In our interconnected world, businesses must protect themselves and have confidence in the partners, suppliers and providers their businesses rely on. Third-party risk management is incredibly important; failure to assess third-party risks can expose businesses to supply chain issues, data breaches and reputational damage, and can ultimately lead to a business’s demise.
The launch of KYP, a UK based proactive real time 3rd party enterprise risk intelligence platform, addresses the urgent market need for continuous monitoring and alerts of 3rd party companies. The relationship may be:
- Merchant monitoring for acquirers
- Supply Chain Due Diligence and Monitoring
- Open Banking Third Party Provider (TPP) risk scoring each time they access an Account Servicing Payment Service Provider (ASPSP)
- Invoice Risk Scoring each time a company pays out funds
Alan Nagle, Founder and CEO of KYP said “The problem nowadays is trust – do we know the partners and companies we work with. Organisations need a better way to manage their real-time financial and reputational risk in an increasingly open and connected world”. Nagle continued “we give organisations confidence and peace of mind empowering them to build more profitable relationships, to have the information to make informed decisions on risk ”
David Parker, Chairman of KYP added: “Our goal at KYP is to give organisations continual confidence in their partners and providers in a more open and connected world. Regulators are increasingly looking for companies not just to carry out periodic reviews but to have continuous, real-time risk assessments of their merchants and companies they work with. KYP delivers this”
The KYP Risk Intelligence Platform delivers a data orchestration solution, accessible through an easy-to-use graphic interface. The risk scores and alerts are delivered through analysis of:
- Adverse Media
- Credit Scores
- Politically Exposed Persons (PEPs), Sanctions
- Cyber Risk
- Insolvency Checks
- State of the art linking technologies
This delivers a market unique complete picture of the partners a business relies upon. KYP then combines this data and intelligently connects it together with our unique AI and Machine Learning resulting in connections other solutions are missing.