BlackRock Ups Counterparty Due Diligence with Thomson Reuters Org ID

Buy-side giant complements existing process with outsourced service.

Robert Goldstein, BlackRock

Global investment manager BlackRock has selected Thomson Reuters Org ID, a managed service for know-your-client and other counterparty due diligence requirements, to supplement its existing processes.

The new arrangement will provide further advanced screening and continuous oversight of customer activities for BlackRock, which has $4.65 trillion under management.

“We have very robust counterparty due diligence processes in place and have selected the Thomson Reuters Org ID service to further augment the screening and ongoing monitoring of trading counterparties,” says Robert Goldstein, Chief Operating Officer at BlackRock. “Thomson Reuters ability to leverage other assets across their suite of risk solutions in an integrated offering provides us with an effective resource to complement BlackRock’s counterparty risk management program.”

“We are thrilled to be working with BlackRock to further enhance its counterparty due diligence process,” adds Steve Pulley, global managing director of Org ID at Thomson Reuters. “Our solution has been uniquely designed with the requirements of leading asset management and alternatives firms such as BlackRock in mind. We recognise the importance of screening and continuous monitoring of clients and counterparties to the on-boarding and refresh process, something we firmly believe differentiates our offering.”

The agreement with BlackRock follows Thomson Reuters Org ID recently becoming the first KYC managed service provider to successfully complete an ISAE 3000 audit, conducted by PwC, in relation to the design of and adherence to internal processes, controls and compliance policy. The service was launched in March of last year.

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