Third Party Risk Assessment Template for Singapore

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Third Party Risk Assessment Template

I need a Third Party Risk Assessment Template for evaluating a cloud service provider in Singapore, with specific focus on data protection and technology risks, as we're planning to migrate our core banking systems by March 2025.

What is a Third Party Risk Assessment?

The Third Party Risk Assessment Template is designed to help organizations in Singapore evaluate and manage risks associated with their third-party relationships. This document becomes necessary when engaging new vendors, conducting periodic assessments of existing relationships, or responding to regulatory requirements. It incorporates key elements of Singapore's regulatory landscape, including PDPA compliance, MAS guidelines, and cybersecurity requirements. The template provides a structured framework for documenting risk assessments, control evaluations, and compliance status, helping organizations maintain proper oversight of their third-party ecosystem.

What sections should be included in a Third Party Risk Assessment?

1. 1. Introduction: Purpose and scope of the risk assessment, including background, objectives, and methodology

2. 2. Third Party Information: Basic details about the third party, including business nature, contact information, and relationship type

3. 3. Risk Assessment Framework: Methodology and criteria used for risk assessment, including risk categories and scoring system

4. 4. Compliance Requirements: Regulatory and legal compliance requirements applicable to the third party under Singapore law

5. 5. Control Assessment: Evaluation of existing controls and their effectiveness across different risk domains

What sections are optional to include in a Third Party Risk Assessment?

1. Industry-Specific Requirements: Additional requirements based on specific industry regulations such as MAS Guidelines for financial institutions

2. Cross-border Considerations: International compliance requirements and jurisdictional issues for third parties operating across multiple jurisdictions

3. Business Continuity Assessment: Evaluation of business continuity and disaster recovery capabilities for critical service providers

What schedules should be included in a Third Party Risk Assessment?

1. Schedule A: Risk Rating Matrix: Detailed risk scoring criteria and methodology, including impact and likelihood assessments

2. Schedule B: Control Checklist: Comprehensive list of controls to be assessed, including technical, operational, and management controls

3. Schedule C: Compliance Checklist: Regulatory compliance requirements checklist covering PDPA, Cybersecurity Act, and other applicable regulations

4. Appendix 1: Documentation Requirements: List of required documents and evidence to be collected during the assessment

5. Appendix 2: Assessment Questionnaire: Detailed questionnaire for third party assessment covering all risk domains

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 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
Critical Infrastructure

Relevant Teams

Risk Management
Compliance
Procurement
Information Security
Legal
Internal Audit

Relevant Roles

Risk Manager
Compliance Officer
Vendor Management Officer
Chief Information Security Officer
Procurement Manager

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Let's create your Third Party Risk Assessment

What is a Third Party Risk Assessment?

What sections should be included in a Third Party Risk Assessment?

What sections are optional to include in a Third Party Risk Assessment?

What schedules should be included in a Third Party Risk Assessment?

Authors

Alex Denne

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