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KYP introduces 3rd party enterprise risk intelligence platform

Tuesday 27 September 2022 16:02 CET | News

Know Your Partner (KYP) has launched its 3rd party enterprise risk intelligence platform to help companies manage their real-time financial and reputational risk.

 

The new platform aims to help businesses protect themselves while improving their relationship with the partners, suppliers, and providers they work with. According to KYP, a failure to assess third-party risks can expose businesses to supply chain issues, data breaches, and reputational damage. Ultimately, this can lead to some companies closing their doors for good. 

KYP’s UK-based proactive real-time 3rd party enterprise risk intelligence platform was designed to address the market need for continuous monitoring. The system can be used for supply chain due diligence and monitoring, merchant monitoring for acquirers, invoice risk scoring, and Open Banking third party-provider (TPP) risk scoring each time they access an account servicing payment service provider (ASPSP). The data orchestration solution provided by the KYP Risk Intelligence Platform integrates with an easy-to-use graphic interface. 

The interface offers risk scores and alerts following analyses of credit scores, politically exposed person sanctions, adverse media, the dark web, cyber risks, and insolvency checks. This detailed analysis ultimately forms a complete picture of the partners a business relies upon. 

KYP officials have stated in the company press release that organisations need a better way to manage their real-time financial and reputational risk in an increasingly open and connected world. This new solution aims to help companies form more profitable relationships by giving them the information they need to make informed decisions when it comes to risk. 

KYP’s chairman added that regulators expect companies to not just carry out periodic reviews but to have continuous, real-time risk assessments of their merchants and companies they work with. The Risk Intelligence Platform was designed to help them achieve this goal.

 

Know Your Partner (KYP) has launched its 3rd party enterprise risk intelligence platform to help companies manage their real-time financial and reputational risk.

 

A word on Open Banking and fraud

According to KYP, the global open banking market size accounted for USD 7 Billion in 2018 and is expected to reach USD 43 Billion by 2026. According to the same source, 30 million transactions flow through Open Banking every day without any risk scoring platform.

In the UK, BDO’s research suggests that six out of ten mid-sized businesses were hit by fraud in 2020, suffering average losses of GBP 245,000 (USD 263,800). Nearly 40% of all companies surveyed said they’d experienced increased fraud attempts compared to the previous year.

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Keywords: risk management, fraud detection, fraud management, product launch
Categories: Fraud & Financial Crime
Companies: KYP
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime

KYP

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