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Third Party Risk Assessment Policy

Third Party Risk Assessment Policy Template for Pakistan

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Key Requirements PROMPT example:

Third Party Risk Assessment Policy

"I need a Third Party Risk Assessment Policy for a Pakistani financial services company that complies with State Bank of Pakistan regulations and includes specific provisions for fintech vendors, to be implemented by March 2025."

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Document background
The Third Party Risk Assessment Policy is essential for organizations operating in Pakistan's increasingly complex business environment, where third-party relationships present both opportunities and significant risks. This document becomes necessary when organizations need to establish standardized procedures for evaluating and monitoring third-party relationships, ensuring compliance with local regulations including the Companies Act 2017, Anti-Money Laundering Act 2010, and various regulatory guidelines from the State Bank of Pakistan and SECP. The policy incorporates comprehensive risk assessment methodologies, due diligence requirements, and monitoring procedures, making it particularly crucial for organizations dealing with multiple vendors, service providers, or contractors. It serves as a cornerstone document for risk management and compliance functions, helping organizations navigate both local regulatory requirements and international best practices in third-party risk management.
Suggested Sections

1. Purpose and Scope: Defines the objective of the policy and its applicability across the organization

2. Definitions: Key terms used throughout the policy including 'third party', 'risk assessment', 'critical vendors', 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 Rating Methodology: Explains how risk scores are calculated and risk levels are determined

7. Monitoring and Review Process: Describes ongoing monitoring requirements and periodic review procedures

8. Incident Reporting and Escalation: Procedures for reporting and escalating third-party related incidents

9. Documentation Requirements: Specifies required documentation for third-party assessments and ongoing monitoring

10. Compliance and Regulatory Requirements: Outlines relevant regulatory requirements and compliance obligations

Optional Sections

1. Technology and System Requirements: Required when the organization uses specific tools or systems for risk assessment

2. International Third Party Requirements: Needed when dealing with international vendors or service providers

3. Industry-Specific Requirements: Additional requirements specific to regulated industries like financial services or healthcare

4. Subcontractor Management: Required when third parties are allowed to use subcontractors

5. Emergency/Contingency Procedures: Needed for critical third-party relationships requiring business continuity planning

Suggested Schedules

1. Risk Assessment Questionnaire Template: Standard questionnaire for gathering third-party information

2. Risk Rating Matrix: Detailed matrix showing risk categories, scores, and assessment criteria

3. Due Diligence Checklist: Comprehensive checklist of required due diligence items

4. Monitoring Schedule Template: Template for scheduling and tracking ongoing monitoring activities

5. Regulatory Compliance Checklist: Checklist of relevant Pakistani regulatory requirements

6. Incident Response Template: Standard template for reporting third-party incidents

7. Document Retention Schedule: Schedule of required documentation and retention periods

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Third Party
Risk Assessment
Due Diligence
Risk Rating
Critical Vendor
Non-Critical Vendor
Risk Appetite
Risk Tolerance
Material Risk
Control Measures
Risk Matrix
Inherent Risk
Residual Risk
Service Level Agreement
Key Performance Indicators
Key Risk Indicators
Monitoring Period
Review Cycle
Escalation Process
Risk Owner
Control Owner
Compliance Requirements
Regulatory Requirements
Performance Metrics
Risk Assessment Framework
Due Diligence Documentation
Risk Treatment Plan
Incident
Material Breach
Subcontractor
Critical Services
Non-Critical Services
Risk Category
Risk Profile
Remediation Plan
Control Environment
Risk Assessment Report
Monitoring Requirements
Assessment Criteria
Evaluation Period
High-Risk Third Party
Medium-Risk Third Party
Low-Risk Third Party
Risk Assessment Methodology
Vendor Classification
Clauses
Purpose and Objectives
Scope and Applicability
Governance Structure
Risk Assessment Procedures
Due Diligence Requirements
Risk Classification
Performance Monitoring
Documentation Requirements
Compliance Obligations
Confidentiality
Data Protection
Information Security
Financial Assessment
Operational Assessment
Technical Assessment
Legal and Regulatory Compliance
Business Continuity
Incident Reporting
Audit Rights
Performance Reviews
Risk Mitigation
Escalation Procedures
Monitoring and Review
Contract Management
Vendor Onboarding
Vendor Termination
Emergency Procedures
Quality Control
Reporting Requirements
Record Keeping
Training Requirements
Roles and Responsibilities
Review and Updates
Enforcement
Non-Compliance Consequences
Relevant Industries

Banking and Financial Services

Information Technology

Telecommunications

Healthcare

Manufacturing

Energy and Utilities

Real Estate

Professional Services

Retail

Education

Government and Public Sector

Insurance

Logistics and Transportation

Pharmaceuticals

Relevant Teams

Risk Management

Procurement

Compliance

Legal

Internal Audit

Operations

Vendor Management

Information Security

Finance

Supply Chain

Corporate Governance

Business Continuity

Relevant Roles

Chief Risk Officer

Risk Manager

Compliance Officer

Procurement Manager

Vendor Management Specialist

Due Diligence Officer

Chief Operating Officer

Internal Auditor

Legal Counsel

Operations Manager

Supply Chain Manager

Information Security Officer

Chief Financial Officer

Contract Manager

Business Continuity Manager

Industries
Prevention of Electronic Crimes Act 2016: Covers cybersecurity requirements and data protection obligations when sharing information with third parties
Anti-Money Laundering Act 2010: Provides framework for due diligence requirements when dealing with third-party vendors and service providers
Companies Act 2017: Sets out corporate governance requirements including risk management and third-party relationship management
State Bank of Pakistan's Guidelines on Outsourcing Arrangements: Provides regulatory framework for managing third-party relationships, particularly for financial institutions
Contract Act 1872: Fundamental law governing contractual relationships and obligations between parties in Pakistan
Personal Data Protection Bill 2021: Pending legislation that will impact how organizations handle personal data shared with third parties
SBP's Enterprise Technology Governance & Risk Management Framework: Guidelines for technology risk management including third-party technology services
SECP's Guidelines for Risk Management: Securities and Exchange Commission of Pakistan's guidelines on risk management practices including third-party risk assessment
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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