Barclays, HSBC and Morgan Stanley partner to design new service
LONDON, NEW YORK & SINGAPORE -- (Business Wire)
Markit (Nasdaq:MRKT), a leading global provider of financial information
services, today announced the launch of its Know Your Third Party
(KY3P™) service hosted by Dell
Cloud Services. KY3P™ is the first centralised, cloud based data hub
that simplifies and standardises third party risk management processes
focusing on vendor due diligence and ongoing monitoring.
Created in partnership with banks, buyside firms and third parties, the
patent-pending KY3P™ service will be positioned to drive industry
standardisation of risk management practices to facilitate effective
operational risk management of third party products and services. It
will help institutions and third parties keep pace with compliance and
regulatory requirements.
Barclays, HSBC and Morgan Stanley will be working with Markit to onboard
their third parties onto the data hub. Dell is an early adopter of the
service and will be actively onboarding its own third parties.
KY3P™ will allow third parties to increase speed to market, remove
barriers to entry and be ready to transact more efficiently. The KY3P™
data hub will include standardised due diligence questionnaires,
external audit capabilities and Significant Event Notification and
Tracking (SENT), which allows firms to manage industrywide events, such
as cyber security or business continuity incidents, quickly and
effectively without duplicative efforts.
KY3P™ also provides due diligence information such as financial details,
stability ratings and audit reports, enabling institutions to perform
their own risk assessments on third parties more effectively.
“KY3P™ represents a unique offering in managing vendor risks,” said
Sameer Kishore, vice president and global general manager,
banking, financial services and insurance at Dell Services. “As an
organisation we see tremendous benefits in this platform both as a
consumer and a supplier of third party risk data. We are actively
encouraging our vendors to become part of the network platform as well.”
“KY3P™ is a powerful innovation with huge potential, not only in the
fintech ecosystem, but for firms of all sizes who have multiple vendor
relationships,” said Mark Beeston, managing partner and founder of
Illuminate Financial Management, a capital markets fintech venture
capital firm. “Raising the profile of growing fintech firms, clarifying
standards for customer onboarding and easing time to market are all
critical factors for success, so this represents a real win-win for all
participants.”
“Third party risk management processes are bilateral in nature, time
consuming and repetitive,” said Michele Trogni, managing director,
cohead of Solutions at Markit. “KY3P™ will transform many aspects of
third party risk management, and we are very excited with the
opportunity to build a network that differentiates key metrics like
‘time to market’ and ‘critical event management’ effectiveness.”
KY3P™ is delivered as a Software as a Service using the Dell
Cloud Dedicated Service platform, including managed infrastructure
and applications services. KY3P™ is hosted within Dell’s data centres
and is compliant with industry-best security practices and processes.
Notes to Editors
About Markit
Markit is a leading global provider of financial information services.
We provide products that enhance transparency, reduce risk and improve
operational efficiency. Our customers include banks, hedge funds, asset
managers, central banks, regulators, auditors, fund administrators and
insurance companies. Founded in 2003, we employ over 4,000 people in 11
countries. Markit shares are listed on Nasdaq under the symbol MRKT. For
more information, please see www.markit.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151013006896/en/
Contacts:
For press enquiries:
Nicole Angerone-McLeod, +1 646 679 3195
nicole.mcleod@markit.com
or
Laura
Davis, +65 9030 7713
laura.davis@markit.com
or
For
investor enquiries:
Matthew Kolby, +1 646 679 3140
ir@markit.com
Source: Markit
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