S&P Global Market Intelligence adds NATF standard for utilities to KY3P® solution
NEW YORK, April 21, 2022 /PRNewswire/ -- S&P Global today announced Con Edison, one of the nation's largest investor-owned energy companies has implemented the Know Your Third Party® (KY3P) suite of solutions. S&P Global will utilize the North American Transmission Forum (NATF) "Energy Sector Supply Chain Risk Questionnaire" to supply Con Edison with supplier risk assessments, which, alongside its KY3P solution, will streamline the due diligence process and enhance efficiency and transparency throughout the third-party risk management process. Con Edison is the first utility to be signed to the KY3P platform.
"Third Party Risk Management and the need for disciplined and standardized supplier risk management is vital across all industries," said Richard Blore, CEO of KY3P, part of S&P Global Market Intelligence. "KY3P's shared assessments provide accelerated supplier onboarding and operational cost savings and the addition of the NATF questionnaire allows us to provide our industry-leading solutions to the utilities industry."
"Using KY3P assessments will allow Con Edison to efficiently risk assess large volumes of suppliers and identify relevant risks and control gaps," said Mikhail Falkovich, Chief Information Security Officer at Con Edison.
NATF's Energy Sector Supply Chain Risk Questionnaire tool was developed for industry-wide use to drive consistency of information obtained from suppliers of bulk-power system hardware, software, and services. This questionnaire is focused on supporting security and, on February 28, was also endorsed by industry regulators as a way to meet regulatory compliance requirements.
"S&P Global's adoption of the questionnaire supports the NATF's objective to streamline suppliers' ability to provide information and enable industry entities to identify and mitigate supply chain risks effectively and efficiently," said NATF President and CEO Tom Galloway.
To learn more about KY3P please visit the website here.
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About Con Edison
Con Edison is a subsidiary of Consolidated Edison, Inc. [NYSE: ED], one of the nation's largest investor-owned energy companies, with approximately $14 billion in annual revenues and $63 billion in assets. The utility delivers electricity, natural gas and steam to 3.5 million customers in New York City and Westchester County, N.Y.
The NATF promotes excellence in the safe, reliable, and resilient operation of the electric transmission system. The NATF and its programs are built on the principle that the open and candid exchange of information among its members is the key to continuous improvement. NATF members and affiliates cover approximately 85% of 100kV+ transmission miles in Canada and the US and approximately 90% of net peak demand, and include investor-owned, state-authorized, municipal, cooperative, U.S. federal, and Canadian provincial utilities, and ISOs/RTOs.
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