One of the first activities in the third-party risk management lifecycle is completing an inherent risk assessment. This process identifies the different types and levels of inherent risk, which occur naturally within the vendor’s product or service. It also determines whether the vendor is critical to your operations.
This process must be thorough to generate an accurate risk rating, which ultimately impacts many third-party risk management activities, like due diligence and contracting.
Download the infographic and sample questionnaire to learn:
- Steps to complete an inherent risk assessment
- Examples throughout the risk assessment process
- Risk areas to cover in an inherent risk questionnaire
- Sample questions for your inherent risk questionnaire
