"We think our strength comes in bringing a number of banks or asset managers or hedge funds together and creating a standard that everyone can agree on." The aim is to create a central repository for information required for client or vendor due diligence, cut down on the amount of time it takes to cement a new commercial relationship, and reduce unnecessary, replicative requests for information. "We call it smartsourcing," Trogni said. The new service will become a central hub for any company that needs to perform third-party due diligence. The hub will include standardized due-diligence questionnaires, financial details, and audit reports, with a view to helping institutions perform their own risk assessments on third parties.

http://www.businessinsider.com/markit-know-your-third-party-service-launches-2015-10