Third Party Risk Assessment

Third Party Risk Assessment Template for South Africa

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Key Requirements PROMPT example:

"I need a Third Party Risk Assessment document for evaluating a new cloud service provider who will handle sensitive customer data for our financial services company in South Africa, with particular focus on POPIA compliance and data security requirements."

Document background

The Third Party Risk Assessment document serves as a critical tool for organizations operating in South Africa to evaluate and manage risks associated with their third-party relationships. This document becomes necessary when organizations engage with vendors, suppliers, or service providers who may impact their operations, data security, or regulatory compliance. It aligns with South African regulatory requirements, including the Protection of Personal Information Act (POPIA), Financial Intelligence Centre Act (FICA), and the Companies Act, while incorporating international risk management standards. The assessment covers various risk domains including financial stability, operational capability, information security, regulatory compliance, and business continuity. Organizations should conduct this assessment before entering into significant third-party relationships and periodically review existing relationships to ensure ongoing risk management effectiveness.

Suggested Sections

1. Executive Summary: High-level overview of the assessment findings, key risks identified, and critical recommendations

2. Introduction: Purpose of the assessment, scope, and methodology used

3. Third Party Information: Detailed information about the third party, including business nature, registration details, and relationship with the organization

4. Regulatory Compliance Assessment: Evaluation of the third party's compliance with relevant South African legislation, including POPIA, FICA, and other applicable laws

5. Financial Risk Assessment: Analysis of financial stability, credit risks, and financial controls

6. Operational Risk Assessment: Evaluation of operational processes, business continuity, and service delivery capabilities

7. Information Security and Data Protection: Assessment of information security controls, data protection measures, and POPIA compliance

8. Business Continuity and Disaster Recovery: Evaluation of business continuity planning and disaster recovery capabilities

9. Risk Rating and Classification: Overall risk rating and classification based on assessment findings

10. Recommendations and Risk Mitigation: Detailed recommendations for risk mitigation and required actions

Optional Sections

1. Environmental and Social Governance: Assessment of environmental and social governance practices, recommended for third parties in environmentally sensitive industries

2. Supply Chain Assessment: Evaluation of the third party's supply chain risks, relevant for manufacturers or distributors

3. Industry-Specific Compliance: Assessment of compliance with industry-specific regulations, needed for regulated industries like financial services or healthcare

4. Anti-Bribery and Corruption Assessment: Detailed evaluation of anti-bribery and corruption controls, recommended for high-risk jurisdictions or industries

5. Human Resources and Labor Practices: Assessment of HR policies and labor law compliance, important for service providers with large workforce

Suggested Schedules

1. Risk Assessment Matrix: Detailed risk scoring matrix and assessment criteria

2. Due Diligence Questionnaire: Completed questionnaire with third party responses

3. Document Checklist: List of documents reviewed during the assessment

4. Compliance Certificates: Copies of relevant compliance certificates and licenses

5. Financial Analysis: Detailed financial analysis and supporting documentation

6. Control Testing Results: Results of control testing and assessments performed

7. Interview Records: Summary of interviews conducted with key stakeholders

8. Risk Treatment Plan: Detailed plan for addressing identified risks

9. Monitoring and Review Schedule: Schedule for ongoing monitoring and review of the third party

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

Manufacturing

Retail

Technology

Telecommunications

Mining

Energy

Professional Services

Construction

Agriculture

Transportation and Logistics

Education

Government and Public Sector

Relevant Teams

Risk Management

Compliance

Legal

Procurement

Information Security

Operations

Finance

Internal Audit

Vendor Management

Information Technology

Supply Chain

Data Protection

Relevant Roles

Chief Risk Officer

Risk Manager

Compliance Officer

Procurement Manager

Vendor Management Officer

Legal Counsel

Information Security Officer

Data Protection Officer

Operations Manager

Financial Controller

Internal Auditor

Due Diligence Specialist

Supply Chain Manager

Contract Manager

Chief Information Officer

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