Banking majors Barclays, Goldman Sachs, HSBC and Morgan Stanley have taken an equity stake in IHS Markit’s Know Your Third Party (KY3P) risk management solution.
The banking groups will also serve as design partners for the platform, while Goldman Sachs will provide intellectual property.
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Goldman Sachs head of the vendor management office Richard Blore said: “We believe that KY3P will further enhance our third-party risk-management efforts, streamline our vendor onboarding process and support our global business operations.”
KY3P was launched in October 2015, in collaboration with global financial institutions, buyside firms and third parties. At present, over 75 signed customers and 15,000 vendor profiles are available on the platform.
KY3P CEO Ellen Schubert said: “When we launched KY3P, we were confident that our platform was truly a game changer for the industry by increasing efficiency and improving the accuracy of information.
“With the adoption and support from these global financial institutions as well as our existing customer base, we have made this a reality by fundamentally revolutionizing the way organizations assess and manage third party risk.”
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By GlobalDataKY3P was launched in October 2015, in collaboration with global financial institutions, buyside firms and third parties. Currently, the platform has over 75 customers and 15,000 vendor profiles.
