Third Party Risk Assessment Template

Third Party Risk Assessment Template for United Arab Emirates

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Key Requirements PROMPT example:

"I need a Third Party Risk Assessment Template for our financial services company in Dubai, focusing heavily on cybersecurity and data protection compliance with UAE regulations, as we're planning to onboard new fintech service providers in March 2025."

Document background

The Third Party Risk Assessment Template has been developed to address the growing need for structured risk evaluation of business relationships in the UAE market. This document serves as a comprehensive framework for organizations operating under UAE jurisdiction to assess and monitor risks associated with their third-party relationships. It aligns with UAE federal laws, including Federal Law No. 2 of 2019 (Anti-Money Laundering), Federal Decree Law No. 45 of 2021 (Data Protection), and various sector-specific regulations. The template includes detailed assessment criteria, risk scoring mechanisms, control evaluation frameworks, and monitoring procedures, enabling organizations to maintain effective oversight of their third-party relationships while ensuring regulatory compliance. It is designed to be customizable based on the organization's risk appetite, industry requirements, and the nature of the third-party relationship being assessed.

Suggested Sections

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

2. 2. Background: Context of the assessment and the business relationship

3. 3. Definitions: Key terms used throughout the assessment template

4. 4. Purpose and Scope: Objectives of the risk assessment and boundaries of evaluation

5. 5. Third Party Information: Detailed profile of the third party including business structure, ownership, and operations

6. 6. Risk Categories: Definition of risk categories to be assessed (strategic, operational, financial, compliance, reputational)

7. 7. Assessment Methodology: Framework and approach for conducting the risk assessment

8. 8. Risk Rating Criteria: Criteria and metrics for rating various risks

9. 9. Control Assessment: Evaluation of existing controls and their effectiveness

10. 10. Compliance Requirements: Regulatory and legal compliance requirements specific to UAE

11. 11. Documentation Requirements: Required documents and evidence for assessment

12. 12. Review and Approval Process: Steps for reviewing and approving the assessment

13. 13. Monitoring and Reporting: Ongoing monitoring requirements and reporting procedures

Optional Sections

1. Industry-Specific Requirements: Additional requirements for specific industries (e.g., financial services, healthcare)

2. Data Protection Assessment: Detailed assessment of data handling practices when third party processes personal data

3. Business Continuity Assessment: Evaluation of business continuity and disaster recovery capabilities for critical service providers

4. Environmental and Social Impact: Assessment of environmental and social responsibility for relevant third parties

5. Technology and Cybersecurity: Detailed IT and cybersecurity assessment for technology service providers

6. Sanctions Screening: Additional screening requirements for international third parties

7. Sub-contractor Assessment: Assessment of sub-contractors when third party uses significant sub-contracting

Suggested Schedules

1. Schedule 1: Risk Assessment Questionnaire: Detailed questionnaire covering all risk categories

2. Schedule 2: Due Diligence Checklist: Checklist of required documents and verifications

3. Schedule 3: Risk Scoring Matrix: Detailed scoring criteria and risk level determination framework

4. Schedule 4: Control Assessment Framework: Framework for evaluating control effectiveness

5. Schedule 5: Compliance Checklist: Checklist of UAE regulatory requirements

6. Schedule 6: Document Request List: List of required documents and certifications

7. Appendix A: Risk Assessment Templates: Standard templates for different types of risk assessments

8. Appendix B: Reporting Templates: Standard templates for assessment reports

9. Appendix C: Escalation Matrix: Contact details and procedures for risk escalation

10. Appendix D: UAE Regulatory Requirements: Detailed overview of applicable UAE regulations and requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 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

Clauses

Relevant Industries

Financial Services

Healthcare

Technology

Manufacturing

Retail

Construction

Energy

Telecommunications

Professional Services

Transportation and Logistics

Real Estate

Education

Government and Public Sector

Defense and Security

Media and Entertainment

Relevant Teams

Risk Management

Procurement

Vendor Management

Legal

Compliance

Internal Audit

Information Security

Supply Chain

Operations

Finance

Quality Assurance

Information Technology

Business Continuity

Corporate Governance

Relevant Roles

Chief Risk Officer

Procurement Manager

Vendor Management Specialist

Compliance Officer

Legal Counsel

Risk Assessment Analyst

Due Diligence Specialist

Supply Chain Manager

Operations Director

Chief Information Security Officer

Internal Audit Manager

Contract Manager

Quality Assurance Manager

Business Continuity Manager

Regulatory Compliance Specialist

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