Third Party Inventory (in certain jurisdictions referred to as a Third Party Register)

Third Party Inventory (in certain jurisdictions referred to as a Third Party Register)

Nov 18, 2019

A complete and accurate record of all Third Party providers and services). The inventory is a key requirement of the risk rating process and an important foundational requirement for the execution of a sound assessment process. Inventories provide an up-to-date record of all outsourcing relationships across an organization. The Third Party inventory contains a greater body of detail about each vendor than the Third Party risk register, which is a subset of the larger inventory. In some jurisdictions there are specific items that must be included in a register, for example see EBA Guidelines on Outsourcing, February 25, 2019, Section 11, 52-54, and OCC requirements for Third Party Inventories Bulletin 2017-7, January 24, 2017.

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