IHS Markit announced that Barclays, Goldman Sachs, HSBC and Morgan Stanley have joined together to take an equity stake in KY3P, IHS Markits 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 riskmanagement 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.