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A Vendor Risk Assessment Form helps organizations evaluate potential business partners and suppliers before working with them. It's a structured checklist that captures key information about a vendor's operations, security practices, financial stability, and compliance with Singapore's regulatory requirements like the Personal Data Protection Act (PDPA).

Companies use these forms to spot potential risks early - from data breaches to supply chain disruptions. The assessment typically covers areas like cyber security measures, business continuity plans, and track record of regulatory compliance. This due diligence process is especially important for financial institutions and companies handling sensitive data under MAS guidelines.

Use a Vendor Risk Assessment Form before entering any significant business relationship with a new supplier or service provider in Singapore. This is especially critical when engaging vendors who will handle sensitive data, provide critical services, or have access to your IT systems. Complete the assessment during vendor selection and before signing contracts.

Regular reassessments help track changes in vendor risk profiles and ensure ongoing PDPA compliance. Key moments to conduct new assessments include major changes in vendor ownership, significant service expansions, or when regulations change. Financial institutions under MAS oversight need particularly thorough and frequent vendor evaluations to maintain regulatory compliance.

• Basic Assessment Form: Covers fundamental vendor details, financial health, and basic compliance requirements - ideal for low-risk suppliers and small businesses
• IT Security Assessment: Detailed evaluation of cybersecurity measures, data protection protocols, and PDPA compliance capabilities
• Financial Services Vendor Form: Enhanced due diligence aligned with MAS guidelines, including business continuity planning and operational resilience
• Critical Supplier Assessment: Comprehensive evaluation for vendors providing essential services or handling sensitive data, with deeper risk controls
• Simplified SME Version: Streamlined assessment suitable for engaging small local vendors with limited risk exposure

• Procurement Teams: Lead the vendor assessment process and maintain the forms as part of supplier management
• Risk Management Officers: Review and analyze completed assessments to evaluate potential risks and recommend controls
• Legal Departments: Ensure the forms align with Singapore's regulatory requirements and update them when laws change
• IT Security Teams: Assess technical aspects of vendor responses, especially regarding data protection and system access
• Vendor Companies: Complete the forms, providing detailed information about their operations and compliance measures
• Compliance Officers: Monitor ongoing vendor relationships and trigger reassessments when needed

• Company Profile: Gather basic vendor information including business registration, years of operation, and key personnel
• Risk Categories: Define specific areas to assess - data handling, financial stability, operational resilience, and compliance track record
• Regulatory Requirements: Review current PDPA and MAS guidelines to ensure all compliance questions are included
• Scoring System: Develop clear evaluation criteria for each risk category with defined thresholds
• Response Format: Structure questions to get specific, measurable answers rather than vague statements
• Review Process: Establish who needs to review responses and set clear approval workflows

• Company Information Section: Legal entity name, registration number, registered address, and authorized representative details
• Data Protection Assessment: PDPA compliance measures, data handling procedures, and security controls
• Financial Stability Metrics: Financial health indicators, business continuity plans, and insurance coverage
• Regulatory Compliance: Declaration of compliance with Singapore laws, licenses, and industry-specific regulations
• Risk Control Measures: Internal controls, security protocols, and incident response procedures
• Declaration Statement: Confirmation of information accuracy and authorization to verify provided details
• Signature Block: Date, company stamp, and authorized signatory details

A Vendor Risk Assessment Form differs significantly from a Vendor Risk Management Policy in both scope and application. While they work together, they serve distinct purposes in your vendor governance framework.

• Purpose and Scope: The assessment form is a practical tool for evaluating specific vendors, while the policy document outlines your organization's overall approach to managing vendor risks
• Timing of Use: Assessment forms are completed during vendor selection and periodic reviews, whereas the policy remains constant and guides all vendor relationships
• Content Focus: The form captures specific data points and risk metrics about individual vendors, while the policy sets standards, procedures, and risk tolerance levels
• Legal Standing: The policy serves as your governing document for vendor risk management, while the assessment form functions as an implementation tool under that policy