Third-party risk product: S&P Global Market Intelligence

S&P Global KY3P is an integrated solution to manage third-party risk end-to-end. KY3P enables onboarding, due diligence, inherent risk calculation and oversight of third parties. Built in partnership with a number of global financial institutions, KY3P drives efficiency, streamlines due diligence and delivers transparency across the supply chain. The solution aids clients in managing global regulatory compliance in a domain where regulatory expectations are growing.

The breadth and depth of due diligence required over vendors is increasing and risks becoming a process that is costly and challenging for organisations to manage. KY3P provides independent third-party assessments through a utility model that mutualises the cost of risk management. A range of KY3P assessments are accessible to clients to provide them with valuable risk insight at a reduced cost.

From initial setup to oversight, the platform facilitates engagement between internal stakeholders with minimal friction, as well as direct communication with third parties. Rules-based workflows enable organisations to codify their existing policies, ensuring the supply chain is managed in a consistent and scalable way.

Richard Blore

The threat landscape across cyber and business continuity presents a constant challenge, including recent events such as Kaseya Ransomware, Log4Shell and events relating to Ukraine and the associated sanction impacts. The Significant Event Notification and Tracking feature centralises the outreach to critical vendors and efficiently ascertains whether they are impacted by a vulnerability, business continuity event or other significant event. A key differentiator for KY3P is that deep content from S&P Global Market Intelligence and external data/intelligence partners is embedded.

Automating the incorporation of this live information as part of the onboarding, due diligence and lifecycle process allows clients to be informed and react to changes in real time.

These integrated datasets cover financial, geo-locational, cyber, legal/compliance risk, and environmental, social and governance.

KY3P is not a governance, risk and compliance (GRC) or procurement platform with third-party risk management (TPRM) features as a bolt-on. KY3P has been a holistic TPRM platform  from the start and remains so. Recent additions to the platform and service include TPRM Accelerator, which has a 60-day go-live programme.

Access to TPRM talent remains an industry issue and is particularly challenging for smaller organisations. KY3P can offer TPRM as a fully managed service. The managed services team is staffed with TPRM and procurement experts who can work with firms as peers.

The judges said:

• “Good coverage and solution, which is very innovative.”
• “The fact KY3P is a holistic TPRM platform is important, as plugins to other GRC systems are all too common.”
• “It can take months to launch a tool like this so the 60‑day go‑live programme is impressive. This must have a clean delivery model.”
• “Very impressive end-to-end third-party risk tool, with lots of good elements added to the core product.”

Richard Blore, chief executive of KY3P at S&P Global Market Intelligence, said:

“S&P Global Market Intelligence is delighted to win this award for our TPRM platform and services. KY3P is a comprehensive globally offered end-to-end TPRM offering. We are global in scope too and our deep content integration for due diligence and risk assessments is the next evolution in TPRM. We bring a unique blend of industry expertise, technology, data and innovative services. We solve the problem of access to skilled professionals with our managed services, allowing clients to focus on their business.”

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