The Third Party Risk Assessment Policy serves as a crucial governance document for organizations operating in Nigeria, addressing the growing need for structured risk management in third-party relationships. This policy has become increasingly important due to regulatory requirements, cybersecurity concerns, and the complex business environment in Nigeria. It provides a systematic approach to identifying, assessing, and managing risks associated with third-party engagements, ensuring compliance with Nigerian regulations including data protection, anti-money laundering, and cybersecurity laws. The policy is designed to help organizations maintain effective control over their third-party relationships while meeting their regulatory obligations and protecting their interests.
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1. Purpose and Scope: Defines the objective of the policy and its applicability within the organization
2. Definitions: Clear definitions of key terms used throughout the policy, including what constitutes a third party, different risk categories, and other relevant terminology
3. Roles and Responsibilities: Outlines the roles and responsibilities of different stakeholders in the third-party risk assessment process
4. Risk Assessment Framework: Details the methodology and criteria used to assess third-party risks
5. Due Diligence Requirements: Specifies the required due diligence procedures for different categories of third parties
6. Risk Categories and Classification: Defines different categories of risks and how third parties should be classified based on risk levels
7. Assessment Procedures: Step-by-step procedures for conducting risk assessments
8. Monitoring and Review: Requirements for ongoing monitoring and periodic review of third-party relationships
9. Documentation and Record Keeping: Specifies documentation requirements and record retention policies
10. Compliance and Reporting: Outlines compliance requirements and reporting procedures
11. Policy Review and Updates: Specifies the frequency and process for reviewing and updating the policy
1. Industry-Specific Requirements: Additional requirements specific to regulated industries (e.g., financial services, healthcare)
2. International Third Parties: Special considerations and requirements for international third-party relationships
3. Emergency Procedures: Procedures for managing third-party risks during emergencies or critical situations
4. Technology and Cybersecurity Requirements: Specific requirements for technology vendors and cybersecurity risk assessment
5. Subcontractor Management: Requirements for managing and assessing subcontractors of primary third parties
6. Environmental and Social Risk Assessment: Procedures for assessing environmental and social risks associated with third parties
1. Risk Assessment Matrix: Detailed risk assessment criteria and scoring matrix
2. Due Diligence Questionnaire: Standard questionnaire for collecting information from third parties
3. Document Checklist: List of required documents for different categories of third parties
4. Risk Assessment Templates: Standardized templates for conducting risk assessments
5. Reporting Templates: Templates for various reports required under the policy
6. Control Assessment Checklist: Checklist for assessing third-party controls and safeguards
7. Incident Response Procedures: Procedures for responding to third-party incidents
8. Review and Monitoring Schedule: Schedule of required reviews and monitoring activities
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Insurance
Telecommunications
Healthcare
Oil and Gas
Manufacturing
Technology
Retail
Professional Services
Public Sector
Education
Construction
Logistics and Transportation
Relevant Teams
Risk Management
Compliance
Legal
Procurement
Vendor Management
Internal Audit
Information Security
Operations
Finance
Supply Chain
Project Management
Relevant Roles
Chief Risk Officer
Chief Compliance Officer
Risk Manager
Compliance Manager
Procurement Manager
Vendor Management Officer
Due Diligence Specialist
Legal Counsel
Information Security Officer
Internal Audit Manager
Operations Director
Chief Financial Officer
Project Manager
Contract Manager
Supply Chain Manager
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