Third Party Risk Assessment Checklist

Use this Third Party Risk Assessment Checklist to evaluate the risks associated with vendors, covering areas like IT security, compliance, and more.

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IT & Data Center
Third Party Risk Assessment Checklist

Identify And Classify Third Parties

Understand Business Relationships

Legal And Compliance Framework

Financial Stability

Geopolitical And Environmental Factors

Risk Assessment

Data Security And Privacy

Cybersecurity Practices

Business Continuity And Disaster Recovery

Compliance Monitoring

Due Diligence

Contractual Protections

Monitoring And Auditing

Incident Response Planning

Insurance Coverage

Regular Review And Update

Industry Changes

Technology Advancements

Lessons Learned

Continuous Training

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Checklist by GoAudits.com – Please note that this checklist is intended as an example. We do not guarantee compliance with the laws applicable to your territory or industry. You should seek professional advice to determine how this checklist should be adapted to your workplace or jurisdiction.

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Third Party Risk Assessment Checklist

Use this Third Party Risk Assessment Checklist to evaluate the risks associated with vendors, covering areas like IT security, compliance, and more.

1. Have all external entities involved in business operations been listed?

2. Have these entities been categorized based on the importance of their role?

3. Is a third-party risk assessment template being used to facilitate this task?

1. Has the purpose and scope of each third-party relationship been defined?

2. Have the services, systems accessed, and data involved been documented?

1. Have contracts and agreements been reviewed for clarity?

2. Is there assurance that industry regulations and standards are being complied with?

1. Has the financial health of third parties been assessed?

2. Is the financial stability of each third party aligned with their role in operations?

1. Have geopolitical risks in the regions of third-party operations been evaluated?

2. Have environmental factors impacting stability been considered?

1. Is a standardized risk assessment process being developed?

2. Are customized third-party risk assessment questionnaires used to evaluate potential vendors?

3. Are financial stability, operational resilience, and service impact considered?

1. Have data security measures (encryption, access controls) been assessed?

2. Are privacy policies and procedures evaluated?

1. Have cybersecurity policies and practices been reviewed?

2. Has the history of cybersecurity incidents been evaluated?

1. Are robust business continuity and disaster recovery plans in place?

2. Have the plans for minimizing disruptions been assessed?

1. Is a monitoring system for compliance implemented?

2. Are periodic audits conducted for verification?

1. Has thorough due diligence been conducted before entering any relationship?

2. Is due diligence continuously updated based on changes?

1. Are clear clauses included to define expectations and penalties?

2. Are indemnification clauses incorporated in the contracts?

1. Have regular monitoring systems been established?

2. Are periodic audits conducted for compliance?

1. Have incident response plans involving third parties been developed?

2. Are the third parties' plans aligned with these incident response plans?

1. Has the need for insurance coverage been evaluated?

2. Is the insurance coverage tailored to address specific risks?

1. Are periodic reviews of the checklist scheduled, at least annually?

2. Are changes in business operations and regulations incorporated?

1. Is there a process in place to stay informed about changes in industry regulations?

2. Has the checklist been adjusted to reflect new regulatory requirements?

1. Is there an effort to stay abreast of technological advancements and emerging risks?

2. Has the checklist been updated to include considerations for new technologies?

1. Are incidents and issues from third-party relationships analyzed?

2. Is the checklist updated based on lessons learned from these incidents?

1. Is ongoing training provided for staff involved in risk management?

2. Is there a culture of awareness and vigilance being fostered among staff?