KY3P® for Energy and Utilities
Streamline Your Risk Assessment Process
Energy and utilities firms are under increasing pressure to demonstrate awareness and control of their suppliers. The due diligence requirements to onboard new suppliers are increasing as well as the expected degree of oversite and monitoring of active suppliers.
S&P Global KY3P offers a turn-key solution that allows you to quickly establish a risk-based third party risk management (TPRM) program and conduct relevant due diligence and oversight while reducing the business impact and costs.
Key Features
Data: Improve Decision Making
KY3P sources and orchestrates high-quality, validated company data through our comprehensive assessments or through the industry’s widest range of data feeds.
Technology: Improve Productivity
Industry-leading and multi-award-winning workflow technology to provide full end-to-end, compliant third-party risk management processes.
Services: Improve Execution
Tap into a global pool of experts and delivery teams. From a one-off onboarding surge to a fully managed third party risk management as a service solution.
How KY3P Works
Evolve Your Operations
Energy and utility companies, traditionally focused on reliable physical infrastructure, are now urged to enhance their cybersecurity, sanctions, and ESG (environmental, social, and governance) efforts due to recent significant hacking and ransomware attacks. These incidents not only disrupt services but also threaten national security and consumer safety, often resulting in costly recoveries to restore systems and supply chains.
The growing importance of ESG factors like sustainability, diversity, and ethics is reshaping business priorities. Failures in these areas can lead to regulatory fines, reputational damage, and limited public sector engagement. KY3P, an integrated solution platform, helps organizations identify and manage supply chain risks and third-party vulnerabilities, offering expert-built solutions in partnership with a global design network.
KY3P enhances supplier and third-party risk management processes, including onboarding, compliance, assessment, and monitoring, through deep domain expertise, data, and technology. It standardizes due diligence and ensures comprehensive visibility and protection of the supply chain.
KY3P is an Integrated Suite of Solutions to Manage End-to-End Third Party and Vendor Risk Management
KY3P Supports:
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Onboarding & Oversight
Our Onboarding & Oversight solution provides standardized and policy-driven onboarding, due diligence, inherent risk calculation, oversight, and offboarding of third-party products, services, and outsourcing arrangements.
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Due Diligence Monitoring
Due Diligence and Monitoring help firms collect and maintain risk information, including cybersecurity and financial ratings, location and ESG risk scores, sanctions data, news alerts, cyber event data, and questionnaire responses from third parties to assess risk and drive remediation.
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Assessments Services
KY3P® Assessments facilitate the efficient exchange of standardized, fully validated risk data between service providers and their customers. Our widely adopted methodology gives businesses greater visibility into supply chain risk while enabling third parties to streamline the risk assessment process.
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Managed TPRM Services
KY3P Managed Services provides full life cycle support for the entire third-party risk management process. Our holistic solution streamlines and solves risk and regulatory compliance challenges businesses face enabling focus on the risk and commercial outcomes.
Benefits of KY3P for Energy & Utilities
Cost Effective
Decreased costs of third-party oversight and monitoring.
Reduce Risk
Secure platform to manage and exchange client information minimizes operational risk.
Transparent
Operational clarity for stakeholders driven by a robust workflow engine with a full audit trail.
Save Time
Upload once and gain permission to many, reducing time updating responses and documentation.
Faster Deployment of Capital
Collaborate quickly and more effectively, reducing time to market.
Increased Efficiency
Information gathering for due diligence is simplified.
Research and Insights
Request Follow Up
Improve operational efficiency with our comprehensive third party risk assessments. Complete the form to learn how to streamline your third party risk management program with our comprehensive assessments.