The Third Party Risk Assessment document serves as a critical tool for organizations operating under Maltese jurisdiction to evaluate and manage risks associated with external business relationships. This document becomes necessary when engaging new vendors, service providers, or partners, or when conducting periodic reviews of existing third-party relationships. It encompasses comprehensive risk evaluation across multiple dimensions including operational, financial, technical, regulatory, and reputational risks. The assessment framework is designed to comply with Malta Financial Services Authority (MFSA) requirements, EU regulations, and international risk management standards. It helps organizations maintain regulatory compliance while protecting their interests through structured risk identification, analysis, and mitigation planning. The document is particularly important given Malta's position as an EU financial services hub and its strict regulatory environment regarding business relationships and risk management.
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1. 1. Parties: Identification of the assessing organization and the third party being assessed
2. 2. Background: Context of the relationship and purpose of the risk assessment
3. 3. Definitions: Key terms used throughout the assessment document
4. 4. Scope of Assessment: Boundaries and limitations of the risk assessment, including services or products being evaluated
5. 5. Risk Assessment Methodology: Description of the approach and criteria used for the risk assessment
6. 6. Third Party Overview: Detailed profile of the third party, including business structure, operations, and relevant certifications
7. 7. Regulatory Compliance Analysis: Assessment of compliance with relevant Maltese and EU regulations
8. 8. Risk Identification: Detailed analysis of identified risks across various categories (operational, financial, technical, etc.)
9. 9. Risk Evaluation: Assessment of risk likelihood and potential impact
10. 10. Current Controls Assessment: Evaluation of existing control measures implemented by the third party
11. 11. Gap Analysis: Identification of areas where current controls are insufficient
12. 12. Risk Treatment Plan: Proposed measures to address identified risks and gaps
13. 13. Monitoring Requirements: Ongoing monitoring and review procedures for identified risks
14. 14. Conclusion and Recommendations: Overall risk rating and key recommendations
1. Data Protection Impact Assessment: Required when the third party relationship involves significant personal data processing under GDPR
2. Financial Stability Analysis: Detailed financial risk assessment, particularly important for critical suppliers or high-value contracts
3. Business Continuity Assessment: Evaluation of business continuity and disaster recovery capabilities, essential for critical service providers
4. Information Security Assessment: Detailed IT security evaluation, required when the third party has access to sensitive systems or data
5. Environmental Impact Assessment: Required when the third party's services have significant environmental implications
6. Subcontractor Assessment: Evaluation of fourth parties when the third party uses significant subcontractors
7. Industry-Specific Compliance: Additional compliance requirements based on specific industry regulations
1. Schedule A - Risk Assessment Matrix: Detailed risk scoring matrix and methodology
2. Schedule B - Compliance Checklist: Detailed regulatory compliance verification checklist
3. Schedule C - Control Assessment Results: Detailed findings from control testing and evaluation
4. Schedule D - Interview Records: Documentation of key interviews and information gathering sessions
5. Schedule E - Document Review Log: List of documents reviewed during the assessment
6. Appendix 1 - Technical Assessment Results: Detailed technical testing results and findings
7. Appendix 2 - Risk Treatment Action Plan: Detailed implementation plan for recommended controls
8. Appendix 3 - Monitoring Procedures: Detailed procedures for ongoing risk monitoring
9. Appendix 4 - Supporting Evidence: Copies of certificates, audit reports, and other supporting documentation
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Information Technology
Healthcare
Manufacturing
Professional Services
Telecommunications
Gaming and Entertainment
Retail and Consumer Goods
Transportation and Logistics
Energy and Utilities
Education
Construction and Real Estate
Relevant Teams
Risk Management
Compliance
Legal
Procurement
Vendor Management
Information Security
Data Protection
Operations
Internal Audit
Finance
Supply Chain
Business Continuity
Quality Assurance
Information Technology
Relevant Roles
Risk Manager
Compliance Officer
Legal Counsel
Procurement Manager
Vendor Management Specialist
Information Security Officer
Data Protection Officer
Operations Director
Chief Risk Officer
Chief Compliance Officer
Due Diligence Specialist
Business Continuity Manager
Audit Manager
Supply Chain Manager
Contract Manager
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