The Third Party Risk Assessment Template has been developed to address the growing need for structured risk evaluation of external business relationships in the Australian business environment. This template is essential for organizations seeking to maintain compliance with Australian regulatory requirements while effectively managing third-party risks. It should be used when engaging new third-party service providers or conducting periodic reviews of existing relationships. The template incorporates key requirements from Australian legislation including privacy laws, security regulations, and industry-specific compliance requirements. It provides a systematic approach to identifying, assessing, and monitoring risks across various domains including operational, financial, regulatory, and reputational risks. The document is regularly updated to reflect changes in regulatory requirements and emerging risk management best practices in the Australian business context.
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1. 1. Introduction: Overview of the risk assessment purpose, scope, and methodology
2. 2. Definitions: Key terms and definitions used throughout the assessment template
3. 3. Third Party Information: Basic information about the third party, including business details, services provided, and relationship context
4. 4. Risk Categories: Detailed breakdown of risk categories to be assessed (strategic, operational, financial, compliance, reputational, etc.)
5. 5. Assessment Criteria: Evaluation criteria and scoring methodology for each risk category
6. 6. Regulatory Compliance: Assessment of compliance with relevant Australian laws and regulations
7. 7. Control Assessment: Evaluation of existing controls and their effectiveness
8. 8. Risk Rating and Scoring: Overall risk scoring methodology and risk level determination
9. 9. Risk Treatment: Required actions for risk mitigation and treatment plans
10. 10. Monitoring Requirements: Ongoing monitoring and review requirements for identified risks
1. Industry-Specific Risk Factors: Additional risk considerations specific to particular industries (e.g., financial services, healthcare)
2. Cloud Services Assessment: Specific assessment criteria for cloud service providers and data hosting arrangements
3. Business Continuity Assessment: Detailed evaluation of business continuity and disaster recovery capabilities
4. Privacy Impact Assessment: Detailed assessment of privacy risks when the third party handles personal information
5. Security Clearance Requirements: Additional security clearance requirements for high-risk or government-related services
6. Environmental Risk Assessment: Assessment of environmental risks and sustainability factors when relevant to the third party's services
1. Schedule A - Risk Assessment Questionnaire: Detailed questionnaire template for gathering risk-related information
2. Schedule B - Risk Scoring Matrix: Detailed scoring criteria and risk level determination matrix
3. Schedule C - Control Assessment Checklist: Checklist for evaluating the effectiveness of existing controls
4. Schedule D - Regulatory Compliance Checklist: Checklist of relevant regulatory requirements and compliance status
5. Schedule E - Risk Treatment Plan Template: Template for documenting risk treatment actions and timelines
6. Appendix 1 - Document Requirements: List of required documents and evidence to be collected from the third party
7. Appendix 2 - Escalation Matrix: Contact details and procedures for risk escalation
8. Appendix 3 - Risk Assessment Review Schedule: Timeline and requirements for periodic review of the risk assessment
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Healthcare
Information Technology
Professional Services
Manufacturing
Retail
Government
Telecommunications
Energy and Utilities
Education
Insurance
Mining and Resources
Relevant Teams
Risk Management
Procurement
Legal
Compliance
Vendor Management
Information Security
Operations
Supply Chain
Internal Audit
Information Technology
Privacy
Finance
Relevant Roles
Risk Manager
Procurement Manager
Compliance Officer
Legal Counsel
Vendor Management Specialist
Chief Risk Officer
Information Security Manager
Operations Manager
Supply Chain Manager
Due Diligence Specialist
Contract Manager
Business Continuity Manager
Audit Manager
Chief Information Security Officer
Privacy Officer
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