IHS Markit launches vendor management workflow service
June 12, 2018

IHS Markit, a provider of critical information, analytics and solutions, today announced the launch of the Vendor Management Portal (VMP), which it describes as a comprehensive solution for vendor risk tiering and vendor management workflow. 

In combining VMP with its KY3P (know your third party) due diligence service, IHS Markit says it now offers firms a comprehensive system to centralize the management of third-party relationships, assess and monitor third-party risk and perform vendor due diligence.

IHS Markit says the Vendor Management Portal provides the following.

Onboarding workflow: standardized vendor onboarding request initiates workflow to determine the necessary due diligence and approvals.

Calculation of inherent risk: inherent risk for the vendor product or service is calculated using rules configured by the user, based on due diligence data and other relationship details.

Ongoing risk-based oversight: based on inherent risk, the system auto generates and schedules oversight activities.

Off-boarding: provides both rule-based and ad hoc off-boarding using a simple workflow to ensure that the appropriate controls are applied.

Said Richard Blore, Managing Director at Goldman Sachs. "Adding the Vendor Management Portal to KY3P creates a powerful solution that will provide a solid foundation for a firm's vendor risk management programme."





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IHS Markit, a provider of critical information, analytics and solutions, today announced the launch of the Vendor Management Portal (VMP), which it describes as a comprehensive solution for vendor risk tiering and vendor management workflow. 

In combining VMP with its KY3P (know your third party) due diligence service, IHS Markit says it now offers firms a comprehensive system to centralize the management of third-party relationships, assess and monitor third-party risk and perform vendor due diligence.

IHS Markit says the Vendor Management Portal provides the following.

Onboarding workflow: standardized vendor onboarding request initiates workflow to determine the necessary due diligence and approvals.

Calculation of inherent risk: inherent risk for the vendor product or service is calculated using rules configured by the user, based on due diligence data and other relationship details.

Ongoing risk-based oversight: based on inherent risk, the system auto generates and schedules oversight activities.

Off-boarding: provides both rule-based and ad hoc off-boarding using a simple workflow to ensure that the appropriate controls are applied.

Said Richard Blore, Managing Director at Goldman Sachs. "Adding the Vendor Management Portal to KY3P creates a powerful solution that will provide a solid foundation for a firm's vendor risk management programme."



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