IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions, today announced that Barclays, Goldman Sachs, HSBC and Morgan Stanley have joined together to take an equity stake in KY3P®, IHS Markit’s Know Your Third Party risk management solution. Goldman Sachs will contribute intellectual property and join the other banks as a design partner of the platform.
Launched in October 2015, KY3P was created in partnership with global financial institutions, buyside firms and third parties. To date, it has gained significant traction with more than 75 signed customers and over 15,000 vendor profiles available on the platform. The patent-pending platform is the first, centralized cloud-based community for simplifying and standardizing third party risk management. It enables firms to communicate multilaterally, or on a one-to-many basis, to support vendor due diligence and ongoing monitoring.
“At Barclays, we see our suppliers as an extension of our business and key in helping us become the bank of choice. Our aim is to develop world-class partnerships with our suppliers that support innovative solutions that put clients and customers at the heart of what we do,” said Al Williams, Chief Procurement Officer at Barclays. “The relationship with KY3P will help us maintain the necessary oversight required in a consistent and efficient manner. The further benefit of working with other financial institutions ensures an increasingly standardized approach for our suppliers.”
“At Goldman Sachs, we work with a wide range of partners to deliver the best solutions to our clients,” said Richard Blore, head of the Vendor Management Office at Goldman Sachs. “We believe that KY3P will further enhance our third-party risk-management efforts, streamline our vendor onboarding process and support our global business operations.”
“At HSBC, our third parties work in close partnership with us to deliver the safe and reliable banking experience our customers expect,” said Jan Fokke Van Den Bosch, Chief Procurement Officer at HSBC. “KY3P will ensure those providers meet our high standards without creating an additional administrative burden for them.”
“Like many in the industry, we at Morgan Stanley are required to evidence a consistent, comprehensive and holistic approach to the evolving requirements over Third Party Oversight and risk management bound by our policy and procedure framework,” said Julia Kubis, Managing Director at Morgan Stanley. “This begins with the due diligence process and extends across the life cycle of our relationship with our vendors. We are optimistic that investing in and the utilization of KY3P will make this a more efficient endeavor for our internal business partners, our risk managers, and our vendors alike.”
“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,” said Ellen Schubert, Chief Executive Officer of KY3P. “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.”
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 key business and government customers, including 85 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2017 IHS Markit Ltd. All rights reserved.
Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 120,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit our website www.home.barclays.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 4,000 offices in 70 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of USD 2,375bn at 31 December 2016, HSBC is one of the world’s largest banking and financial services organisations.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.