Term: Vendor Risk Assessment Questionnaire
A vendor risk assessment questionnaire (also known as a third-party risk management questionnaire) is designed to help your organization identify potential weaknesses among your third-party vendors and partners that could result in a data breach or misuse of data.
What is a Vendor Risk Assessment Questionnaire?
Whenever you engage with a new third-party vendor, your company might be put at risk if the vendor cannot protect your company’s data and personal data you are transferring or sharing access to. Your company will be held liable if they experience a data breach or misuse the data they have access to.
As a result, it is important to assess each vendor (also known as Vendor Risk Assessment) before starting the engagement, which can be done through the use of a Vendor Risk Assessment Questionnaire.
Vendor Risk Assessment Questionnaire – Structure
In the vendor risk assessment questionnaire, there are questions regarding internal training, third-party certifications, data breach history, internal practices, and procedures.
Performing and undergoing vendor risk assessments is a resource-intensive process, both for your organization and the vendor. It takes experienced employees to handle it, otherwise you cannot tell if the practices of the vendor are inline with regulations and policies or not.
Instead of going through vendor risk assessment questionnaires, you can check their Trust Grade on hoggo. You can compare vendors, spot high risk vendors and find low risk alternatives. And it’s all free.