IHS Markit launches vendor management workflow service

IHS Markit has launched the Vendor Management Portal (VMP), a comprehensive solution for vendor risk tiering and vendor management workflow.

The company will combine its VMP with its KY3P due diligence service to offer firms a comprehensive system to centralise the management of third-party relationships, assess and monitor third-party risk and perform vendor due diligence.

Failure to manage vendor relationships effectively creates significant operational, financial, cyber and reputational risks.

With this challenge in mind the Vendor Management Portal provides onnboarding workflow, a standardized vendor onboarding request which initiates workflow to determine the necessary due diligence and approvals.

It also calculates inherent risk using rules configured by the user, based on due diligence data and other relationship details. VMP also offers ongoing risk-based oversight based on inherent risk, and off-boarding, which provides both rule-based and ad hoc off-boarding using a simple workflow to ensure that the appropriate controls are applied.

“We are thrilled to be the first and only vendor management platform to combine comprehensive inherent risk workflow with a robust data hub of third party and vendor due diligence information,” said Ellen Schubert, CEO of KY3P at IHS Markit. “With our new Vendor Management Portal, KY3P now provides a single, modern tool which bridges the long-standing gap that used to exist between initial due diligence and ongoing due diligence solutions.”

In May, IHS Markit expanded its MarkitSERV integrated reporting solution to CME Group’s trade repositories in Australia and Europe. MarkitSERV is part of a suite of trade reporting services from MarkitSERV, supporting multiple asset classes, repositories and jurisdictions. It provides a controlled and customisable solution for regulatory reporting, supplying clients with static data management, business rules, dashboards, workflow and reconciliation tools.

The company also recently added due diligence verification to its third-party due diligence service. By standardising how the financial industry verifies due diligence information, IHS Markit said it wants to improve efficiency throughout the third-party risk management process.

Copyright © 2018 RegTech Analyst

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