Document background
The Third Party Risk Assessment Policy serves as a critical governance document for organizations operating in the Canadian market that engage with external service providers, vendors, and partners. This policy becomes essential as organizations increasingly rely on third parties for critical services while facing growing regulatory scrutiny and cyber security threats. It incorporates requirements from Canadian federal legislation including PIPEDA, the Bank Act, and PCMLTFA, as well as provincial regulations where applicable. The policy provides a structured approach to identifying, assessing, and managing risks associated with third-party relationships, including operational, financial, reputational, and compliance risks. It is particularly relevant in today's business environment where supply chain resilience and data protection have become paramount concerns.
