KYP Launches 3rd Party Enterprise Risk Intelligence Platform

1 year ago

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:

DarkWeb

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.

ENDS

Notes to Editors

Example Use Case Studies
Merchant monitoring for acquirers
An acquirer based in the UK has a merchant with two directors. One is Swedish and one is English. The Swedish Director also is Director of a company in the Czech Republic. Yesterday the company in the Czech Republic was found guilty of Money Laundering. The acquirer would receive an automated alert from the KYP platform that the merchant has a significant risk issue.

Supply Chain Due Diligence and Monitoring
Company A has access to some of the servers of Company B. Company B receives an alert from KYP and investigates. It is told that Company A was hacked one hour ago, data from the DarkWeb, they now pose a security risk to Company B, so their access is immediately shut off.

Alternatively, Company A has a dramatic change in its credit score; Company B would receive an alert of a change in circumstances and may then take steps to investigate and if necessary, mitigate supply chain risk.

TPP risk scoring each time they access an ASPSP for Open Banking
Banks (ASPSPs) can only refuse access to an TPP if they believe it to be fraudulent. KYP provides a real time risk score based on numerous data points each time a TPP accesses an ASPSP.

Invoice risk scoring each time a company looks to pay out funds
With the increasing acceleration and automation of accounts payable associated with real-time Account2Account payments there are major risks for companies. E.g. Company A receives an invoice from Company B in and would normally push it through for payment but KYP shows up a high risk. Company A clicks through and sees that Company A was hacked and their data is on the DarkWeb. Company A puts a hold on the automated payment and carries out further investigations to ensure this is not a phishing attack.

Stats/Numbers to use
Open Banking
30 million transactions a day flow through Open Banking without ANY risk scoring platform
The global open banking market size accounted for $7 Billion in 2018, and is expected to reach $43 Billion by 2026

Invoice Scoring
Nearly £2 trillion invoicing fraud globally every year.

Fraud in the UK
BDO’s research found that six out of ten mid-sized business in the UK were hit by fraud in 2020, suffering average losses of 245,000 pounds, and nearly 40% of all companies surveyed said they’d experienced increased fraud attempts compared to the previous year.

Reputation is critical for banks & regulated entities
“87% of the executives surveyed rate reputation risk as “more important” or “much more important,” and 88% say they are explicitly focusing on reputation risk as a key business challenge. A reputation risk that is not properly managed can quickly escalate into a major strategic crisis.
Global Survey on Reputation Risk - Deloitte

For interview requests or other press enquiries, please contact Jack Mulcahy, COO, (jack@kyp.io)
For arranging an interview with Alan Nagle directly, here is a link to his calendly (https://calendly.com/alan-nagle/30min)

Attached Media

Press Contacts

Jack Mulcahy

Chief Operations Officer

+44 (0) 77 3812 9090

jack@kyp.io

Nicky Vaksdal

Marketing Manager

+44 (0) 7734 029344

nicky@kyp.io