IHS Markit KY3P Attracts Investment from Barclays, Goldman Sachs, HSBC, Morgan Stanley
Four institutions will adopt and take equity stakes in the vendor's Know Your Third Party (KY3P) risk management solution.
As well as taking a stake in and adopting the KY3P solution, the institutions will act as “design partners” for the platform, with Goldman Sachs also contributing intellectual property. The solution is aimed at assisting both end users and vendors with the management and analysis of the risk inherent in third-party relationships.
“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. “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.”
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