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6 free vendor risk assessment templates

6 free vendor risk assessment templates

Hero author imageBy Ima Ocon
•
February 19th, 2025
•
5 min read
Hero image

Table of contents

  • Free vendor risk assessment templates
    • 1. Vendor risk assessment template
    • 2. Vendor management risk assessment template
    • 3. Bank vendor risk assessment template
    • 4. Third-party vendor risk assessment template
    • 5. Vendor supply chain risk management template (CISA)
    • 6. Vendor supply chain risk management template for SMBs (CISA)
  • How to create a vendor risk assessment template in Lumiform

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:

  1. Vendor risk assessment template

    Vendor risk assessment template
    Use this templateSee details
    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.
    Use this templateSee details
  2. Vendor management risk assessment template

    Vendor management risk assessment template
    Use this templateSee details
    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.
    Use this templateSee details
  3. Bank vendor risk assessment template

    Bank vendor risk assessment template
    Use this templateSee details
    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.
    Use this templateSee details
  4. Third-party vendor risk assessment template

    Third-party vendor risk assessment template
    Use this templateSee details
    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.
    Use this templateSee details
  5. Vendor supply chain risk management template (CISA)

    Vendor supply chain risk management template (CISA)
    See details
    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.
    See details
  6. Vendor supply chain risk management template for SMBs (CISA)

    Vendor supply chain risk management template for SMBs (CISA)
    See details
    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.
    See details

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.


Frequently asked questions

What is a vendor risk assessment?

A vendor risk assessment is used to evaluate the potential risks associated with engaging third-party vendors. It involves looking at various factors such as financial stability, security measures, compliance with regulations, and overall reliability. This helps ensure that vendors meet your organization’s standards and reduce any potential risks.

How often should vendor risk assessments be conducted?

Vendor risk assessments should be conducted at least every year or whenever there are major changes in the vendor’s operations, such as mergers, acquisitions, or changes in services provided. Regular assessments help maintain up-to-date information and ensure ongoing compliance and risk management.

What are some common risk factors to consider in a vendor risk assessment?

Common risk factors include financial stability, data security measures, compliance with industry regulations, and the vendor’s ability to meet contractual obligations. Additionally, consider the vendor’s reputation, geographic location risks, and their contingency plans for business continuity and disaster recovery.

Author
Ima Ocon
Ima is a writer and editor who specializes in technology, with experience crafting content for companies like Canva and FluentU. She's passionate about startups, remote work, and language learning, as well as the applications of AI in marketing. Currently, she is based in Asia, and she previously studied in Taiwan and Singapore.
Lumiform offers innovative software to streamline frontline workflows. With over 12,000 ready-to-use templates or custom digital forms, organizations can increase efficiency and automate key business processes. The platform is particularly user-friendly, offering advanced reporting capabilities and powerful logic functions that enable automated solutions for standardized workflows. Discover the transformative potential of Lumiform to optimize your frontline workflows. Learn more about the product

Related categories

  • Operational excellence
  • Risk and compliance
  • Financial services
  • General
  • Professional services
  • Compliance audit
  • Procurement management
  • Risk assessment

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