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Third Party Risk Assessment Policy

Third Party Risk Assessment Policy Template for India

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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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Document background
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.
Suggested Sections

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

Optional Sections

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)

Suggested Schedules

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

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


















































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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

Industries








Teams

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