Singapore/Hong Kong, 22 November 2022 – S&P Global Market Intelligence was awarded Best Solution – Due Diligence & Third Party Risk in the 5th Regulation Asia Awards for Excellence 2022 at an in-person ceremony on 22 November 2022.
S&P Global was recognised for KY3P (Know Your Third Party), a web-enabled platform for managing end-to-end third-party risk. It covers onboarding, due diligence, risk assessment, ongoing oversight, and offboarding of third-party products, services, and outsourcing arrangements. KY3P also helps firms collect and maintain risk information relating to their third parties – including cybersecurity and financial ratings, sanctions data, news alerts, and cyber event data.
The platform includes due diligence questionnaires that third parties are required to complete at onboarding and again at regular intervals – where the responses along with relevant documentation and attestations can be used to validate vendors’ control environments, generate risk scores and drive remediation, if needed. The questionnaires are available in multiple languages and regularly updated to ensure alignment with developing standards and regulatory requirements.
KY3P risk scores are based on factors such financial, political, legal, tax, operational, security, cyber, and ESG-related risks, leveraging content from S&P Global Market Intelligence as well as external data, intelligence and service partners. These datasets are also embedded into KY3P’s workflows, monitoring, and alert technology – to help detect signs of change or poor governance at third parties, drive efficiencies, streamline due diligence and deliver transparency. For third parties that may be experiencing a vulnerability or other significant event, KY3P provides functionality to enable firms to quickly perform outreach to ascertain the impact.
“S&P Global presents a comprehensive and holistic solution for FIs covering onboarding, due diligence, third party risk assessments and oversight – a full TPRM lifecycle solution in one shop,” said a judge on the Regulation Asia awards panel. “The data feeds are powerful, the solution is highly configurable, and there is significant workflow automation. The managed services option is particularly helpful for smaller firms or those that may not have sufficient in-house expertise.”
KY3P was initially established by a consortium of banks and is now used by over 200 financial services firms – including global banks, large buyside firms, and insurance companies. These organisations run upwards of 8,000 vendors through the solution annually.
About the Regulation Asia Awards for Excellence 2022
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help ensure the highest regulatory compliance standards are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.
For a full list of the award 2022 winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source of actionable regulatory intelligence for Asia Pacific markets. With over 12,000 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.