Markit (Nasdaq:MRKT), a global provider of financial information services, has launched its cloud-based Know Your Third Party (KY3P) service, according to a Markit statement.
KY3P is delivered as a comprehensive software service that is hosted by the Dell Cloud Dedicated Service platform – it includes such utilities as managed infrastructure and applications services. KY3P represents Markit’s first centralized, cloud-based data hub and will aim to help streamline third party risk management processes with an emphasis on vendors and extant monitoring.
The initiative was developed in tandem with several banks, buyside firms, and third parties. Overall, Markit is trying to carve out a role with the KY3P service as an industry standardization of risk management practices to allow institutions to keep up with compliance and regulatory requirements. The list of banks includes Barclays, HSBC, and Morgan Stanley, who will be working with Markit to help onboard their third parties onto the data hub.
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According to Sameer Kishore, Vice President and Global General Manager, Banking and Financial Services and Insurance at Dell Services, in a recent statement on the launch: “KY3P represents a unique offering in managing vendor risks. As an organization we see tremendous benefits in this platform both as a consumer and a supplier of third party risk data. We are actively encouraging our vendors to become part of the network platform as well.”
“KY3P is a powerful innovation with huge potential, not only in the fintech ecosystem, but for firms of all sizes who have multiple vendor relationships. Raising the profile of growing fintech firms, clarifying standards for customer onboarding and easing time to market are all critical factors for success, so this represents a real win-win for all participants,” added Mark Beeston, Managing Partner and Founder of Illuminate Financial Management.
“Third party risk management processes are bilateral in nature, time consuming and repetitive. KY3P will transform many aspects of third party risk management, and we are very excited with the opportunity to build a network that differentiates key metrics like ‘time to market’ and ‘critical event management’ effectiveness,” noted Michele Trogni, Managing Director, co-Head of Solutions at Markit in an accompanying statement.
Markit (Nasdaq:MRKT) share prices are navigating close to a 52-week high of $30.48, achieved earlier this month. Ahead of the open Wednesday, shares have settled at $29.73, having pared an earlier surge this week.