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Bank vendor risk assessment template

Bank vendor risk assessment template

Evaluate and manage your bank’s third-party vendors with our bank vendor risk assessment template. Tailor it to your specific needs to ensure financial stability and operational resilience.

Use this template
or download pdf
Bank vendor risk assessment template

Evaluate and manage your bank’s third-party vendors with our bank vendor risk assessment template. Tailor it to your specific needs to ensure financial stability and operational resilience.

Use this template
or download pdf

About the Bank vendor risk assessment template

In the ever-evolving financial landscape, managing vendor relationships is pivotal to your bank’s operational resilience. Our bank vendor risk assessment template empowers you to evaluate and mitigate risks associated with your vendors efficiently. This template helps you standardize your assessment process so you have a comprehensive understanding of each vendor’s stability and compliance.

By leveraging our template, you can conduct thorough evaluations, from financial stability to regulatory compliance. Make informed decisions and protect your institution from potential risks with our easy-to-use, customizable template.

Key elements of a bank vendor risk assessment template

Banks usually work with multiple types of vendors, including technology vendors, payment processors, and staffing vendors. To cover these, a risk assessment template for banks should include the following:

  • Vendor overview – This section captures fundamental information about the vendor, including their name, services provided, and years in business. Understanding these basics helps you gauge the vendor’s experience and relevance to your needs.
  • Financial stability – Assess the vendor’s financial health by examining metrics such as annual revenue and net income. This data is crucial for determining the vendor’s ability to sustain operations and fulfill contracts.
  • Operational resilience – Evaluate the vendor’s preparedness for disruptions through their business continuity plan and incident response procedures. A robust operational resilience plan ensures the vendor can maintain service levels during crises.
  • Security and compliance – Review the vendor’s cybersecurity program, data privacy controls, regulatory compliance status, and third-party audit results. These elements are vital for safeguarding your bank’s data and maintaining compliance with industry standards.
  • Vendor management – This section includes details about formal contracts, performance reviews, oversight committees, and termination clauses. Effective vendor management practices allow you to maintain control and accountability throughout the vendor relationship.

At the end, you’ll provide an overall risk assessment and write down your risk mitigation plan and recommendations. 

How to customize the bank vendor risk assessment template

You can easily customize the bank vendor risk assessment template to fit your organization’s unique needs.

Start by tailoring the financial metrics section to include criteria based on your bank’s risk tolerance and regulatory requirements. Add or modify fields such as cash flow analysis or credit ratings for a more comprehensive view of the vendor’s financial health.

You can also incorporate industry-specific scenarios and risks in the operational resilience criteria. For example, if your bank relies heavily on technology providers, emphasize their disaster recovery capabilities and incident response times.

Another option is to modify the security and compliance checks to reflect regulatory requirements in your region or industry. Include custom fields for certifications or compliance with local data protection laws for thorough vetting.

Robust, thorough risk assessments with Lumiform’s tools

Enhance your vendor management process by downloading our comprehensive bank vendor risk assessment template. Evaluate financial stability, operational resilience, and compliance with ease. Use the template to streamline your assessments and conduct comprehensive vetting of all your vendors. Start using it today and safeguard your bank’s operations.

Related categories

  • Operational excellence templates
  • Risk management and compliance templates
  • Financial services templates
  • Risk assessment templates
Preview of the template
Page 1
Vendor Overview
Vendor Name
Vendor Type
Services Provided
Years in Business
Financial Stability
Annual Revenue
Net Income
Debt to Equity Ratio
Liquidity Ratios
Audited Financials Available
Operational Resilience
Business Continuity Plan
Disaster Recovery Capabilities
Incident Response Procedures
Systems Uptime
Security & Compliance
Cybersecurity Program
Data Privacy Controls
Regulatory Compliance
Third-Party Audits
Vendor Management
Formal Contract in Place
Regular Performance Reviews
Oversight Committee
Termination Clauses
Overall Risk Assessment
Inherent Risk Level
Residual Risk Level
Risk Mitigation Plan
Risk Mitigation Plan

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Access a complete set of resources aimed at maximizing safety, quality, and operational excellence, including detailed guides, related templates, and real-world use cases.

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Frequently asked questions

What is a bank vendor risk assessment?

A bank vendor risk assessment is a systematic evaluation of third-party vendors to identify potential risks they may pose to your bank. This includes assessing their financial stability, compliance with regulatory requirements, and data security measures. Regular assessments help maintain reliable and secure vendor relationships.

How often should I conduct a vendor risk assessment?

Conduct vendor risk assessments at least every year or whenever significant changes occur, such as new regulations or major vendor updates. For critical vendors, more frequent assessments may be necessary for ongoing compliance and risk mitigation.

What should I do if a vendor fails the risk assessment?

If a vendor fails the risk assessment, address the identified issues promptly with the vendor. Develop a risk mitigation plan, which may include corrective actions, increased monitoring, or even replacing the vendor if necessary. Document all steps taken for accountability.


This template, developed by Lumiform employees, serves as a starting point for businesses using the Lumiform platform and is intended as a hypothetical example only. It does not replace professional advice. Companies should consult qualified professionals to assess the suitability and legality of using this template in their specific workplace or jurisdiction. Lumiform is not liable for any errors or omissions in this template or for any actions taken based on its content.
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