Third Party Risk Assessment Policy Template for Ireland

Create a bespoke document in minutes, or upload and review your own.

4.6 / 5

4.8 / 5

Let's create your Third Party Risk Assessment Policy

1. Select your governing law and document type:

2. Enter your key requirements:

3. Create your document to edit, review or download

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Third Party Risk Assessment Policy

"I need a Third Party Risk Assessment Policy for a fintech company operating in Ireland, with particular emphasis on data protection and cybersecurity requirements for cloud service providers, ensuring compliance with both Central Bank of Ireland guidelines and GDPR requirements."

Document background

The Third Party Risk Assessment Policy is designed to provide organizations operating under Irish jurisdiction with a structured approach to managing risks associated with third-party relationships. This document becomes necessary when organizations engage with external parties and need to ensure compliance with both Irish and EU regulatory requirements, including the Data Protection Act 2018, Central Bank of Ireland's Outsourcing Guidelines, and various EU directives. The policy includes comprehensive risk assessment procedures, due diligence requirements, monitoring protocols, and escalation procedures. It is particularly relevant in the current business environment where organizations increasingly rely on third-party relationships while facing growing regulatory scrutiny and complex compliance requirements. The document serves as a cornerstone for effective risk management and governance of third-party relationships.

Suggested Sections

1. Purpose and Scope: Defines the objective of the policy and its applicability across the organization

2. Definitions: Clear definitions of key terms including 'third party', 'risk assessment', 'critical supplier', and other relevant terminology

3. Roles and Responsibilities: Outlines the 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 checks and evaluations for different categories of third parties

6. Risk Categories: Defines and describes the various types of risks to be assessed (operational, financial, regulatory, reputational, etc.)

7. Assessment Procedures: Step-by-step procedures for conducting risk assessments

8. Risk Rating Methodology: Explains how risk levels are determined and scored

9. Monitoring and Review: Requirements for ongoing monitoring and periodic review of third-party relationships

10. Reporting Requirements: Specifies the reporting structure, frequency, and content of risk assessment reports

11. Documentation Requirements: Details the required documentation and record-keeping standards

12. Compliance and Regulatory Requirements: Outlines relevant legal and regulatory obligations

13. Escalation Procedures: Process for escalating identified risks and issues

Optional Sections

1. Industry-Specific Requirements: Additional requirements specific to regulated industries such as financial services or healthcare

2. Technology and Cybersecurity Assessment: Detailed procedures for assessing technology and cybersecurity risks, particularly relevant for technology service providers

3. Environmental and Social Governance (ESG): Assessment criteria for environmental and social governance factors, important for organizations with strong ESG commitments

4. Global Operations Considerations: Additional requirements for international third-party relationships, relevant for organizations operating across multiple jurisdictions

5. Supply Chain Risk Assessment: Specific procedures for assessing supply chain risks, particularly relevant for manufacturing or retail organizations

6. Data Protection Impact Assessment: Detailed procedures for assessing data protection risks, particularly relevant for organizations handling significant amounts of personal data

7. Business Continuity Requirements: Specific requirements for assessing business continuity and disaster recovery capabilities of critical third parties

Suggested Schedules

1. Risk Assessment Questionnaire Template: Standardized questionnaire for collecting risk-related information from third parties

2. Risk Scoring Matrix: Template for calculating and categorizing risk levels

3. Due Diligence Checklist: Comprehensive checklist of required due diligence activities

4. Risk Assessment Report Template: Standard format for documenting risk assessment findings

5. Control Assessment Framework: Framework for evaluating the effectiveness of third-party controls

6. Regulatory Compliance Checklist: Checklist of relevant regulatory requirements and compliance standards

7. Risk Register Template: Template for maintaining an ongoing record of identified risks and mitigation measures

8. Service Level Agreement (SLA) Requirements: Standard requirements to be included in SLAs based on risk assessment outcomes

