LONDON--(BUSINESS WIRE)--IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions, today announced that it is offering data verification services within KY3P, its third-party due diligence service.
Grant Thornton LLP is the first professional services firm to join with IHS Markit to verify due diligence information collected by KY3P.
Standardizing how the financial industry verifies due diligence information continues KY3P’s drive to improve efficiency throughout the third-party risk management process. Users of KY3P already benefit from a central, cloud-based platform that streamlines how financial firms collect due diligence data from a range of third parties, including vendors, affiliates, sub-advisors, distributors, clearinghouses and other service providers in the financial industry. For suppliers, KY3P provides a mechanism that minimizes duplicative effort in responding to due diligence requests from financial services firms.
“We believe that making vendor due diligence more efficient will ultimately raise the standard for how the financial services industry manages third-party risk,” said Ellen Schubert, CEO of KY3P at IHS Markit. “Integrating verification services into KY3P is a critical step in helping our clients to more easily assess how their dependencies affect cyber security and other key risks.”
“Through our alliance with KY3P, we can both reduce the cost of evaluating third-party risk and, most importantly, improve financial institutions’ ability to manage their risk,” said Nigel Smith, national Financial Services Advisory leader for Grant Thornton. “Moreover, the KY3P platform is a prime example of how the financial services industry is embracing the opportunity to work together to better tackle risks on a shared basis.”
KY3P offers three levels of verification services:
- Remote verification: due diligence information is independently validated through the KY3P platform
- On site verification: the service coordinates on site assessment of vendor information
- Custom verification: on-site assessment is conducted based on parameters specified by the user
More than 1,500 service providers and more than 100 financial institutions have registered with KY3P since it launched in late 2015.
About IHS Markit (www.ihsmarkit.com)
IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
About Grant Thornton LLP (www.grantthornton.com)
Founded in Chicago in 1924, Grant Thornton LLP (Grant Thornton) is the U.S. member firm of Grant Thornton International Ltd, one of the world’s leading organizations of independent audit, tax and advisory firms. Grant Thornton, which has revenues in excess of $1.7 billion and operates 59 offices, works with a broad range of dynamic publicly and privately held companies, government agencies, financial institutions, and civic and religious organizations.
“Grant Thornton” refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. Services are delivered by the member firms. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. Please see grantthornton.com for further details.
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