The Third Party Risk Assessment document is essential for organizations operating in the Philippines who engage with external vendors, suppliers, or service providers. It has become increasingly critical due to the growing complexity of business relationships and stringent regulatory requirements in the Philippine business environment. This document is specifically designed to help organizations conduct thorough due diligence and risk evaluation of third parties, considering local regulatory requirements such as the Data Privacy Act of 2012, Cybercrime Prevention Act, and other relevant legislation. The assessment covers various risk domains including operational, technical, financial, and compliance risks, providing a comprehensive framework for decision-making and risk management. It serves as a crucial tool for organizations to demonstrate their commitment to due diligence and regulatory compliance while managing their third-party relationships effectively.
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1. 1. Introduction: Overview of the assessment purpose, scope, and methodology used
2. 2. Executive Summary: High-level summary of key findings, critical risks identified, and primary recommendations
3. 3. Third Party Information: Detailed information about the third party being assessed, including business nature, services provided, and relationship context
4. 4. Risk Assessment Methodology: Detailed explanation of the risk assessment framework, scoring criteria, and evaluation methods used
5. 5. Operational Risk Assessment: Analysis of operational risks including business processes, service delivery, and operational capabilities
6. 6. Technical Risk Assessment: Evaluation of technical infrastructure, cybersecurity measures, and IT controls
7. 7. Compliance Risk Assessment: Assessment of regulatory compliance, including data privacy, industry-specific regulations, and legal requirements
8. 8. Financial Risk Assessment: Analysis of financial stability, credit risk, and business continuity capabilities
9. 9. Risk Findings and Rating: Detailed findings from the assessment, overall risk rating, and specific risk scores by category
10. 10. Recommendations: Specific recommendations for risk mitigation, prioritized by risk level and implementation feasibility
11. 11. Conclusion: Summary of assessment results, key action items, and next steps
1. Environmental and Social Risk Assessment: Additional section for assessing environmental and social governance risks when the third party's operations have significant environmental or social impact
2. Supply Chain Risk Assessment: Detailed analysis of supply chain risks when the third party is part of a critical supply chain
3. Geographic Risk Assessment: Assessment of location-specific risks when the third party operates in multiple or high-risk jurisdictions
4. Data Privacy Impact Assessment: In-depth analysis of data privacy risks when the third party handles sensitive personal data
5. Business Continuity Assessment: Detailed evaluation of business continuity and disaster recovery capabilities for critical service providers
1. Schedule A: Risk Assessment Matrices: Detailed risk scoring matrices and assessment criteria used in the evaluation
2. Schedule B: Technical Assessment Results: Detailed technical testing results, security scan reports, and technical control evaluations
3. Schedule C: Compliance Checklist: Detailed compliance requirements checklist and evaluation results
4. Schedule D: Interview and Documentation Log: List of interviews conducted and documents reviewed during the assessment
5. Schedule E: Risk Treatment Plan: Detailed risk mitigation plans with timelines and responsibilities
6. Appendix 1: Assessment Questionnaires: Copies of completed assessment questionnaires and responses
7. Appendix 2: Supporting Documentation: Relevant certificates, licenses, and supporting documents provided by the third party
8. Appendix 3: Technical Architecture Diagrams: Network diagrams, system architecture, and other technical documentation
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