1. Purpose
The purpose of this policy is to establish a framework for identifying, assessing, monitoring, and managing risks associated with third-party relationships, vendors, and partners who have access to TheAgencyFounder’s data, systems, or confidential information. This policy ensures compliance with contractual obligations, industry standards, and Meta’s Third Party Assessment (TPA) requirements.
2. Scope
This policy applies to:
All third parties, vendors, contractors, and partners engaged by TheAgencyFounder.
All services, tools, and platforms where TheAgencyFounder’s confidential, client, or personal data is shared, processed, or stored.
All stages of the vendor lifecycle: onboarding, ongoing engagement, and offboarding.
3. Policy Statement
TheAgencyFounder commits to:
Conducting due diligence before engaging with any third party.
Evaluating third parties for compliance with legal, regulatory, and security standards.
Continuously monitoring and managing third-party performance and risks.
Ensuring contractual safeguards are in place to protect data shared with third parties.
Immediately addressing and remediating any security, compliance, or performance issues.
4. Third-Party Risk Management Process
4.1 Identification & Classification
Maintain a centralized inventory of all third parties.
Classify third parties based on risk level (Low, Medium, High) considering data sensitivity, access level, and service criticality.
4.2 Due Diligence
Conduct security and compliance questionnaires before onboarding.
Verify certifications (ISO 27001, SOC 2, GDPR compliance, etc.).
Assess data handling, encryption practices, and incident response capabilities.
4.3 Contractual Requirements
All third-party contracts must include:
Confidentiality and data protection clauses.
Breach notification obligations.
Rights to audit and monitor compliance.
Termination rights in case of non-compliance.
4.4 Ongoing Monitoring
Annual reviews of third-party compliance and performance.
Periodic security assessments and audits.
Continuous monitoring for incidents or compliance breaches.
4.5 Incident Management
Require third parties to notify TheAgencyFounder within [24 hours] of a security incident.
Jointly investigate and remediate incidents.
Report material breaches to Meta and relevant authorities as per contractual and legal requirements.
4.6 Offboarding & Data Return/Destruction
Upon contract termination, require confirmation of data return or secure destruction.
Revoke all access credentials and permissions.
5. Roles and Responsibilities
Vendor Management Lead: Oversees third-party risk management processes.
IT/Security Team: Conducts technical security assessments.
Legal/Compliance Team: Ensures contracts meet regulatory and Meta TPA standards.
Department Heads: Identify new third-party needs and initiate risk assessments.
6. Compliance & Review
This policy will be reviewed annually or after any major third-party incident.
Non-compliance by employees or vendors may result in disciplinary action or contract termination.