IHS Markit, a world leader in critical information, analytics and solutions, has tapped UBS to be a design partner for its KY3P vendor risk management service.
The design partner group focuses on creating a high standard for assessing third-party risks, with a particular emphasis on information security due diligence. Barclays, Goldman Sachs, HSBC and Morgan Stanley are also design partners working with IHS Markit to advance KY3P.
“Assessing and monitoring information security and cyber risks across a broad range of third parties remains a key focus area for our industry and regulators,” said James Oates, global head of compliance & operational risk control at UBS. "KY3P will enable UBS to manage these key risks more effectively, ensuring alignment with industry information and cybersecurity standards.”
Joining as a design partner allows UBS to collaborate more closely with other financial institutions and contribute to further developing best practice for third-party risk management.
“UBS is a valuable addition to the design group influencing the strategy behind our service,” said Ellen Schubert, CEO of KY3P at IHS Markit. “Our partners bring risk management expertise and a global community of vendors to our platform. Together we are creating a modern, technology-driven framework for third-party risk management.”
The patented 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.