Source: IHS Markit
IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions, today announced the addition of many new features to its Know Your Third Party Risk Management platform (KY3P) to further support its rapidly growing customer base.
In just over a year and half since its launch, KY3P has seen a dramatic rise in user adoption with more than 70 signed financial institutions - an increase of over 500 percent since inception. The platform now boasts nearly 800 registered vendors and more than 15,000 vendor profiles.
As the KY3P community continues to expand, new features and functionality have been added to meet customer demand. Consumers, including founding design partners, will have greater access for control, flexibility and customization. This includes the ability to add proprietary information about their vendors and utilize risk scoring capabilities. The risk scoring calculator tool enables consumers to create their own metrics to review, assess and score due diligence responses for accuracy and completeness.
Consumers will also be able to assess gaps in third party and vendor responses by identifying areas for resolution through new remediation and tracking workflows. Further developments will also enable these organizations to modify and save unique templates geared to specific vendor profiles.
On the vendor side, new functionality will automate workflows within the due diligence questionnaire (DDQ) process. Vendors will be able to assign individual questions to colleagues and monitor response completion status. Additionally, the questionnaire interface design will be refreshed to reduce clicks and save critical review time to market.
“With KY3P, we are continually reviewing and assessing our product roadmap to address the needs of both consumers and vendors,” said Cyrus Daftary, co-head of operational risk and regulatory compliance solutions at IHS Markit. “The feedback we receive from our customers and the strong demand for new functionality is a testament to the industry’s commitment in managing third party risk. As more users become actively engaged on the platform, it will continue to drive inherent value for consumers and vendors alike.”