3rd Party Risk Category Assessment Process Process Risk Assessment Determine if the activity performed by the 3rd Party is critical to the firm and identify the overall stability of the 3rd Party ID: 904487
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3rd Party Risk Categorization Process
3rd Party Risk Category Assessment Process
Process Risk Assessment: Determine if the activity performed by the 3rd Party is critical to the firm and identify the overall stability of the 3rd Party. Data / Access Management Assessment: Determine if the method of interacting with the 3rd Party increases the risk to the firm.3rd Party Resilience Assessment: For critical activities evaluate the completeness and effectiveness of resilience, response, and recovery programs. Determine the cost of replacing the 3rd Party after a catastrophic disruption
3rd Party Risk Categories: Based on the results of the assessment determine the level of due diligence, and ongoing risk assessment required for the 3rd Party relationship. Vendor Risk Categories include:Critical / Important / Medium / Low
Slide23rd Party Risk Category Assessment Guidance