IHS Markit, a provider of critical information, analytics and solutions, has added due diligence verification to its third-party due diligence service.
Grant Thornton will act as the first professional services firm to join with IHS Markit to verify due diligence information collected by KY3P.
By standardising how the financial industry verifies due diligence information IHS Markit said it wants to to improve efficiency throughout the third-party risk management process.
KY3P already 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, the service provides a mechanism that minimises duplicative effort in responding to due diligence requests from financial services firms.
KY3P offers three levels of verification services, including remote verification, where due diligence information is independently validated through the KY3P platform.
It also offers on site verification, with the service coordinating on site assessment of vendor information, and custom verification through an on-site assessment 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.
“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.”
Headquartered in London, IHS Markit delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions.
It has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions.
IHS Markit recently joined with Allen & Overy and SmartDX to launch a new tech solution to address regulatory challenge in derivatives market. Margin Xchange is an online platform that covers all stages of the mass re-papering of derivatives contracts required to comply with Initial Margin (IM) regulations. It provides information reconciliation, document generation, negotiation and execution, case management and a full data export.
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