Third-party Risk Management Policy – FREE to Download

What is third-party risk policy?

A Third-Party Risk Management Policy is critical because organizations increasingly rely on suppliers / third parties for critical services, data processing, and technology.

The policy is a valuable governance element that guides the organization in effective third-party risk management while minimizing risks and ensuring compliance with information security and other applicable regulatory requirements.

When the policy is integrated in the governance structure in the right way, then third party risks can be positioned appropriately on the senior management agenda.

Third-party risk management policy template

The policy covers the entire lifecycle of company-wide third parties providing goods and services to the organization.

The scope includes

Third-party classification

Requirement definition

Due diligence and selection

Pre-contract risk management

Contracting

Third-party risk management

Performance monitoring and reporting

Contract review and renewal, termination, or exit

The template is provided in an editable MS Word format, spans five pages, and covers 28 statements, including relevant roles and responsibilities, enforcement, and exception topics.

Have a look at our third-party management toolkit !!

Here is our blog for third party classification !!