Financial information services provider Markit says it has secured new customer wins for its Know Your Third Party (KY3P) platform, including BlueBay Asset Management, Luxoft, a provider of software development services, and Loomis, Sayles & Company.
KY3P enables organisations to simplify and standardize third-party risk management processes with a focus on vendor due diligence and ongoing monitoring. Through the centralised data hub, banks, buy-side firms and third parties can remove duplicative processes, manage due diligence information and effectively manage and respond to industry events such as cybersecurity threats.
Said Will Manfield, head of operational risk at BlueBay Asset Management: “Conducting due diligence and third-party risk management across all of our current third parties is extremely resource and time intensive. “KY3P can enable us to be more efficient, get the answers we need as quickly as possible and provide greater coverage over our third parties.”
“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.”