Markit Teams with Banks, Buyside Firms to Launch Cloud-Based KY3P Service

Markit (Nasdaq:MRKT), a global provider of financial information services, has launched its Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term-based Know Your Third Party (KY3P) service, according to a Markit statement.

KY3P is delivered as a comprehensive software service that is hosted by the Dell Cloud Dedicated Service platform – it includes such utilities as managed infrastructure and applications services. KY3P represents Markit’s first centralized, cloud-based data hub and will aim to help streamline third party Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term processes with an emphasis on vendors and extant monitoring.

The initiative was developed in tandem with several banks, buyside firms, and third parties. Overall, Markit is trying to carve out a role with the KY3P service as an industry standardization of risk management practices to allow institutions to keep up with compliance and regulatory requirements. The list of banks includes Barclays, HSBC, and Morgan Stanley, who will be working with Markit to help onboard their third parties onto the data hub.

According to Sameer Kishore, Vice President and Global General Manager, Banking and Financial Services and Insurance at Dell Services, in a recent statement on the launch: “KY3P represents a unique offering in managing vendor risks. As an organization we see tremendous benefits in this platform both as a consumer and a supplier of third party risk data. We are actively encouraging our vendors to become part of the network platform as well.”

“KY3P is a powerful innovation with huge potential, not only in the fintech ecosystem, but for firms of all sizes who have multiple vendor relationships. Raising the profile of growing fintech firms, clarifying standards for customer onboarding and easing time to market are all critical factors for success, so this represents a real win-win for all participants,” added Mark Beeston, Managing Partner and Founder of Illuminate Financial Management.

“Third party risk management processes are bilateral in nature, time consuming and repetitive. KY3P will transform many aspects of third party risk management, and we are very excited with the opportunity to build a network that differentiates key metrics like ‘time to market’ and ‘critical event management’ effectiveness,” noted Michele Trogni, Managing Director, co-Head of Solutions at Markit in an accompanying statement.

Markit (Nasdaq:MRKT) share prices are navigating close to a 52-week high of $30.48, achieved earlier this month. Ahead of the open Wednesday, shares have settled at $29.73, having pared an earlier surge this week.