Third Party Risk Assessment Template for Switzerland

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Key Requirements PROMPT example:

Third Party Risk Assessment

"I need a Third Party Risk Assessment document for evaluating a cloud service provider for our Swiss banking operations, ensuring compliance with FINMA regulations and including specific focus on data protection and operational resilience, to be completed by March 2025."

Document background

The Third Party Risk Assessment document is a critical risk management tool used in Switzerland to evaluate potential and existing business relationships with third party service providers, vendors, or partners. It is designed to meet Swiss regulatory requirements, including FINMA guidelines and federal data protection laws, while providing a comprehensive evaluation of risks across multiple dimensions. This document becomes necessary when organizations need to assess new third party relationships, conduct periodic reviews of existing relationships, or respond to significant changes in the risk environment. The assessment typically includes detailed analysis of operational, financial, regulatory, and information security risks, along with specific mitigation strategies and monitoring requirements. It serves as both a decision-making tool for senior management and a compliance document demonstrating due diligence under Swiss regulatory frameworks.

Suggested Sections

1. 1. Executive Summary: High-level overview of the risk assessment findings and key recommendations

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

3. 3. Third Party Information: Detailed information about the third party, including business profile, services provided, and relationship context

4. 4. Regulatory Compliance Assessment: Evaluation of compliance with Swiss regulations, including FADP, AMLA, and relevant financial regulations

5. 5. Operational Risk Assessment: Analysis of operational risks, including service delivery, business continuity, and process dependencies

6. 6. Financial Risk Assessment: Evaluation of financial stability, credit risk, and financial controls of the third party

7. 7. Information Security and Data Protection: Assessment of data security measures, privacy controls, and compliance with Swiss data protection requirements

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

9. 9. Contractual Risk Assessment: Analysis of contractual arrangements and legal risks under Swiss law

10. 10. Risk Mitigation Strategies: Proposed measures to address identified risks and control deficiencies

11. 11. Monitoring and Review Framework: Ongoing monitoring requirements and periodic review procedures

12. 12. Conclusion and Recommendations: Summary of findings and specific recommendations for risk management

Optional Sections

1. Environmental and Social Risk Assessment: Assessment of environmental and social responsibility risks, recommended for third parties in environmentally sensitive industries

2. Supply Chain Risk Assessment: Evaluation of supply chain dependencies and risks, relevant for manufacturers and distributors

3. Technology Infrastructure Assessment: Detailed assessment of technical infrastructure and systems, important for technology service providers

4. Reputation Risk Assessment: Analysis of potential reputational impacts, particularly important for public-facing relationships

5. Geographic Risk Assessment: Analysis of country-specific risks when dealing with international third parties

6. Regulatory Change Impact Assessment: Analysis of potential impacts of pending regulatory changes, relevant for heavily regulated industries

Suggested Schedules

1. Appendix A: Risk Assessment Matrices: Detailed risk scoring matrices and assessment criteria

2. Appendix B: Due Diligence Documentation: Copies of key due diligence documents and verification results

3. Appendix C: Compliance Certificates: Relevant compliance certifications and attestations

4. Appendix D: Financial Analysis: Detailed financial metrics and analysis

5. Appendix E: Control Assessment Results: Detailed findings from control testing and assessments

6. Appendix F: Interview and Site Visit Reports: Documentation of interviews and site visits conducted

7. Schedule 1: Action Plan: Detailed remediation plan with timelines and responsibilities

8. Schedule 2: Monitoring Requirements: Specific monitoring procedures and reporting requirements

9. Schedule 3: Risk Register: Comprehensive register of identified risks and their current status

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 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

Assessing Organization
Third Party
Material Outsourcing
Risk Rating
Risk Appetite
Control Measures
Critical Services
Data Controller
Data Processor
Due Diligence
FINMA
Impact Assessment
Information Assets
Key Performance Indicators (KPIs)
Key Risk Indicators (KRIs)
Material Risk
Mitigation Measures
Monitoring Period
Personal Data
Residual Risk
Risk Assessment
Risk Category
Risk Level
Risk Matrix
Risk Owner
Risk Profile
Risk Register
Risk Treatment
Service Level Agreement
Significant Risk
Sub-processor
Swiss Data Protection Requirements
Third Party Services
Vendor
Inherent Risk
Control Environment
Business Continuity Plan
Disaster Recovery Plan
Exit Strategy
Force Majeure
Regulatory Requirements
Compliance Framework
Assessment Period
Review Cycle
Risk Tolerance
Critical Functions
Material Outsourcing Arrangement
Service Provider
Risk Assessment Methodology
Control Framework

Clauses

Relevant Industries

Banking and Financial Services

Insurance

Healthcare

Pharmaceuticals

Information Technology

Manufacturing

Telecommunications

Professional Services

Energy and Utilities

Transportation and Logistics

Retail and Consumer Goods

Education

Relevant Teams

Risk Management

Compliance

Legal

Information Security

Procurement

Vendor Management

Internal Audit

Operations

Finance

Data Protection

Business Continuity

Due Diligence

Relevant Roles

Risk Manager

Compliance Officer

Chief Risk Officer

Vendor Management Specialist

Procurement Manager

Legal Counsel

Information Security Officer

Due Diligence Specialist

Operations Manager

Chief Financial Officer

Audit Manager

Business Continuity Manager

Data Protection Officer

Third Party Risk Analyst

Senior Risk Consultant

Regulatory Compliance Manager

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Authors

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