Markit (Nasdaq:MRKT), a leading global provider of financial information services, today announced it has secured new customer wins for its Know Your Third Party (KY3P) platform.
They include BlueBay Asset Management, Luxoft, a provider of software development services, and Loomis, Sayles & Company.
KY3P enables organisations to simplify and standardise third party risk management processes with a focus on vendor due diligence and ongoing monitoring. Through the centralised data hub, banks, buyside firms and third parties can remove duplicative processes, manage due diligence information and effectively manage and respond to industry events such as cybersecurity threats.
“Conducting due diligence and third party risk management across all of our current third parties is extremely resource and time intensive,” said Will Manfield, head of operational risk at BlueBay Asset Management. “KY3P is an exciting proposition as it could provide huge benefits to our firm. It can enable us to be more efficient, get the answers we need as quickly as possible and provide greater coverage over our third parties.”
“We selected KY3P as it provides a unique streamlined onboarding process and offers access to a broader range of financial services clients,” said Eugene Dovgii, senior account director, Luxoft. “KY3P will greatly help us to reduce the due diligence burden, decrease presale efforts and accelerate turnaround time through a more standardised and structured process.”
“Due diligence and ongoing oversight of third party service providers continues to increase in both importance and complexity, especially in the context of cybersecurity,” said Don Ryan, chief compliance officer for Loomis, Sayles & Company. “KY3P will allow us to more efficiently gather and track vendor information through standardised questionnaires, control reports and significant event notifications. The centralised data hub will allow us to store vendor information in a single location. KY3P should really be a no brainer for vendors and their clients."
“The demand for third party risk management has never been greater especially amongst banks and asset management firms as they look to adhere to regulatory guidelines and cybersecurity concerns,” said Gina Ghent, managing director, head of KY3P at Markit. “Vendors and third parties are facing a similar pressure as they struggle to respond to a higher standard and multiple questionnaires in various formats. Since the launch of KY3P, we have seen a tremendous uptake by all types of organisations looking to manage third party risk. We are looking forward to building out our community as we continue to experience high demand for our service.”
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