Single logo
LoginSign Up

ISO 27001 Third-Party Risk Management Audit Checklist for Financial Services

A detailed audit checklist for assessing and improving third-party risk management processes in financial services organizations, ensuring alignment with ISO 27001 standards and addressing industry-specific requirements for managing risks associated with external partnerships and outsourcing.

ISO 27001 Third-Party Risk Management Audit Checklist for Financial Services

by: audit-now
4.4

Get Template

About This Checklist

In the interconnected world of financial services, managing risks associated with third-party relationships is crucial for maintaining information security and regulatory compliance. The ISO 27001 Third-Party Risk Management Audit Checklist for Financial Services is a vital tool for assessing and mitigating risks stemming from partnerships with vendors, service providers, and other external entities. This comprehensive checklist addresses key aspects of third-party risk management, from initial due diligence and contract management to ongoing monitoring and offboarding processes. By implementing robust third-party risk management practices, financial institutions can protect sensitive data, ensure operational continuity, and maintain the trust of their clients and regulators.

Learn more

Industry

Financial Services

Standard

ISO/IEC 27001 - Information Security Management

Workspaces

Office Buildings
Financial Institutions
Procurement Offices

Occupations

Third-Party Risk Manager
Vendor Management Specialist
Information Security Auditor
Procurement Officer
Compliance Analyst
1
Is there a documented process for vendor due diligence?
2
Please describe the third-party risk assessment process currently in place.
3
On a scale of 1-5, how frequently are third-party risks assessed?
Min: 1
Target: 3
Max: 5
4
Is there a formal evaluation process for cloud service providers?
5
When was the last review of the vendor contract conducted?
6
Is the outsourcing process compliant with regulatory standards?
7
What risk mitigation strategies are employed for outsourced services?
8
Rate the performance of the vendor on a scale of 1-5.
Min: 1
Target: 3
Max: 5
9
When is the next scheduled review of the outsourcing agreement?
10
Has a fourth-party risk assessment been completed?
11
Has the vendor been classified according to risk levels?
12
What is the expiration date of the current vendor contract?
13
How many audits have been conducted for this vendor in the past year?
Min: 0
Target: 2
Max: 100
14
When was the last risk assessment performed on this vendor?
15
Has the vendor completed compliance training?
16
Is the vendor meeting the agreed-upon service level agreement (SLA) requirements?
17
What issues have been reported regarding this vendor's performance?
18
On a scale of 1-10, how satisfied are customers with the vendor's services?
Min: 1
Target: 7
Max: 10
19
When is the next scheduled performance review for this vendor?
20
Is there an active risk mitigation action plan in place for this vendor?
21
Is sensitive financial data encrypted in transit and at rest?
22
Describe the response plan in place for potential data breaches.
23
How many audits of data access have been conducted in the last year?
Min: 0
Target: 2
Max: 100
24
When was the last training session on data protection held for employees?
25
Are third-party vendors compliant with data handling policies?

FAQs

The checklist covers vendor due diligence processes, contract management, information security requirements for third parties, access control for external parties, ongoing monitoring and assessment, incident response coordination, and third-party offboarding procedures.

It includes specific items for evaluating cloud service providers, such as data residency requirements, encryption standards, access controls, and compliance with financial industry regulations, helping institutions mitigate risks associated with cloud adoption.

The checklist covers regulatory requirements specific to financial services, including data protection laws, financial industry standards for outsourcing, and regulatory expectations for third-party risk management, such as those from central banks or financial regulators.

Initial assessments should be conducted before engaging with a new third party. Thereafter, reassessments should be performed annually for critical vendors, with more frequent reviews for high-risk relationships or after significant changes in the third party's operations or the regulatory landscape.

It includes items for evaluating how third parties manage their own suppliers (fourth parties), ensuring that the entire supply chain meets the required security standards and regulatory requirements of the financial institution.

Benefits of ISO 27001 Third-Party Risk Management Audit Checklist for Financial Services

Ensures compliance with ISO 27001 requirements for third-party risk management in financial services

Mitigates risks associated with outsourcing and third-party relationships

Enhances data protection and privacy across the supply chain

Improves regulatory compliance and demonstrates due diligence to stakeholders

Reduces the likelihood of security incidents originating from third-party vulnerabilities