The Third Party Risk Assessment Policy is essential for organizations operating under English and Welsh law who engage with external parties in their business operations. This document becomes necessary as organizations increasingly rely on third-party relationships while facing growing regulatory scrutiny and complex compliance requirements. The policy helps organizations identify, assess, and manage potential risks associated with third-party relationships, including operational, financial, reputational, and compliance risks. It incorporates requirements from various regulatory frameworks including data protection, financial services regulations, and anti-money laundering legislation, providing a structured approach to risk management and due diligence.
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1. Purpose and Scope: Defines the objectives and applicability of the policy
2. Roles and Responsibilities: Outlines who is responsible for various aspects of third-party risk management
3. Risk Assessment Framework: Details the methodology for assessing third-party risks
4. Due Diligence Requirements: Specifies the required checks and verification processes
5. Risk Categories: Defines different types of risks to be assessed
6. Monitoring and Review: Describes ongoing oversight processes
1. Industry-Specific Requirements: Additional requirements specific to regulated industries such as financial services, healthcare, or telecommunications
2. International Operations: Additional requirements and considerations for managing third-party risks across different jurisdictions
3. Technology and Cybersecurity: Specific requirements for assessing and managing technology and cybersecurity risks posed by third parties
1. Risk Assessment Template: Standard form for conducting risk assessments of third parties
2. Due Diligence Checklist: Detailed checklist of required checks and documentation for third-party assessment
3. Risk Scoring Matrix: Framework for quantifying and categorizing different types of third-party risks
4. Escalation Procedures: Process flow and procedures for handling high-risk issues identified during assessment
5. Regulatory Requirements Reference: Comprehensive summary of applicable regulations and compliance requirements for third-party risk management
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