IHS Markit announced the launch of the Vendor Management Portal (VMP) for vendor risk tiering and vendor management workflow. In combining VMP with its KY3P due diligence service, IHS Markit 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. Goldman Sachs contributed to VMP design.
A major bank can have more than 20,000 vendor relationships, according to Celent research, and with so many dependencies, risk oversight and standardizing controls over a large and diverse population of service providers is a major challenge. Failure to manage vendor relationships effectively creates significant operational, financial, cyber and reputational risks.
The Vendor Management Portal can: determine the necessary due diligence and approvals initiated by workflow from standardized vendor onboard requests; calculate inherent risk for the vendor product or service with rules configured by the user, based on due diligence data and other relationship details; auto-generate and schedule oversight activities; and provide both rule-based and ad hoc off-boarding using a simple workflow to ensure that the appropriate controls are applied.