The Third Party Risk Assessment Policy serves as a critical governance document for organizations operating in the Canadian market that engage with external service providers, vendors, and partners. This policy becomes essential as organizations increasingly rely on third parties for critical services while facing growing regulatory scrutiny and cyber security threats. It incorporates requirements from Canadian federal legislation including PIPEDA, the Bank Act, and PCMLTFA, as well as provincial regulations where applicable. The policy provides a structured approach to identifying, assessing, and managing risks associated with third-party relationships, including operational, financial, reputational, and compliance risks. It is particularly relevant in today's business environment where supply chain resilience and data protection have become paramount concerns.
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1. Purpose and Scope: Defines the objectives of the policy and its applicability across the organization
2. Roles and Responsibilities: Outlines the key stakeholders and their responsibilities in third-party risk management
3. Third-Party Risk Categories: Defines and categorizes different types of risks associated with third-party relationships
4. Risk Assessment Framework: Details the methodology and criteria for assessing third-party risks
5. Due Diligence Requirements: Specifies the required verification and assessment procedures for third parties
6. Contracting Standards: Establishes minimum requirements for third-party contracts and agreements
7. Ongoing Monitoring and Review: Defines the processes for continuous monitoring of third-party relationships
8. Incident Response and Reporting: Outlines procedures for handling and reporting third-party incidents
9. Documentation Requirements: Specifies the required documentation for third-party risk management
10. Policy Review and Updates: Establishes the frequency and process for policy review and updates
1. Information Security Requirements: Detailed security requirements for third parties handling sensitive data - include when dealing with technology vendors or data processors
2. Financial Risk Assessment: Specific procedures for assessing financial stability of third parties - include for financial service providers or critical vendors
3. Regulatory Compliance: Industry-specific regulatory requirements - include when operating in regulated sectors
4. Business Continuity and Disaster Recovery: Requirements for ensuring service continuity - include for critical service providers
5. Subcontractor Management: Guidelines for managing fourth parties - include when third parties are likely to use subcontractors
6. Environmental and Social Governance: ESG assessment criteria - include when organization has specific sustainability commitments
1. Risk Assessment Matrix: Template for evaluating and scoring different risk categories
2. Due Diligence Checklist: Standardized checklist for third-party verification
3. Vendor Categorization Framework: Guidelines for categorizing vendors based on criticality and risk level
4. Minimum Control Requirements: List of required controls based on vendor category
5. Incident Response Plan: Detailed procedures for managing third-party incidents
6. Monitoring and Reporting Templates: Standard templates for ongoing vendor monitoring
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Third Party Risk Assessment Policy
A Canadian regulatory-compliant policy framework for assessing and managing third-party relationship risks, aligned with federal and provincial requirements.
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