What should be in a vendor risk assessment?

What should be in a vendor risk assessment?

Below are the aspects that should be covered in a vendor risk assessment.                                                                                   

Vendor Risk Assessment Performance:

• Evaluate the vendor’s ability to meet the performance requirements of the agreement
• Assess the vendor’s track record of meeting deadlines or other performance requirements
• Determine the vendor’s ability to provide the necessary resources

Compliance:

• Verify that the vendor is in compliance with all relevant laws, regulations, and industry standards
• Assess the vendor’s policies and procedures for ensuring ongoing compliance
• Evaluate the vendor’s security measures and processes 

• Evaluate the vendor’s disaster recovery and business continuity plans
• Determine the vendor’s ability to respond quickly to any potential disasters
• Assess the vendor’s ability to protect data and systems in the event of a disaster

Security Processes:

• Assess the vendor’s security policies and procedures
• Evaluate the vendor’s security controls and technology
• Verify that the vendor has a process for responding to security incidents

Cyberthreat Governance and Organizational Structure:

• Determine the vendor’s organizational structure and how it relates to cyberthreats
• Evaluate the vendor’s governance policies and procedures for managing cyberthreats
• Assess the vendor’s ability to respond quickly to any potential cyberthreats

Security Controls and Technology:

• Evaluate the vendor’s security controls and technology
• Verify that the vendor has adequate measures in place to protect data and systems
• Assess the vendor’s ability to detect and respond to security incidents