Third-Party Management Policy

The Third-Party Management Policy is a critical component of SOC 2 compliance that auditors will thoroughly review during your audit. Third-party risk management is a crucial SOC 2 requirement that many organizations underestimate. Auditors will examine how you assess vendor security, monitor third-party performance, and ensure subservice organizations maintain appropriate controls. This template provides comprehensive vendor management procedures including due diligence requirements, contract security provisions, ongoing monitoring protocols, and vendor termination procedures. It addresses common audit findings around inadequate vendor assessments and lack of documented vendor review processes. This policy includes four versions to fit your organization's needs: an Enterprise version for larger organizations with complex requirements, an SMB version optimized for smaller teams, an Implementation Workbook with step-by-step guidance, and a Quick Reference Guide for daily use. All versions are professionally formatted Microsoft Word documents ready for customization to your specific environment.