform to enable the rapid launch of new and innovative products through both traditional as well as digital channels. SE2 currently administers nearly 2 million active policies on behalf of its 25+ clients. SE2 has over $100 billion in assets under administration and handles more than 200,000 new business applications annually. Please visit SE2 at www.SE2.com to learn more.
IHS Markit provides industry-leading data, software and technology platforms and managed services to tackle some of the most difficult challenges in financial markets. We help our customers better understand complicated markets, reduce risk, operate more efficiently and comply with financial regulation.
Follow Financial Services
- iBoxx ALBI Monthly Update: August 2021
- iBoxx SGD Monthly Update: August 2021
- iBoxx USD Asia ex-Japan Monthly Update: August 2021
- Record-breaking events
- Daily Global Market Summary - 4 August 2021
- Securities Finance H1 2021 Review
- Daily Global Market Summary - 3 August 2021
- Data Innovator: Alex Borschow, Semillero Partners