KY3P® by IHS Markit 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.
RapidRatings & IHS Markit KY3P Integration new.pdf
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