The Third Party Risk Assessment Policy serves as the cornerstone document for organizations operating in Germany to effectively manage risks associated with their third-party relationships. It is essential for ensuring compliance with various German and EU regulations, including the German Banking Act (KWG), GDPR, IT Security Act 2.0, and the Supply Chain Due Diligence Act. This policy document becomes necessary when organizations engage with multiple third parties and need a standardized approach to assess and manage associated risks. It provides comprehensive guidance on risk assessment methodologies, defines responsibilities across the organization, and establishes monitoring and reporting requirements. The policy is particularly crucial for organizations subject to regulatory oversight or those with complex supplier networks, as it helps demonstrate proper governance and risk management practices to regulators and stakeholders.
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1. Purpose and Scope: Defines the objective of the policy and its applicability across the organization
2. Definitions: Defines key terms used throughout the policy including 'third party', 'risk assessment', 'critical supplier', etc.
3. Roles and Responsibilities: Outlines responsibilities of different stakeholders in the third-party risk assessment process
4. Risk Assessment Framework: Details the methodology and criteria for assessing third-party risks
5. Due Diligence Requirements: Specifies the minimum due diligence requirements for different categories of third parties
6. Risk Categories: Defines and describes the various types of risks to be assessed (operational, financial, regulatory, reputational, etc.)
7. Assessment Process: Step-by-step procedure for conducting risk assessments
8. Monitoring and Review: Requirements for ongoing monitoring and periodic review of third-party relationships
9. Documentation Requirements: Specifies required documentation throughout the assessment process
10. Reporting Requirements: Defines reporting obligations and escalation procedures
11. Policy Review and Updates: Frequency and process for reviewing and updating the policy
1. Industry-Specific Requirements: Additional requirements for regulated industries such as financial services or healthcare
2. International Operations: Specific considerations for international third-party relationships
3. Emergency Management: Procedures for managing critical third-party relationship failures
4. Technology and Cybersecurity Requirements: Specific requirements for technology service providers and cybersecurity considerations
5. Environmental and Social Governance: ESG requirements and assessment criteria for third parties
6. Subcontractor Management: Requirements for managing fourth parties (subcontractors of third parties)
1. Risk Assessment Matrix: Detailed risk scoring criteria and evaluation matrix
2. Due Diligence Questionnaire: Standard questionnaire for collecting third-party information
3. Risk Category Definitions: Detailed descriptions and examples of each risk category
4. Documentation Templates: Standard templates for assessment documentation
5. Escalation Matrix: Detailed escalation procedures and contact information
6. Third Party Categories: Classification of different types of third parties and associated risk assessment requirements
7. Review Frequency Matrix: Schedule of review frequencies based on risk levels
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