Risk Assessments

Welcome to the Risk Assessments Community. Here you will find the latest discussions and resources that can help you in this area. Use this community to discuss anything about doing vendor risk assessments. Note: You will need to Sign In to join in the discussions and access resources. 

About Third Party Risk Assessments: The risk assessment process is a fundamental foundation of a well-managed third party risk program. A disciplined approach and repeatable process can lay a firm basis for better informed due diligence, structured ongoing monitoring and meaningful impact in mitigating concerns introduced by your organization's third parties. Taking it a step further, understanding how to mitigate inherent vendor risk is crucial to determining if the benefits of the outsourced product or service outweigh the risk posed.

Latest Discussion Posts

  • I'm curious as to what even defines "smaller vendors" in your world? Are you referring to yearly spend and if so, would you mind sharing what that amount is? We use $5,000 as our first threshold. Thanks, Bob Sent from my Verizon, ... More

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    Small Vendor Security assessments

    This message was posted by a user wishing to remain anonymous ​​We use a questionnaire with close to 100 for our security risk assessments. Its quite an exhaustive list for our smaller vendors. Some of our critical vendors are 5 men shops and don't ... More

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    Quantitative Risk Models

    This message was posted by a user wishing to remain anonymous We use a qualitative risk model to support our Vendor Management Program (VMP) today. There are various benefits to this but we are considering the use of a quantitative model as well to ... More

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  • We are working on beefing up our enterprise level risk management. That includes working on risk assessing ACTIVITIES versus just the vendor/product. Does anybody else assess risk at an activity level with an actual answered assessment? More

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    RE: Risk Rating

    We rate Vendors as Critical, High, Medium, Low; or Excluded and perform a "full review." The full review consists of a comment from the Vendor Owner, speaking to their satisfaction with the vendor and their products / services; a Review Questionnaire ... More

ThinkTank Announcements

  • COVID-19 Resources Page

    Hi Everyone,   With the COVID-19 pandemic upon us, organizations are implementing their pandemic plans, many employees are working remotely and changes in vendor management are rapidly occurring. In the industry, it has raised lot of questions about pandemic planning and best practices and reminds ... More
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    Happy New Year ThinkTank members! We hope you've found the community discussions this past year to be enlightening and engaging. As we head into 2020, we want to hear your thoughts and feedback as it'll help us continue to understand what you'd like to see more of in the Third Party ThinkTank Community. ... More
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    Hi Everyone, I wanted to provide an exciting update! The community has now surpassed 600 members and we see wonderful discussions going. We hope you’re finding them valuable. It’s our goal to always provide you a dedicated space to network, collaborate and stay educated. As we continue to grow ... More
  • New Resources Available

    Hi Everyone, Happy Friday! I wanted to share some new resources available to the community… Contract Negotiation: Venminder has released a new infographic, Contract Negotiation Best Practices, you’ll find it for download on the Contract Management resources page. Click here. Bootcamp: We had ... More
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    Hi Everyone!   Thanks for joining the Third Party ThinkTank Community! It’s really great to have you on board.   I’m Brittany Padgett, the Community Manager, and it’s my job to help assist you as we all work together to build this community. The main way we can do that is by encouraging ... More

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