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Third-Party Risk Assessment Questionnaire: Vendor Due Diligence
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Third-Party Risk Assessment Questionnaire: Vendor Due Diligence
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Third-Party Risk Assessment Questionnaire Template
This Third-Party Risk Assessment Questionnaire is designed to help organizations evaluate the risks associated with vendors, suppliers, and service providers. All sections should be completed by the vendor and reviewed by the organization’s risk management team.
1. Vendor Information
Company Name: _______________________________
Address: _______________________________
Contact Person: _______________________________
Email: _______________________________
Phone: _______________________________
Service Provided: _______________________________
2. Company Overview and Governance
Year established: ___________________________
Number of employees: _______________________
Describe your company’s governance structure and key executives.
Do you have a dedicated compliance officer or team? Yes / No
3. Cybersecurity Practices
Do you have a documented information security policy? Yes / No
Are your systems regularly tested for vulnerabilities? Yes / No
Do you conduct employee cybersecurity training? Yes / No
Do you use multi-factor authentication for system access? Yes / No
List any cybersecurity certifications (e.g., ISO 27001, SOC 2): _______________________________
4. Data Protection and Privacy
Do you comply with data protection regulations such as GDPR or HIPAA? Yes / No
Describe your data encryption practices for data at rest and in transit.
Do you have a process for securely disposing of sensitive data? Yes / No
How do you handle data breach notifications?
5. Compliance and Legal
List any regulatory frameworks your organization complies with.
Have you faced any regulatory fines or legal actions in the past 5 years? Yes / No
Do you maintain records of compliance audits? Yes / No
6. Business Continuity and Disaster Recovery
Do you have a documented business continuity plan (BCP)? Yes / No
How often do you test your BCP and disaster recovery plan?
What is your average recovery time objective (RTO)?
Provide a brief description of backup and redundancy systems.
7. Financial Stability
Provide a copy of your most recent financial statement.
Are there any current or pending bankruptcy proceedings? Yes / No
List any insurance policies relevant to risk coverage: _______________________________
8. Subcontractor Management
Do you use subcontractors to deliver services? Yes / No
If yes, describe your process for vetting subcontractors.
Are subcontractors required to comply with your security policies? Yes / No
9. Incident Response
Do you have a documented incident response plan? Yes / No
Describe your process for handling security incidents.
Average time to notify clients of a security breach: ______ hours/days.
10. Review and Approval
Reviewed by: _______________________________
Title: _______________________________
Date: _______________________________
Risk Rating: Low / Medium / High
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Third-Party Risk Assessment Questionnaire: Vendor Due Diligence
THIRD-PARTY RISK ASSESSMENT QUESTIONNAIRE FAQ
What is a Third-Party Risk Assessment Questionnaire?
It’s a document that organizations use to evaluate the risks associated with vendors, suppliers, or other third-party service providers. It helps determine whether a third party meets the organization’s security, compliance, and operational standards.
Why is this questionnaire important?
Third-party relationships often involve shared data and systems, making them potential sources of cybersecurity threats, regulatory non-compliance, and operational disruptions. A structured questionnaire helps identify weak points before they become issues.
When should you use this questionnaire?
Use it when onboarding new vendors, renewing contracts, or periodically auditing existing third-party relationships.
What areas should be covered in a Third-Party Risk Assessment Questionnaire?
It should cover cybersecurity practices, data protection measures, legal compliance, business continuity planning, and financial stability of the third party.
Does this questionnaire help with regulatory compliance?
Yes. It supports compliance with frameworks like GDPR, HIPAA, SOC 2, and ISO 27001 by documenting vendor security practices and risk management processes.
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