Templates
Vendor risk assessment template

Vendor risk assessment template

Systematically evaluate third-party security, compliance, and operational risks to prevent costly vendor incidents.

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
Vendor risk assessment template

Systematically evaluate third-party security, compliance, and operational risks to prevent costly vendor incidents.

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

Protect your organization from third-party vulnerabilities with our vendor risk assessment template. This tool provides a systematic framework to evaluate vendors across key risk domains, from cybersecurity posture to business continuity capabilities. You can quickly identify compliance gaps by documenting vendor responses to critical security questions, prioritizing remediation efforts where they matter most.

PwC’s survey found that that only 40% of organizations understand third-party data breach risks through formal assessments. This template offers the structure needed to increase protection for your business.

Related categories

Preview of the template
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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Frequently asked questions

What are the key risks to look for when assessing vendors?

When assessing vendors, focus on data security, regulatory compliance, financial stability, business continuity, and reputational risk. It’s also important to check for ethical issues and the risk of supply chain interruptions. Each of these can affect your organization’s performance, compliance status, or customer trust.

What steps are involved in conducting a vendor risk assessment?

Start by gathering information about the vendor’s practices, security, and compliance. Then, evaluate their policies, past incidents, and certifications. Assign risk ratings, document findings, and define necessary controls or follow-up actions. Involve relevant teams like IT, legal, or compliance to ensure nothing is overlooked.

Which frameworks or standards are commonly used for vendor risk assessments?

Common frameworks include ISO 27001, NIST SP 800-53, and the Shared Assessments Program. These offer structured approaches to evaluating vendors for security, privacy, and operational risk. Many industries also have sector-specific requirements, so it’s important to align your assessments with both your organization’s policies and external regulations.

How do you assess the risk level of a new vendor with limited history?

For vendors with limited track records, rely on documented policies, third-party certifications, customer references, and details about internal controls. Site visits or independent audits can help when available. Be cautious with new vendors, and consider starting with limited or less critical engagements while monitoring performance closely.

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.