Third Party Risk Assessment Template for England and Wales

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Third Party Risk Assessment Template

Need a Third Party Risk Assessment Template for evaluating technology vendors who will have access to our customer data, ensuring compliance with UK GDPR and incorporating specific cybersecurity risk scoring metrics for implementation by March 2025.

Document background

The Third Party Risk Assessment Template has been developed to address the growing need for organizations to effectively manage their third-party relationships while maintaining compliance with English and Welsh law. This document is essential when organizations need to evaluate potential risks associated with new or existing third-party relationships, particularly in areas of data protection, financial compliance, and operational security. The template incorporates current regulatory requirements and best practices, providing a comprehensive framework for risk assessment and management. It is designed to help organizations meet their due diligence obligations and maintain proper documentation of their risk assessment processes.

Suggested Sections

1. 1. Parties: Details of the assessing organization and the third party being assessed

2. 2. Background: Context of the assessment and relationship with the third party

3. 3. Definitions: Key terms used throughout the assessment template

4. 4. Risk Assessment Scope: Parameters and boundaries of the assessment

5. 5. Risk Categories: Definition of risk categories to be assessed

6. 6. Assessment Methodology: Process and criteria for conducting the assessment

7. 7. Scoring System: Risk rating methodology and thresholds

Optional Sections

1. Industry-Specific Requirements: Additional requirements based on specific sector - use when assessing parties in regulated industries

2. Environmental Impact Assessment: Environmental risk considerations - use when third party operations have environmental implications

3. Information Security Requirements: Specific IT and data security considerations - use when third party has access to sensitive systems or data

Suggested Schedules

1. Schedule 1: Risk Assessment Questionnaire: Detailed questions for gathering risk information

2. Schedule 2: Risk Matrix: Template for risk scoring and evaluation

3. Schedule 3: Required Documentation: List of documents required from third party

4. Appendix A: Regulatory Requirements: Relevant regulatory obligations and standards

5. Appendix B: Risk Treatment Plan Template: Template for documenting risk mitigation measures

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services
Healthcare
Technology
Retail
Manufacturing

Relevant Teams

Risk Management
Compliance
Legal
Procurement
Information Security
Internal Audit
Vendor Management

Relevant Roles

Risk Manager
Compliance Officer
Procurement Manager
Legal Counsel
Information Security Officer
Chief Risk Officer
Vendor Management Officer

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Authors

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