IHS Markit enhances vendor risk management service

IHS Markit recently announced that KY3P, its vendor risk management service, has been improved with the addition of financial crimes screening to its comprehensive due diligence tools.

With the enhanced service, KY3P users will be able to detect whether their vendors may have breached standards governing anti-bribery and corruption, anti-money laundering, sanctions and export controls.

Financial crimes screening data are sourced through RDC GRID, the largest database of global risk intelligence from RDC.

“Integrating the authoritative financial crimes database from RDC gives our customers another important dimension for screening existing and prospective vendors,” said Ellen Schubert, CEO of KY3P at IHS Markit.

SEE ALSO:

• Exclusive: CIPS top 10 procurement strategies

• Industry consortium successfully tests "revolutionary" Accenture blockchain solution

• SAP Ariba to offer customers insight on more than 200 supplier risks

• Read the March issue of Supply Chain Digital here 

“Third parties are potential sources of compliance and reputational risk and financial institutions are applying maximum rigor to their due diligence processes in order to protect themselves.”

Barclays, Goldman Sachs, HSBC, Morgan Stanley and UBS are design partners helping KY3P create a high standard for assessing and monitoring third-party risks.

Nearly 1,500 vendors and more than 100 financial institutions have registered with KY3P since it was launched by IHS Markit in late 2015.