Template · Free download
Free vendor risk assessment template for MSPs
Use this repeatable, tiered assessment template to onboard vendors, score them consistently, collect the right evidence and report back to clients in a format they actually read.
1. Vendor inventory
- Vendor legal name and trading name
- Primary domain and headquarters country
- Data types handled (PII, payment, health, IP)
- Systems integrated and access level
- Business criticality and spend
2. Risk tiering
- Critical - high data sensitivity or business impact
- Important - moderate access or regulated data
- Low impact - limited access and non-sensitive data
- Tier drives assessment depth and review cadence
3. Questionnaire scope by tier
- Critical: full control framework (80-120 questions) + evidence review
- Important: standard questionnaire (40-60 questions) + key certifications
- Low impact: lightweight questionnaire (10-20 questions) + contract check
4. Evidence checklist
- SOC 2 Type II report
- ISO 27001 certificate
- Penetration test summary
- Data processing addendum (DPA)
- Sub-processor list and notification terms
5. One-page executive summary
- Overall risk grade (A-F)
- Top 3 risks and owners
- Top 3 remediation actions
- Trend versus last quarter
- Recommended review date
Frequently asked questions
Can I use this template for multiple clients?
Yes. The template is client-agnostic. Run one inventory and assessment per client workspace so scope, ownership and reporting stay separated.
How often should I reassess vendors?
Critical vendors annually with continuous monitoring, important vendors every 18-24 months, and low-impact vendors on renewal or when a trigger event occurs such as a breach or certification lapse.
What frameworks should the questionnaire map to?
Map questions to CIS Controls v8.1, NIST CSF 2.0, ISO 27001 Annex A, SOC 2 CC6-CC8, Essential Eight or Cyber Essentials depending on what your client is audited against.