KY3P: IHS Markit Taps Simon Chard to Grow ‘Know-Your-Third-Party’ Hub

IHS Markit has appointed Simon Chard as Managing Director in Platforms, Regulatory, and Compliance, based in London.

The job includes the role of leading the Global Business Development of KY3P, the firm’s third-party risk management SaaS data and information hub. He will report to Richard Blore, Chief Executive Officer, KY3P, IHS Markit.

In charge of delivering the KY3P vision and strategy across a range of industry sectors, Chard will be supporting clients in adopting the industry standard and using it to bring enhanced quality, efficiency, and effectiveness to IHS Markit’s third party risk programs.

In addition, he will help clients meet their risk management and regulatory requirements across a wide range of domains including cyber, data protection, and ESG.

Simon Chard joins IHS Markit from PwC, where he was a partner and and held senior leadership roles in the Technology, Data & Analytics and Banking & Capital Markets groups, as well as led the global Enterprise Resilience proposition.

Prior to PwC, he established led the third-party risk practice at Deloitte, where he was a Director of Contract Risk & Compliance practice (Supply Chain and Third Party Risk) from 2002 to 2011.

The industry veteran has advised various Boards, financial institutions, and UK authorities on technology strategy, resilience, risk, control, and assurance models.

IHS Markit’s KY3P addresses the risks posed by “third party solutions” as vendor relationships continue to under grow scrutiny by global regulators.

As firms increase reliance on “third party vendors” to deliver business-critical processes and services, oversight complexity also increases.

IHS works with end users to realize best in class third party risk management programs to drive efficiency, streamline due diligence and deliver transparency across their organizations.

KY3P standardizes onboarding, due diligence, inherent risk calculation, oversight, and off boarding of third party products, services and outsourcing arrangements. It enables the enforcement of compliance by codifying the organizations’ vendor risk policies and oversight procedures.

Another component of the suite is Due Diligence and Monitoring, which helps firms collect and maintain risk information, including cybersecurity and financial ratings, sanctions data, news alerts, cyber event data, and questionnaire responses from third parties that can be used to generate risk scores and drive remediation.

The service also delivers services and software for third party risk assessments.

IHS Markit was added to the list of regulatory vendors at the oneZero platform in late April.

Ronen Kertis, Head of Global Regulatory Reporting at IHS Markit, said: “At IHS Markit, we aim to simplify and ease regulatory reporting using our single platform for multiple jurisdictions. Our clients will continue to enjoy a seamless, albeit enhanced integration between our two platforms. The integration with the oneZero EcoSystem will allow oneZero clients to use our best-of-breed services with no technical integration effort on their side.”