Templates
Third-party vendor risk assessment template

Third-party vendor risk assessment template

Systematically evaluate vendor security, compliance, and operational risks with a structured assessment framework that protects your organization from third-party vulnerabilities.

Use this template with Lumiform

The Lumiform application helps frontline teams uphold internal standards effortlessly.
  • Customize this template or build your own
  • Fill out templates via mobile app
  • Assign and track corrective actions
  • Get reports and analyse your data
Prices start from ░░░ per month
Book a demo
Learn more
or Download template as PDF
Third-party vendor risk assessment template

Systematically evaluate vendor security, compliance, and operational risks with a structured assessment framework that protects your organization from third-party vulnerabilities.

Use this template with Lumiform

The Lumiform application helps frontline teams uphold internal standards effortlessly.
  • Customize this template or build your own
  • Fill out templates via mobile app
  • Assign and track corrective actions
  • Get reports and analyse your data
Prices start from ░░░ per month
Book a demo
Learn more
or Download template as PDF

The third-party vendor risk assessment template gives you a standardized methodology to evaluate external vendor risks before they impact your organization. Use it to quantify vendor risk levels across cybersecurity, financial, and operational domains. When onboarding critical infrastructure providers, you can identify security gaps requiring contractual remediation before finalizing agreements.

According the Ponemon Institute, 59% of organizations have had to grapple with data breaches because of a third party. Implementing structured vendor risk assessments has become essential for maintaining security and regulatory compliance.

Related categories

Preview of the template
Page 1
Vendor Information
Vendor Name
Vendor Contact Person
Vendor Contact Details
Services Provided
Risk Assessment
Criticality of Vendor Services
Information Security Controls
Financial Stability
Geographic Location Risks
Regulatory Compliance
Business Continuity Plan
Risk Mitigation
Mitigation Actions Identified
Mitigation Timelines
Residual Risk Rating

Frequently asked questions

What specific risks does the third-party vendor risk assessment template help identify?

This template helps identify security risks (data breaches, inadequate access controls), operational risks (service disruptions, poor disaster recovery), financial risks (vendor insolvency), compliance risks (regulatory violations), and reputational risks that could impact your organization through third-party relationships.

What information should you gather from vendors before completing this risk assessment template?

Request security certifications (ISO 27001, SOC 2), recent penetration test results, data protection policies, business continuity plans, financial statements, compliance attestations, and incident response procedures. You can use a preliminary information request section to streamline this process.

How can you customize this third-party vendor risk assessment template for different vendor types?

You can adjust risk weighting factors based on vendor criticality, modify assessment questions for specific industries, add company-specific compliance requirements, and select relevant control frameworks. The template works well for different vendor categories.

How can you integrate findings from this template into your broader risk management process?

You can use the assessment results to update your enterprise risk register, guide vendor contract negotiations, set up ongoing monitoring protocols, and initiate targeted security reviews for high-risk vendors. These insights also support governance reporting for leadership and board oversight.

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.