Con Edison Selects S&P Global KY3P® for Third Party Risk Management Due Diligence Questionnaires

Rhea-AI Summary

S&P Global Market Intelligence has added the NATF standard for utilities to its KY3P® solution, enhancing third-party risk management. Con Edison is the first utility to adopt this solution, utilizing the NATF "Energy Sector Supply Chain Risk Questionnaire" for supplier risk assessments. This integration streamlines due diligence and improves efficiency in risk management. The NATF tool aims to ensure regulatory compliance and drive consistency across suppliers in the energy sector. Both S&P Global and NATF officials emphasize the importance of standardized risk assessments to enhance operational cost savings.

Positive

• Con Edison is the first utility to adopt the KY3P platform, enhancing its risk management capabilities.
• The integration allows for streamlined supplier risk assessments, improving efficiency in third-party risk management.
• The NATF questionnaire supports regulatory compliance and drives consistency in supplier information.

Negative

• None.

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.

About S&P Global Market Intelligence
At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. We integrate financial and industry data, research and news into tools that help track performance, generate alpha, identify investment ideas, perform valuations and assess credit risk. Investment professionals, government agencies, corporations and universities around the world use this essential intelligence to make business and financial decisions with conviction.

S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI), the world's foremost provider of credit ratings, benchmarks and analytics in the global capital and commodity markets, offering ESG solutions, deep data and insights on critical business factors. S&P Global has been providing essential intelligence that unlocks opportunity, fosters growth and accelerates progress for more than 160 years. For more information, visit www.spglobal.com/marketintelligence.

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.

About NATF
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.

Media Contact
Kate Smith
S&P Global Market Intelligence
P. +1 781 301 9311
E. katherine.smith@spglobal.com  

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SOURCE S&P Global Market Intelligence

FAQ

What is the significance of Con Edison adopting the KY3P solution from S&P Global?

Con Edison is the first utility to implement S&P Global's KY3P solution, which aims to streamline third-party risk management through effective supplier risk assessments.

How does the NATF Energy Sector Supply Chain Risk Questionnaire benefit the utilities industry?

The NATF questionnaire standardizes supplier information, enhances regulatory compliance, and helps utility companies like Con Edison identify and mitigate supply chain risks.

What are the main features of S&P Global's KY3P solution?

KY3P offers accelerated supplier onboarding, operational cost savings, and shared assessments for efficient third-party risk management.

What company is referred to by the stock symbol ED in relation to this press release?

The stock symbol ED refers to Consolidated Edison, Inc., which includes Con Edison as a subsidiary.

When was the NATF Energy Sector Supply Chain Risk Questionnaire endorsed?

The NATF questionnaire was endorsed by industry regulators on February 28, supporting compliance requirements in the energy sector.