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Service Provider Risk Assessment Template for England and Wales

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Key Requirements PROMPT example:

Service Provider Risk Assessment Template

I need a Service Provider Risk Assessment Template for evaluating a new cloud computing vendor who will be handling sensitive customer data, with specific focus on data protection and cybersecurity risks, to be implemented by March 2025.

Document background
The Service Provider Risk Assessment Template is designed to help organizations in England and Wales conduct thorough due diligence on potential and existing service providers. This document becomes necessary when organizations need to evaluate third-party risks, ensure regulatory compliance, and maintain effective vendor management programs. It incorporates requirements from various UK regulations including data protection, health and safety, and industry-specific requirements. The template supports organizations in making informed decisions about service provider relationships while maintaining appropriate risk management standards.
Suggested Sections

1. Service Provider Details: Basic information about the service provider including company registration, address, key contacts

2. Service Description: Detailed outline of services provided and scope of work

3. Risk Categories Assessment: Standard risk categories including financial, operational, regulatory, and reputational risks

4. Control Measures: Existing controls and mitigation strategies

5. Compliance Status: Current compliance status with relevant regulations and standards

Optional Sections

1. Industry-Specific Risk Factors: Additional risk considerations specific to particular industries - use when the service provider operates in regulated industries

2. International Operations Assessment: Risk assessment for cross-border operations - use when service provider operates internationally

3. Environmental Impact Assessment: Environmental risk considerations - use when services have potential environmental impact

Suggested Schedules

1. Risk Scoring Matrix: Standardized scoring system for risk evaluation

2. Compliance Certificates: Copies of relevant certifications and compliance documents

3. Insurance Certificates: Evidence of required insurance coverage

4. Due Diligence Questionnaire: Standard questions for gathering additional risk information

5. Action Plan Template: Template for documenting required risk mitigation actions

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions






























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Industries

Supply of Goods and Services Act 1982: Core legislation governing service contracts, defining implied terms and obligations in service provision agreements

Consumer Rights Act 2015: Legislation protecting consumer rights in service contracts, ensuring services are provided with reasonable care and skill

Contracts (Rights of Third Parties) Act 1999: Legislation governing how third parties may enforce terms of a contract to which they are not directly a party

UK General Data Protection Regulation (UK GDPR): Primary data protection legislation in the UK post-Brexit, governing how organizations must handle personal data

Data Protection Act 2018: The UK's implementation of data protection laws, working alongside UK GDPR to regulate personal data processing

Privacy and Electronic Communications Regulations (PECR): Specific regulations governing electronic communications, marketing, and use of cookies

Health and Safety at Work etc. Act 1974: Primary legislation for workplace health and safety, setting out employers' responsibilities

Management of Health and Safety at Work Regulations 1999: Detailed regulations requiring employers to assess and manage workplace risks

Employment Rights Act 1996: Core employment legislation defining basic employment rights and responsibilities

Equality Act 2010: Legislation protecting against discrimination and promoting equality in service provision and employment

Modern Slavery Act 2015: Legislation requiring businesses to ensure their supply chains are free from slavery and human trafficking

Proceeds of Crime Act 2002: Legislation dealing with money laundering and proceeds of crime, affecting business transactions

Money Laundering Regulations 2017: Specific regulations requiring businesses to implement anti-money laundering controls

Bribery Act 2010: Anti-corruption legislation requiring businesses to prevent bribery in their operations

Financial Services and Markets Act 2000: Primary legislation governing financial services regulation in the UK

Environmental Protection Act 1990: Legislation governing environmental protection and waste management obligations

Environment Act 2021: Updated environmental legislation introducing new obligations for businesses regarding environmental protection

Network and Information Systems Regulations 2018: Legislation governing cybersecurity requirements for essential services and digital service providers

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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