9. Incident Response Protocol: Procedures for responding to third-party incidents or breaches

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

Clauses

Relevant Industries

Financial Services

Banking

Insurance

Technology

Healthcare

Retail

Manufacturing

Professional Services

Telecommunications

Energy

Pharmaceuticals

Construction

Transportation and Logistics

Education

Government and Public Sector

Relevant Teams

Risk Management

Compliance

Procurement

Legal

Internal Audit

Information Security

Vendor Management

Operations

Supply Chain

Data Protection

Information Technology

Finance

Corporate Governance

Relevant Roles

Chief Risk Officer

Risk Manager

Compliance Officer

Procurement Manager

Vendor Management Specialist

Due Diligence Analyst

Third Party Risk Analyst

Legal Counsel

Internal Auditor

Information Security Manager

Data Protection Officer

Operations Manager

Supply Chain Manager

Chief Information Security Officer

Chief Compliance Officer

Contract Manager

Governance Manager

Find the exact document you need

Regulatory Compliance Risk Assessment

A comprehensive evaluation of organizational compliance risks under Irish and EU regulatory frameworks, with risk assessment and mitigation recommendations.

How Genie AI reduced drafting time by 75% for a legal firm

Let's create your Third Party Risk Assessment Policy

Authors

Alex Denne

Find the exact document you need

Regulatory Compliance Risk Assessment

Simple Fire Risk Assessment

Security Threat And Risk Assessment

Risk Assessment Matrix Cyber Security

Risk Assessment Matrix

Risk Assessment Form For Schools

Risk Assessment For Voluntary Organisations

Risk Assessment For Churches

Night Worker Risk Assessment

Livery Yard Risk Assessment

Groundworks Risk Assessment

Field Level Risk Assessment

Daily Hazard Assessment Form

Credit Union Risk Assessment

COVID Risk Assessment

Construction Risk Assessment Matrix

Commercial Risk Assessment

Challenging Behaviour Risk Assessment

Abrasive Wheels Risk Assessment

AML Risk Assessment Estate Agents

AML Risk Assessment Matrix

Fire Risk Assessment Policy

Risk Assessment Policy

Coshh Assessment

Low Voltage Directive Risk Assessment

Information Security Risk Assessment Report

Home Risk Assessment Form

Construction Fire Risk Assessment

Community Event Risk Assessment

Broken Leg Risk Assessment

Tree Surgeon Risk Assessment

Workstation Risk Assessment

Risk Assessment Form Project Management

Plant And Equipment Risk Assessment

Home Risk Assessment

Site Visit Risk Assessment

Makeup Artist Risk Assessment

Gate Risk Assessment Form

Forestry Risk Assessment

Smoking Risk Assessment

Remote Working Risk Assessment

Ppe Risk Assessment

Plant And Equipment Risk Management Form

Personal Security Risk Assessment

Person Centred Risk Assessment

Patient Manual Handling Risk Assessment

Marquee Risk Assessment

Machine Guarding Assessment

Manual Handling Risk Assessment Nhs

Latex Risk Assessment

Indoor Event Risk Assessment

Application Security Risk Assessment

Youth Work Risk Assessment

Vacant Property Risk Assessment

Festival Risk Assessment

Chainsaw Risk Assessment

Broken Arm Risk Assessment

Fundraising Risk Assessment

Hairdressing Risk Assessment

E Signature Risk Assessment

Cafe Risk Assessment

Cleaning Validation Risk Assessment

Return To Work Risk Assessment

Excavator Risk Assessment

Market Stall Risk Assessment

Project Risk Assessment Process

Cybersecurity Risk Assessment Matrix

Diesel Coshh Assessment

Baseline Risk Assessment

Cloud Computing Risk Assessment

Hospitality Risk Assessment

Yard Risk Assessment

Vulnerable Person Risk Assessment

Bow Tie Risk Assessment

Training Risk Assessment