IHS Markit, avendor in critical information, analytics and solutions, announced that UBS has become a design partner for KY3P, the firms vendor risk management service.
The design partner group focuses on creating a high standard for assessing third party risks, with a particular emphasis on information security due diligence. Barclays, Goldman Sachs, HSBC and Morgan Stanley are also design partners working with IHS Markit to advance KY3P.
Assessing and monitoring information security and cyber risks across a broad range of third parties remains a key focus area for our industry and regulators, said James Oates, Global Head of Compliance & Operational Risk Control at UBS. “KY3P will enable UBS to manage these key risks more effectively, ensuring alignment with industry information and cyber security standards.
Joining as a design partner allows UBS to collaborate more closely with other financial institutions and contribute to further developing best practice for third party risk management.
UBS is a valuable addition to the design group influencing the strategy behind our service, said Ellen Schubert, CEO of KY3P at IHS Markit. Our partners bring risk management expertise and a global community of vendors to our platform. Together we are creating a modern, technology-driven framework for third party risk management.
The patented platform is the first, centralized community for improving third party risk management. KY3P presents a holistic vendor risk profile spanning information security risk assessment, business continuity, sanctions screening, anti-bribery and corruption screening, financial risk assessment, cyber vulnerabilities and negative news assessment. It offers a standardized due diligence process and a single platform for vendor response management during major incidents.
More than 1,300 vendors and more than 100 financial institutions have registered with KY3P since it was launched by IHS Markit in late 2015.
