Know Your Third Party (KY3P®)

The industry standard for third-party risk management

“Third party solutions” and vendor relationships are under increasing scrutiny from regulators, the media and consumers. Fraudsters and other criminal elements target companies 3^rd and 4^th parties as the best and easiest route to attack and exploit. As firms increase reliance on “third party vendors” to deliver business-critical processes and services, oversight complexity also increases. We work with our global community of end users to realize best in class third party risk management programs. Our solutions and services designed by the industry drive efficiency, streamline due diligence and deliver transparency across their organizations.

KY3P is an integrated suite of solutions to manage end-to-end third party and "vendor risk management."

The major components that form KY3P are:

• Onboarding and Oversight provides standardized onboarding, due diligence, inherent risk calculation, oversight and off boarding of third party products, services and outsourcing arrangements. It enables the enforcement of compliance by codifying the organizations' vendor risk policies and oversight procedures.
• Due Diligence and Monitoring helps firms collect and maintain risk information, including cybersecurity and financial ratings, sanctions data, news alerts, cyber event data, and questionnaire responses from third parties that can be used to generate risk scores and drive remediation.
• Shared Assessments delivers "services and software for third party risk assessments." We offer standardized, cost effective on-site, desktop or express assessments by accredited partners based on market standard criteria delivered through the KY3P platform.