KY3P® by IHS Markit joins forces with AITEC and AIMA to drive due diligence standard
Published: 22 September 2016
IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions, today announced an agreement with AITEC and the Alternative Investment Management Association (AIMA) to strategically strengthen its Know Your Third Party (KY3P) platform. The relationship brings together KY3P’s private cloud, one-to-many platform, with the AITEC-AIMA Illustrative Questionnaire for Due Diligence of Vendor Cyber Security.
The new questionnaire available on KY3P enables AITEC and AIMA member firms to centralise their approach for vendor outreach and establish a workflow and governance process to promote timelier, efficient and quality responses. Member firms also have the flexibility to add their own supplemental questions for vendor response.
“AIMA is delighted that, as a result of this agreement with IHS Markit, the distribution of the AITEC-AIMA cyber security vendor due diligence questionnaire will be extended to our members who use the KY3P platform,” said Jack Inglis, CEO of AIMA. “This questionnaire is so important because it will enable alternative investment managers to approach technology vendors with a consistent set of questions, consequently providing efficiencies in communication and ultimately increasing our sector’s understanding of technology infrastructure.”
“With over 250 members at firms representing $2 Trillion AUM, AITEC is a community that understands the importance and value of information exchange,” said Maura Harris, director of Business Development and Operations at AITEC. “Accordingly, we are thrilled to extend the AITEC-AIMA DDQ to IHS Markit. This relationship will further develop efficiencies in vendor due diligence by allowing AITEC and AIMA members to systematically capture and evaluate critical vendor information on a consistent and timely basis.”
“KY3P brings technological innovation and operational excellence in support of the highest market standards, including those developed by AITEC and AIMA,” said Gina Ghent, managing director and head of KY3P at IHS Markit. “The asset management community has raised the bar with their leadership in publishing the AITEC-AIMA DDQ. With KY3P’s award winning technology underpinning this DDQ, we have addressed and met the dynamic and ongoing needs of the market to manage the exchange of critical information.”
The AITEC-AIMA due diligence questionnaire is available to members only.