Vendor Risk Assessment

Use our free checklists to easily perform a vendor risk assessment.

Go paperless, conduct inspections easily and solve issues quicker with your teammates.

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Vendor Risk Assessment Template

This vendor risk assessment template is used to compare and evaluate different vendors. It is categorized according to predefined set of organizational criteria but it is highly customizable to fit your business needs.

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Supplier - Vendor Audit Form

Use this template to check your suppliers regularly for best results.

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What is a risk analysis for suppliers?

The risk assessment of suppliers serves to evaluate third-party suppliers as possible business partners. In this way, risks and hazards associated with the supplier's processes and products can be identified.

What is a checklist for?

With a checklist, you can comprehensively assess the supplier's compliance with legal requirements such as due diligence, data protection and security risks. Keep an eye on product costs, service delivery, etc. to prevent business damage.

This article covers:

1. 3 tips for risk analysis of suppliers

2. The benefits of Lumiform for risk assessment

3 Tips for risk analysis of suppliers

A rating of suitable suppliers is crucial. Even small orders can cause enormous damage if they are executed incorrectly.

The following 3 tips will help you with the careful assessment:

  • 1. Filter out problematic suppliers - Unsuitable suppliers should be filtered out step by step to avoid damage to the company. By classifying and evaluating critical suppliers as such, you can determine in advance which suppliers are suitable for the company and are viable for risk acceptance.

  • 2. define contingency strategies - Your company should be prepared for failures and the like and have prepared suitable alternatives and alternative options.

  • 3. control of success - As a learning experience, the analysis of selection procedures and the control of success with the selected supplier is of great importance to avoid future mistakes and to prevent damage through certain measures.

    • The benefits of Lumiform for risk analysis of suppliers

      With Lumiform's mobile app you can easily perform quality and safety checks, report problems in no time and quickly assign corrective actions to responsible colleagues. Easy communication with all team members and third parties allows you to improve internal processes and resolve incidents up to four times faster.

      Digitize checklists and internal processes with Lumiform:

      • The flexible checklist builder from Lumiform helps you to convert any individual paper list into a digital checklist without much effort.

      • In addition, we offer more than 9,000 ready-made templates to help companies get started digitally in no time.

      • Using the super intuitive mobile App, you and your teammates conduct check in the field with ease and in no time.

      • All results, images and comments are automatically bundled in a digital report.

      • Comprehensive analyses help you to identify inefficient areas in your company more quickly and thus to continuously improve your auditing and inspection processes.