IHS Markit has announced that KY3P®, its vendor risk management service, added financial crimes screening to its due diligence tools.
With the enhanced service, KY3P users will be able to detect whether their vendors may have breached standards governing anti-bribery and corruption, anti-money laundering, sanctions and export controls. Financial crimes screening data are sourced through RDC GRID, the largest database of global risk intelligence from RDC.
“Integrating the authoritative financial crimes database from RDC gives our customers another important dimension for screening existing and prospective vendors,” said Ellen Schubert, CEO of KY3P at IHS Markit. “Third parties are potential sources of compliance and reputational risk and financial institutions are applying maximum rigor to their due diligence processes in order to protect themselves.”
The patented KY3P platform is the first centralized community for improving third party risk management. KY3P presents a holistic vendor risk profile spanning information security risk assessment, business continuity, sanctions screening, anti-bribery and corruption screening, financial risk assessment, cyber vulnerabilities and negative news assessment. It offers a standardized due diligence process and a single platform for vendor response management during major incidents.
Barclays, Goldman Sachs, HSBC, Morgan Stanley and UBS are design partners helping KY3P create a high standard for assessing and monitoring third party risks. Nearly 1,500 vendors and more than 100 financial institutions have registered with KY3P since it was launched by IHS Markit in late 2015.