Description
The Vendor and Third-Party Management SOP outlines the essential processes for managing the risks associated with third-party vendors and service providers. It provides an organized framework for ensuring that vendors and third parties comply with the organization’s ISO 27001:2022 standards, which are critical to safeguarding sensitive data and reducing external risks to the organization’s information security posture.
This SOP covers the lifecycle of third-party vendor relationships, starting from the selection and assessment stage, through onboarding, ongoing monitoring, and contract termination. It ensures that all third-party service providers meet the necessary security standards and are continuously assessed for compliance with the organization’s information security management system (ISMS). In particular, it details how the organization should evaluate vendors, create secure agreements, and monitor their activities regularly to ensure that they remain compliant with security policies.
The Vendor and Third-Party Management SOP integrates seamlessly with other critical ISO 27001 SOPs such as P-ISMS-007: Training and Awareness Program and P-ISMS-013: Monitoring and Logging Policy, forming part of a holistic approach to information security. It helps mitigate risks related to third-party access, data breaches, and non-compliance with security standards. By addressing these vulnerabilities, the organization ensures that its relationships with external vendors do not jeopardize the integrity of its information security management system.
This SOP applies to all employees involved in vendor management, procurement, and compliance across departments. It provides a clear process to assess the risks posed by third-party vendors, ensuring that appropriate action is taken when vendors fail to meet the required security standards. The document is essential for organizations looking to mitigate the risks of working with external parties while remaining compliant with ISO 27001:2022 and ensuring their data protection practices meet international standards.
By utilizing this SOP, organizations can enhance their vendor risk management strategies, streamline their third-party evaluations, and minimize the potential for security breaches or data loss. It is an essential tool for securing the organization’s supply chain and ensuring that all third-party engagements meet the organization’s high standards for data protection.
The following forms are associated to this SOP:
- FORM-ISMS-011-1 – Vendor Risk Assessment Form
- FORM-ISMS-011-2 – Vendor Security Requirements Checklist
- FORM-ISMS-011-3 – Vendor Contract Review Log
- FORM-ISMS-011-4 – Vendor Performance Evaluation Report
- FORM-ISMS-011-5 – Vendor Termination Checklist
The forms are included in this SOP at no additional cost.
