Third-Party Risk
Vendor Review
What This Template Is
The Vendor Review template provides a structured framework for conducting periodic reviews of existing vendor relationships — covering performance, risk, compliance, and relationship health. It ensures ongoing monitoring is documented, consistent, and risk-based.
Who Should Use It
Vendor management teams conducting periodic vendor reviews
Risk managers reassessing vendor risk posture
Compliance officers verifying continued regulatory compliance
Relationship owners evaluating vendor performance
What It Contains
Performance review: SLA compliance, uptime, response times, quality metrics, KPI trends
Risk reassessment: changes in vendor risk profile, new incidents, financial health, ownership changes
Compliance review: certification status, regulatory actions, audit findings, sanctions screening
Relationship health: communication quality, responsiveness, issue resolution, escalation history
Financial review: contract value, spend trends, invoice accuracy, cost-saving opportunities
Fourth-party review: changes in subcontractors, new sub-processors, fourth-party risk
Review outcome: continue / continue with conditions / enhance monitoring / remediate / exit
When to Use It
- During scheduled periodic reviews — annually for high-risk, biennially for medium, every 2-3 years for low-risk
- When triggered by events — vendor incident, ownership change, service change, regulatory action
- Before contract renewal or extension
- For board or committee reporting on critical vendor relationships
How to Use It
1
Create a vendor review from the template within the Third-Party Vendor Oversight module, linked to the vendor record
2
Complete each section using data from KPIs, risk signals, assessment results, and monitoring alerts
3
Identify findings and create remediation actions with owners and due dates
4
Document the review outcome and update the vendor's risk tier and monitoring frequency if needed
5
Link the review to the vendor record for full audit trail and trend analysis across reviews