Vendor risk assessment template
What if you could build a risk assessment tool to assess vendors and advise decision-makers, accurately and objectively?
It’s the first step to preventing disruption and making the right investments for your business.
Pointerpro is the 2-in-1 software that combines assessment building with personalized PDF report generation.
What is a vendor risk assessment?
A vendor risk assessment is a tool used by businesses’ procurement departments to evaluate and manage the potential risks associated with a third-party vendor or supplier. This type of assessment is crucial in today’s business environment where outsourcing and relying on external entities for critical services and products is common. The primary goal of a vendor risk assessment is to identify, analyze, and mitigate the risks that a vendor might pose to the business. The higher the investment, the more crucial informed decision-making gets. Therefore, a vendor risk assessment should provide stakeholders with objective advice reports.
3 reasons to use Pointerpro as a vendor risk
3 reasons to use Pointerpro as a vendor risk assessment tool
Interactive user experience
With the Questionnaire Builder you get to create an engaging assessment. How? With numerous design and layout options, useful widgets and countless question types.
Refined, score-based analysis
Our custom scoring engine helps you categorize vendors and attribute risk levels. The result? An objective and nuanced assessment of your respondents’ options.
Automated feedback in PDF
Thanks to your setup in the Report Builder, respondents instantly get a detailed PDF report: with helpful charts, a personalized risk analysis, and actionable tips.
1.500+ businesses worldwide build assessments with Pointerpro
8 key evaluation criteria for a vendor risk assessment template
The criteria to focus on in a vendor risk assessment strongly depend on the organization and the industry. Nonetheless, here are a few common criteria that could be part of an overarching vendor risk assessment template:
A generalized vendor risk assessment could focus on all these areas. To delve deeper into criteria that are especially crucial to your organization, we’d recommend developing additional vendor risk assessments with more targeted questions.
30 vendor risk assessment example questions
Here are 30 of the most common vendor risk assessment example questions divided into 3 categories:
10 vendor risk assessment (VRA) questions for procurement
10 vendor data and security risk assessment example questions
This approach for a vendor data and security risk assessment template is focused on evaluating the vendor’s practices and policies related to data protection and cybersecurity. It aims to understand the vendor’s commitment to maintaining data confidentiality, integrity, and availability. The assessment includes questions about their adherence to legal and regulatory requirements, the effectiveness of their security measures, and their preparedness for potential security incidents. This comprehensive evaluation helps in identifying and mitigating risks associated with data handling and security breaches.
10 vendor financial risk assessment example questions
These vendor financial risk assessment questions evaluate the financial stability and health of the vendor. They aim to assess the vendor’s ability to sustain operations and fulfill commitments, especially in long-term engagements. The list includes questions about their creditworthiness, financial performance, risk management strategies, and insurance coverage. This examination helps in determining the financial risks associated with the vendor, ensuring they are capable of maintaining a stable business relationship.
What Pointerpro clients are saying
What should be included in a vendor risk assessment report?
A vendor risk assessment report is a comprehensive document that presents the findings of the vendor risk assessment process. The content of the report should be thorough and structured to provide clear insights into the risks associated with a particular vendor. Another important element to consider is visual aids. Illustrating and emphasizing important findings with charts makes your report easier to read and interpret for stakeholders.
Overall, here’s what should typically be included in a vendor risk assessment report template:
This report serves as a crucial tool for decision-making regarding vendor relationships and should be structured to provide clear, actionable insights.
4 more risk domains to consider for a vendor risk assessment template
Beyond the types of vendor risk assessments we’ve already covered with example questions, here are a few other very common types that may be helpful for your organization or a business you’re consulting for:
In summary, self-evaluation is a fundamental process that empowers individuals to gain self-awareness, set goals, improve their performance, make informed decisions, and lead more fulfilling lives. It is a valuable tool for personal and professional development, fostering growth and adaptability.
Create your first vendor risk assessment today
Pointerpro, the tool that takes Agoria’s digital questionnaires and advisory to the next level [case study]
In this opinion piece, Pointerpro CEO, Stefan Debois discusses the importance of the human touch in professional and customer services.
Though he refuses to call himself a technologist, Steve Howe worked in the IT services industry for over forty years
How Bora boosts cybersecurity marketing with online assessments in their consulting tool kit [case study]
In 2023, organizations that have recovered from the pandemic upset still tend to invest their money more selectively than they