Third Party Supplier Policy

This policy establishes guidelines for managing relationships with third-party suppliers to minimize risks, ensure compliance, and maintain the security and integrity of our operations. This policy is supported by Information Security, Access Control and Incident Response policies. 

Key Components:

• Risk Assessment:
  • Conduct risk assessments before engaging new suppliers
  • Regularly reassess existing suppliers based on criticality and access level
• Contractual Requirements:
  • Include clear security, privacy, and compliance clauses in all contracts
  • Define service level agreements (SLAs) and performance metrics
• Access Control:
  • Implement the principle of least privilege for supplier access to systems and data
  • Regularly review and audit supplier access rights
• Data Protection:
  • Ensure suppliers adhere to our data protection and privacy policies
  • Require encryption for data in transit and at rest
• Incident Response:
  • Establish clear procedures for reporting and managing security incidents involving suppliers
  • Require suppliers to participate in incident response drills
• Ongoing Monitoring:
  • Implement continuous monitoring of supplier performance and compliance
  • Conduct regular audits and assessments
• Termination Procedures:
  • Define clear processes for terminating supplier relationships
  • Ensure the secure return or destruction of company data and assets

This policy applies to all departments and employees involved in managing third-party supplier relationships. It aims to protect our organization's assets, data, and reputation while maximizing the benefits of supplier partnerships.