Third Party Risk Assessment Policy

Third Party Risk Assessment Policy Template for Saudi Arabia

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Key Requirements PROMPT example:

"I need a Third Party Risk Assessment Policy for our Saudi Arabian financial services company that complies with SAMA guidelines and includes specific provisions for cloud service providers and fintech partners, to be implemented by March 2025."

Document background

The Third Party Risk Assessment Policy is essential for organizations operating in Saudi Arabia to effectively manage and mitigate risks associated with third-party relationships while ensuring compliance with local regulations. This document becomes necessary when organizations engage with external parties for services, products, or partnerships, particularly given Saudi Arabia's strict regulatory environment including SAMA guidelines, cybersecurity requirements, and data protection laws. The policy includes comprehensive risk assessment procedures, compliance requirements, monitoring protocols, and incident response measures. It is designed to protect organizations from operational, reputational, and regulatory risks while maintaining effective business relationships with third parties. The document is particularly crucial given the increasing focus on third-party risk management in Saudi Arabia's regulatory landscape and the growing complexity of business relationships in the region.

Suggested Sections

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

2. Definitions: Clear definitions of key terms used throughout the policy, including types of third parties and risk categories

3. Roles and Responsibilities: Outlines the roles and responsibilities of different stakeholders in the third-party risk assessment process

4. Legal and Regulatory Framework: References to relevant Saudi Arabian laws and regulations governing third-party relationships

5. Risk Assessment Process: Detailed explanation of the risk assessment methodology and procedures

6. Due Diligence Requirements: Specific requirements for conducting due diligence on third parties

7. Risk Categories and Classification: Definition of risk categories and criteria for classification of third parties

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

9. Incident Management: Procedures for handling and reporting third-party related incidents

10. Documentation and Record Keeping: Requirements for maintaining documentation and records of assessments and decisions

Optional Sections

1. International Operations: Additional requirements for third parties operating across borders or subject to international regulations

2. Industry-Specific Requirements: Special requirements for regulated industries such as financial services or healthcare

3. Data Protection and Privacy: Detailed section on data protection requirements when third parties handle sensitive data

4. Cloud Services Risk Management: Specific requirements for cloud service providers and related risks

5. Critical Infrastructure Considerations: Additional requirements for third parties involved in critical infrastructure or essential services

Suggested Schedules

1. Risk Assessment Matrix: Detailed risk assessment criteria and scoring methodology

2. Due Diligence Questionnaire: Standard questionnaire template for third-party assessment

3. Document Checklist: List of required documents and verifications for third-party assessment

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

5. Monitoring and Review Schedule: Timeline and requirements for periodic assessments and reviews

6. Incident Response Procedures: Detailed procedures for handling various types of third-party incidents

7. Compliance Certification Forms: Templates for third-party compliance certifications

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 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

Healthcare

Technology

Telecommunications

Manufacturing

Energy

Government Services

Construction

Retail

Professional Services

Education

Transportation and Logistics

Defense and Security

Mining and Resources

Real Estate

Relevant Teams

Risk Management

Compliance

Procurement

Legal

Information Security

Operations

Internal Audit

Vendor Management

Supply Chain

Quality Assurance

Information Technology

Finance

Corporate Governance

Relevant Roles

Chief Risk Officer

Compliance Manager

Procurement Director

Vendor Management Specialist

Risk Assessment Officer

Legal Counsel

Information Security Manager

Operations Director

Contract Manager

Due Diligence Specialist

Audit Manager

Chief Compliance Officer

Supply Chain Manager

IT Security Officer

Quality Assurance Manager

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A technical framework for evaluating equipment criticality in Saudi Arabian facilities, providing standardized assessment criteria compliant with local regulations.

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Let's create your Third Party Risk Assessment Policy

Authors

Alex Denne

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