The Third Party Risk Assessment Policy serves as a crucial governance document for organizations operating in India, addressing the growing need for structured vendor risk management in an increasingly complex business environment. This policy becomes essential when organizations engage with multiple third-party vendors, suppliers, or partners, particularly those handling sensitive data or critical operations. It incorporates requirements from Indian regulations including the IT Act 2000, Digital Personal Data Protection Act 2023, and industry-specific guidelines, while establishing comprehensive frameworks for risk identification, assessment, and ongoing monitoring. The policy is designed to help organizations maintain regulatory compliance, protect their interests, and ensure proper due diligence in third-party relationships.
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Key Requirements PROMPT example:
Third Party Risk Assessment Policy
"Need a comprehensive Third Party Risk Assessment Policy for our Mumbai-based financial services company, compliant with RBI guidelines and incorporating specific requirements for fintech vendors, to be implemented by March 2025."
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1. Purpose and Objectives: Defines the overall purpose of the policy and key objectives in managing third-party risks
2. Scope and Applicability: Specifies who and what is covered by the policy, including types of third-party relationships
3. Definitions: Defines key terms used throughout the policy, including 'third party', 'risk assessment', 'critical vendor', etc.
4. Roles and Responsibilities: Outlines responsibilities of different stakeholders in the risk assessment process
5. Risk Assessment Framework: Details the systematic approach to assessing third-party risks, including risk categories and assessment criteria
6. Due Diligence Requirements: Specifies the minimum due diligence requirements for different categories of third parties
7. Risk Rating Methodology: Explains how risks are rated and categorized
8. Monitoring and Review Process: Describes ongoing monitoring requirements and periodic review procedures
9. Compliance Requirements: Outlines regulatory compliance requirements specific to India
10. Documentation and Record Keeping: Specifies documentation requirements and retention periods
11. Incident Reporting and Escalation: Defines procedures for reporting and escalating third-party related incidents
12. Policy Review and Updates: Specifies frequency and process for policy review and updates
1. Industry-Specific Requirements: Additional requirements specific to regulated industries (e.g., banking, healthcare)
2. International Compliance: Required if organization deals with international third parties or has global operations
3. Technology and Cybersecurity Requirements: Detailed IT and cybersecurity requirements for technology vendors
4. Business Continuity and Disaster Recovery: Specific requirements for critical vendors regarding business continuity
5. Environmental and Social Governance: ESG requirements for third parties, if organization has ESG commitments
6. Subcontractor Management: Requirements for managing fourth parties (subcontractors of third parties)
1. Risk Assessment Matrix: Detailed risk assessment criteria and scoring methodology
2. Due Diligence Checklist: Comprehensive checklist for conducting third-party due diligence
3. Vendor Categorization Framework: Framework for categorizing vendors based on criticality and risk
4. Assessment Questionnaire Templates: Standard questionnaires for different types of third-party assessments
5. Compliance Documentation Requirements: List of required compliance documents for different vendor categories
6. Incident Response Templates: Templates for reporting and managing third-party incidents
7. Review and Monitoring Calendar: Schedule of review and monitoring activities
8. Risk Assessment Report Template: Standard template for documenting risk assessment results
Authors
Relevant legal definitions
Third Party
Risk Assessment
Critical Vendor
Non-Critical Vendor
Due Diligence
Risk Rating
Material Outsourcing
Sensitive Personal Data
Critical Data
Risk Appetite
Control Measures
Residual Risk
Inherent Risk
Risk Matrix
Service Level Agreement
Fourth Party
Vendor Risk Profile
Risk Mitigation
Compliance Requirements
Data Controller
Data Processor
Material Change
Risk Threshold
Monitoring Period
Assessment Criteria
Regulatory Requirements
Business Continuity Plan
Performance Metrics
Risk Indicators
Control Framework
Escalation Matrix
Information Security
Cybersecurity Risk
Operational Risk
Strategic Risk
Reputational Risk
Financial Risk
Regulatory Risk
Contract Risk
Geographic Risk
Data Privacy
Personal Information
Confidential Information
Review Period
Risk Owner
Remediation Plan
Control Testing
Risk Treatment
Incident Response
Audit Trail
Risk Assessment
Critical Vendor
Non-Critical Vendor
Due Diligence
Risk Rating
Material Outsourcing
Sensitive Personal Data
Critical Data
Risk Appetite
Control Measures
Residual Risk
Inherent Risk
Risk Matrix
Service Level Agreement
Fourth Party
Vendor Risk Profile
Risk Mitigation
Compliance Requirements
Data Controller
Data Processor
Material Change
Risk Threshold
Monitoring Period
Assessment Criteria
Regulatory Requirements
Business Continuity Plan
Performance Metrics
Risk Indicators
Control Framework
Escalation Matrix
Information Security
Cybersecurity Risk
Operational Risk
Strategic Risk
Reputational Risk
Financial Risk
Regulatory Risk
Contract Risk
Geographic Risk
Data Privacy
Personal Information
Confidential Information
Review Period
Risk Owner
Remediation Plan
Control Testing
Risk Treatment
Incident Response
Audit Trail
Clauses
Purpose and Scope
Policy Statement
Regulatory Compliance
Governance Structure
Risk Assessment Procedures
Due Diligence Requirements
Data Protection
Information Security
Confidentiality
Performance Monitoring
Risk Rating Methodology
Documentation Requirements
Audit and Review
Incident Management
Escalation Procedures
Business Continuity
Vendor Classification
Risk Reporting
Change Management
Contract Management
Financial Assessment
Operational Assessment
Technology Assessment
Compliance Assessment
Environmental Assessment
Reputational Assessment
Geographic Assessment
Service Level Requirements
Quality Control
Regulatory Reporting
Record Retention
Training Requirements
Review and Updates
Roles and Responsibilities
Enforcement
Exception Management
Remediation Requirements
Termination Procedures
Monitoring and Review
Periodic Assessment
Policy Statement
Regulatory Compliance
Governance Structure
Risk Assessment Procedures
Due Diligence Requirements
Data Protection
Information Security
Confidentiality
Performance Monitoring
Risk Rating Methodology
Documentation Requirements
Audit and Review
Incident Management
Escalation Procedures
Business Continuity
Vendor Classification
Risk Reporting
Change Management
Contract Management
Financial Assessment
Operational Assessment
Technology Assessment
Compliance Assessment
Environmental Assessment
Reputational Assessment
Geographic Assessment
Service Level Requirements
Quality Control
Regulatory Reporting
Record Retention
Training Requirements
Review and Updates
Roles and Responsibilities
Enforcement
Exception Management
Remediation Requirements
Termination Procedures
Monitoring and Review
Periodic Assessment
Relevant Industries
Banking and Financial Services
Information Technology
Healthcare
Manufacturing
Retail
Telecommunications
Insurance
Pharmaceuticals
E-commerce
Professional Services
Public Sector
Energy and Utilities
Education
Real Estate
Logistics and Supply Chain
Relevant Teams
Risk Management
Procurement
Vendor Management
Compliance
Legal
Internal Audit
Information Security
Operations
Finance
IT Security
Quality Assurance
Supply Chain
Data Protection
Relevant Roles
Chief Risk Officer
Procurement Manager
Vendor Management Specialist
Compliance Officer
Risk Assessment Manager
Chief Information Security Officer
Legal Counsel
Internal Audit Manager
Due Diligence Specialist
Supply Chain Manager
Operations Director
Chief Financial Officer
IT Security Manager
Data Protection Officer
Quality Assurance Manager
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