IHS Markit has added financial crimes screening to the due diligence tools on its KY3P vendor risk management platform. The screening solution allows users 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 is sourced through Regulatory Data Corp’s (RDC) Global Regulatory Information Database (GRID).
IHS Markit brought KY3P to market in late 2015 with Barclays, Goldman Sachs, HSBC, Morgan Stanley and UBS as design partners helping to create a high standard for assessing and monitoring third-party vendor risks. Towards 1,500 vendors and more than 100 financial institutions are registered with KY3P.
The company describes the platform as a centralised community for improving third-party risk management. It presents a holistic vendor risk profile spanning information security risk assessment, business continuity, sanctions screening, anti-bribery and corruption screening, financial risk assessment, cyber vulnerabilities and negative news assessment. It also offers a standardised due diligence process and a single platform for vendor response management during major incidents.