IHS Markit (Nasdaq: INFO), a provider of critical information, analytics and solutions, announced that it is offering data verification services within KY3P, its third-party due diligence service.
Grant Thornton LLP is the first professional services firm to join with IHS Markit to verify due diligence information collected by KY3P.
Standardizing how the financial industry verifies due diligence information continues KY3Ps drive to improve efficiency throughout the third-party risk management process. Users of KY3P already benefit from a central, cloud-based platform that streamlines how financial firms collect due diligence data from a range of third parties, including vendors, affiliates, sub-advisors, distributors, clearinghouses and other service providers in the financial industry. For suppliers, KY3P provides a mechanism that minimizes duplicative effort in responding to due diligence requests from financial services firms.
We believe that making vendor due diligence more efficient will ultimately raise the standard for how the financial services industry manages third-party risk, said Ellen Schubert, CEO of KY3P at IHS Markit. Integrating verification services into KY3P is a critical step in helping our clients to more easily assess how their dependencies affect cyber security and other key risks.
Through our alliance with KY3P, we can both reduce the cost of evaluating third-party risk and, most importantly, improve financial institutions ability to manage their risk, said Nigel Smith, national Financial Services Advisory leader for Grant Thornton. Moreover, the KY3P platform is a prime example of how the financial services industry is embracing the opportunity to work together to better tackle risks on a shared basis.
KY3P offers three levels of verification services:
- Remote verification: due diligence information is independently validated through the KY3P platform
- On site verification: the service coordinates on site assessment of vendor information
- Custom verification: on-site assessment is conducted based on parameters specified by the user
More than 1,500 service providers and more than 100 financial institutions have registered with KY3P since it launched in late 2015.
