Vendor Risk Assessment Checklist

What are vendor risk assessment templates?

Vendor risk assessment is used to evaluate third-party suppliers as potential business partners. In this way, risks and hazards associated with the supplier's processes and products can be identified.

Using vendor risk assessment templates, 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 avoid business damage.

This article covers:

1. 3 Tips for vendor risk assessment

2. 4 benefits of vendor risk assessment templates

3. A mobile solution for risk assessment templates

3 Tips for Vendor Risk Assessment

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.

4 benefits of Vendor Risk Assessment Templates

1. Create a vendor risk assessment template

Before you create a risk assessment checklist from your suppliers, appropriate risk assessment checks must have been made. This could be, for example, a due diligence review. When creating a vendor risk assessment checklist, you should take into account the risk rating of the supplier in question.

2. Send risk assessment to suppliers

The best case scenario is to share your risk assessment checklist with a new supplier when you are onboarding. Onboarding is an ideal way to ask questions and get as much information as possible about the potential supplier relationship.

3. Manage enquiries

Supplier risk assessment checklists help you create and manage enquiries, purchase orders and delivery notes, amongst other things.

4. Constantly adapt the checklist

Another advantage of a vendor risk assessment checklist is that you reliably fulfil all requirements. You have all contracts, regulations and guidelines in one place. This way, you can constantly adapt your checklist to changes.

A mobile solution for vendor risk analysis

Lumiform's mobile app makes it easy to conduct a vendor risk assessment via tablet or smartphone - online or offline. With the desktop software, checklists are created and the data collected on-site is later evaluated. This significantly reduces the risk of quality losses, documentation errors. At the same time, there is no risk of forgetting important steps. The digital application guides you step by step through the inspection. The quality claim is thus 100% given.

A paper-based vendor risk assessment template means an enormous amount of work to ensure that quality standards can be met. A lot of time is spent on paperwork and data collection instead of focusing on resolving delivery issues and manufacturer problems.

Digitise checklists and internal processes with Lumiform:

• The flexible form builder from Lumiform helps you to convert any individual paper list into a digital vendor risk assessment template without much effort.
• In addition, we offer 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.