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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 a predefined set of organizational criteria but it is highly customizable to fit your business needs.

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Evaluation
Vendor Assessment
Click add to include a candidate vendor
Vendor Name
Contact Person
Adherence to organizational standards
Timeliness
Completeness
Overall Quality & Level of Professionalism
Overall Response
Company Information
Financial Viability
Organizational Structure
Experience with Similar Companies
Service Department
References
Partnerships
Project Understanding
Overall Comprehension of Project Objectives
Understanding of the Business Requirements
Understanding of the Business Vision
Requirements
Completeness of Vendor Response
Vendor Ability to Meet Requirements
Product Viability & History
Technology Is Sustainable
Product Roadmap
Product Development Life-Cycle
New Release Process
Terms & Conditions
Detailed Buyer Duties
Terms & Conditions
Purchase Agreement Details
Vendor Software Demonstration
Solution Is Integrated
Aligns with Company Objectives
Third-Party Products Shown
Ease of Use
System Performance
Flow & Simplicity
System Ability To Handle Requirements
Flexibility, Tailorability, Extensibility
Ability to Answer Questions
Application Robustness
Security
Data Privacy
Disaster Recovery Plan
Fee Summary
License Fees
Maintenance Fees
Purchase Timeline
Licensing Period
Other Fees
Completion
Overall Risk Assessment
Recommendations
Sign-off
Recommended Vendor
Overall Recommendation
Name and Signature of Officer in Charge
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Your solution to identify hazards with a vendor risk assessment template


The vendor risk assessment template supports detecting and evaluating any risks or hazards connected with a vendor’s operations and products, as well as their potential influence on your organization.


A vendor assessment checklist template is essential because it allows an organization to articulate the risks posed by its third-party vendor relationships. A third party’s risk is also the organization’s risk. Third-party vendors are often associated with financial, cybersecurity, information security, operational, reputational, and compliance risks.


Using vendor risk assessment checklist templates you can thoroughly evaluate the supplier’s adherence to legal obligations including due diligence, data protection, and security threats. You can download Lumiform’s free vendor risk assessment template or sign in with one of our packages for access to plenty of features with unlimited queries, custom functions, and many more to adapt the form to your needs. Above you can find our checklist article with tips and benefits around our third-party risk assessment template.

Please note that this checklist template is a hypothetical appuses-hero example and provides only standard information. The template does not aim to replace, among other things, workplace, health and safety advice, medical advice, diagnosis or treatment, or any other applicable law. You should seek your professional advice to determine whether the use of such a checklist is appropriate in your workplace or jurisdiction.
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