IHS Markit, AITEC, AIMA Put Due Diligence on Know Your Third Party

AITEC-AIMA's due diligence questionnaire on vendors will be made available on the platform.

Customer service questionnaire

IHS Markit, Alternative Investment Technology Executives Club (AITEC) and the Alternative Investment Management Association (AIMA) have agreed to include the AITEC-AIMA due diligence questionnaire for Vendor Cyber Security on Markit's Know-Your-Third-Party (KY3P) platform.

The questionnaire allows AITEC and AIMA members to have a centralized approach for vendor outreach and establish a governance process.

By putting the questionnaire ─ which is available only to members ─ into Markit's KY3P platform, AITEC director of Business Development Operations, Maura Harris, said in a statement that it will hopefully help with third-party oversight.

"This relationship will further develop efficiencies in vendor due diligence by allowing AITEC and AIMA members to systematically capture and evaluate critical vendor information on a consistent and timely basis," she said.

The questionnaire was created by AITEC in 2014 to help firms streamline the process of conducting due diligence on technology vendors. According to the group's website, the questionnaire is used by 235 alternative asset management firms and 100 technology vendors.

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