Mutualized solution develops industry standard for third-party risk management
TORONTO and MONTREAL, Feb. 26, 2026 /CNW/ -- A major industry collaboration with the six largest Canadian banks and CanDeal to simplify third-party risk management is underway. The new solution – to be piloted in the first half of 2026 – will provide a common framework for facilitating compliance with regulatory requirements, helping eliminate duplicative administrative and compliance tasks to reduce the burden on third-party suppliers and increase efficiencies for their users.
The CanDeal Third-Party Risk (TPR) solution has been initially developed by and for the financial services industry to standardize and optimize third-party due diligence across participants, transforming a traditionally fragmented and high-friction process into a faster, unified operation. An initial group of suppliers, as selected by the banks, has been engaged, ensuring broader community contributions to create a best-in-breed solution.
"The regulatory requirements are complex, and the due diligence process can be demanding, stifling access and innovation. This initiative changes that dynamic entirely. It's about making the process more efficient, inclusive, and beneficial for everyone involved while maintaining the necessary risk oversight required," said Jayson Horner, Co-Founder, President & CEO of CanDeal.
By pooling resources and expertise, participating financial institutions and their suppliers are benefiting from a shared and trusted partnership solution that reduces duplication and increases efficiency. With built-in AI and machine learning capabilities, the solution will help suppliers and banks manage updates, ensure ongoing data quality, and enhance transparency across supply chains. The result will provide a faster process that lowers costs and increases the ability for all suppliers to participate.
This shared third-party risk infrastructure aligns directly with Canada's goals of increasing productivity, participation, and strengthening the Canadian economy. By uniting around the solution, Canadian banks and CanDeal are demonstrating how together they can create systemic efficiency and impact, with the potential to broaden participation and deploy the model around the world.
About CanDeal Group
CanDeal Group is a leading provider of electronic marketplace and data services for Canadian dollar debt securities and derivatives. CanDeal's Markets division, which accounts for the majority of electronic debt trading in Canada, provides access to a deep pool of liquidity for Canadian government, agency, provincial and corporate bonds, as well as money market instruments and interest rate swaps. CanDeal Data & Analytics ("CanDeal DNA") delivers the most comprehensive and accurate dealer-sourced OTC content for pricing, analytics and reference data to industry market participants, vendor channels and solution providers. CanDeal Benchmark Solutions is an independent business unit. CanDeal Solutions delivers mutualized services, including a centralized KYC utility for the Canadian market.
CanDeal's stakeholders include BMO Nesbitt Burns Inc., CIBC World Markets, National Bank Financial Inc., RBC Capital Markets, Scotia Capital, TD Securities, and TMX Group. Visit https://candeal.com.
SOURCE CanDeal
Kendall Lewszak, [email protected]
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