Four banks have taken an equity stake in an IHS Markit Ltd. risk management product, Know Your Third Party, or KY3P.
Barclays Plc, Goldman Sachs Group Inc., HSBC Holdings Plc and Morgan Stanley together took the stake and will be design partners of the platform.
KY3P was launched in October 2015. Its platform centralizes and standardizes third-party risk management, allowing companies to communicate among several parties to improve vendor due diligence. It has 75 customers and 15,000 vendor profiles to date.