Third Party Risk Assessment

Third Party Risk Assessment Template for Denmark

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Document background

The Third Party Risk Assessment document serves as a critical tool for organizations operating under Danish jurisdiction to evaluate and manage risks associated with their external business relationships. It is essential for companies engaging with vendors, suppliers, or service providers who may impact their operations, data security, or regulatory compliance. The document incorporates requirements from Danish legislation, including the Danish Data Protection Act and Financial Business Act, as well as EU regulations such as GDPR. It should be used prior to establishing significant third-party relationships and periodically thereafter to assess ongoing risks. The assessment covers various risk domains including operational, financial, technical, and regulatory compliance, providing a comprehensive framework for risk identification, evaluation, and management. This document is particularly crucial in regulated industries and for organizations handling sensitive data or critical operations.

Suggested Sections

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

2. Background: Context of the assessment, purpose, and scope of the third-party relationship

3. Definitions: Key terms used throughout the assessment document

4. Assessment Scope and Methodology: Detailed outline of what areas will be assessed and how the assessment will be conducted

5. Company Profile and Business Details: Overview of the third party's business, including corporate structure, ownership, and key operations

6. Risk Categories and Assessment Criteria: Definition of risk categories (e.g., operational, financial, regulatory) and criteria for evaluation

7. Regulatory Compliance Assessment: Evaluation of compliance with relevant laws, regulations, and industry standards

8. Data Protection and Security Assessment: Assessment of data handling practices, security measures, and GDPR compliance

9. Financial Risk Assessment: Analysis of financial stability, credit ratings, and financial controls

10. Operational Risk Assessment: Evaluation of operational capabilities, business continuity, and disaster recovery

11. Risk Scoring and Classification: Methodology for scoring risks and classifying the overall risk level

12. Remediation Requirements: Required actions to address identified risks and timeline for implementation

13. Monitoring and Review Process: Ongoing monitoring requirements and periodic review schedule

Optional Sections

1. Environmental and Social Governance Assessment: Assessment of ESG factors - include when the third party operates in environmentally sensitive sectors or has significant social impact

2. Supply Chain Risk Assessment: Evaluation of the third party's supply chain - include when the third party has critical sub-contractors or complex supply chains

3. Technology Infrastructure Assessment: Detailed IT systems and infrastructure review - include for technology service providers or when significant IT dependencies exist

4. Geographic Risk Assessment: Analysis of country-specific risks - include when the third party operates in multiple jurisdictions or high-risk countries

5. Industry-Specific Risk Assessment: Evaluation of industry-specific risks - include when the third party operates in regulated or high-risk industries

Suggested Schedules

1. Risk Assessment Questionnaire: Detailed questionnaire used for gathering assessment information

2. Risk Scoring Matrix: Matrix showing risk scoring criteria and classification methodology

3. Required Documentation Checklist: List of documents required from the third party for assessment

4. Compliance Certificates: Copies of relevant compliance certificates and attestations

5. Data Processing Requirements: Specific requirements for handling and processing data

6. Security Controls Checklist: Detailed checklist of required security controls and measures

7. Risk Treatment Plan Template: Template for documenting risk treatment and remediation plans

8. Incident Response Requirements: Procedures for handling and reporting incidents

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