Managing vendor risks effectively is crucial for protecting your business operations and maintaining compliance. The vendor risk assessment templates below empower you to evaluate and mitigate potential risks associated with third-party vendors. These templates will help you streamline the assessment process, ensuring thorough documentation and consistency.
Vendor risk assessments are key to identifying vulnerabilities, improving vendor selection, and meeting regulatory standards. Without an organized approach, your business could face financial, legal, and reputational risks. By using these templates, you can efficiently gather critical data on vendor performance, security protocols, and compliance, leading to more informed decision-making.
Free vendor risk assessment templates
These templates take an organized, step-by-step approach, and they cover diverse aspects, such as security measures and compliance. You can download them for free below:
Vendor risk assessment template
This flexible template allows you to systematically evaluate the potential risks associated with each vendor. Key features include fields for assessing vendor capabilities, reliability, and compliance with organizational standards. Towards the end, you’ll document your overall recommendations.
You can customize this template by adding dropdown menus for common criteria like timeliness and quality. The template also lets you enable photo uploads for visual documentation.Vendor management risk assessment template
The vendor management risk assessment template helps your team manage and mitigate risks associated with engaging vendors. With sections covering vendor assessment, risk factors, and risk mitigation, it provides a well-rounded overview.
The form features diverse input types like dropdown boxes, ratings, and location capture, so you can personalize those for comprehensive reporting. This facilitates a detailed assessment, ensuring your vendor relationships are secure and reliable.Bank vendor risk assessment template
This template is tailored for financial institutions to thoroughly evaluate vendor performance, financial stability, and compliance. It includes fields for recording financial metrics and assessing business continuity plans. Aside from noting down the vendor’s annual revenue and net income, you’ll come up with an overall risk assessment at the end.
Enhance usability by adding dropdown menus for evaluation criteria. Consider adding QR codes too linking to previous assessments or additional resources.Third-party vendor risk assessment template
The third-party vendor risk assessment template is essential for doing a detailed evaluation of external vendors. It covers critical areas such as information security controls, geographic location risks, and business continuity planning. It also encourages you to come up with ideas for risk mitigation.
Customize it by adding dropdown menus for risk factors so users can simply select them. You can set up alerts for follow-up actions as well if high-risk factors are identified.Vendor supply chain risk management template (CISA)
Developed by the CISA (Cybersecurity and Infrastructure Security Agency), this template provides a framework for assessing suppliers and vendors specifically for ICT. It covers key areas like governance, cybersecurity, supplier policies, and risk mitigation so you can evaluate third-party risk more effectively.
The template includes thorough questions meant to assess supplier risk posture, validate security practices, and ensure alignment with industry standards like NIST SP 800-161 and ISO 28000.Vendor supply chain risk management template for SMBs (CISA)
Small and medium-sized businesses (SMBs) face increasing cybersecurity and supply chain risks, but many lack the resources for thorough vendor assessments. The CISA also created this risk management spreadsheet for evaluating ICT vendors–including cloud services and software providers.
It simplifies vendor vetting, risk assessment, and compliance checks by applying industry best practices from NIST SP 800-161 and other frameworks. You’ll find detailed questions here, all listed in a spreadsheet with space for notes.
How to create a vendor risk assessment template in Lumiform
Creating a vendor risk assessment template in Lumiform is straightforward, and you can customize it quickly. Start by utilizing the digital forms on mobile feature to ensure your team can easily access and complete assessments on the go.
Incorporate logic and action management to streamline the process by displaying only relevant questions based on previous responses. This makes the assessment more efficient and user-friendly. Use multiple response types like text, number, and photo uploads to capture detailed information and provide a comprehensive evaluation of each vendor.
For improved documentation and compliance, include digital signature fields for sign-offs and use QR codes to link to previous vendor logs or extra documents.
Finally, leverage the data collection and analysis feature to gather insights from your assessments. This allows you to identify trends, spot potential risks early, and make informed decisions to improve vendor management.