Third-party Management Audit Checklist xls - Ready to Download

What is third-party management?

Third-party management aims to ensure that the third parties engaged by the organization as well as the services they provide, meet business requirements. In this way, the goal is to maximize the value obtained from these services.

The scope is as follows:

• Third-party and contract categorization
• Third-party selection 
• Development and agreement of contracts 
• Managing supplier relationships 
• Managing supply chain
• Monitoring and reporting compliance with contracts and, consequently, supplier performance
• Identifying, assessing, and managing risks, particularly those related to critical suppliers
• Reviewing, renewing, and/or terminating contracts
• Maintaining a service improvement plan with the third-party

Third-party management checklist

In order to reduce third-party related risks your  third-party management process should be well designed and executed  accordingly. The third-party management checklist helps to ensure compliance as well as identify areas for improvement and raise awareness. It covers domains such as people, organization, governance, processes and technology. It is designed as an Excel document and includes around 45 questions that can be marked as “applicable” or “not applicable” to help you plan and manage improvement actions. 

Please refer to our third-party management toolkit for further guidance.