Third Party Risk Assessment Policy

Third Party Risk Assessment Policy Template for Nigeria

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Key Requirements PROMPT example:

"I need a Third Party Risk Assessment Policy for a Nigerian fintech company that will be launching operations in March 2025, with particular emphasis on cybersecurity requirements and compliance with NDPR regulations."

Document background

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.

Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

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

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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