◆ Quick answer
A vendor due diligence questionnaire should include service scope, risk tier, data access, security evidence, privacy controls, business continuity, incident notification, subcontractors, financial condition, AI use, compliance obligations, and approval conditions.
Guide vs. template
This guide explains what belongs in the template. The paid template gives you the editable working files so you're not rebuilding from a blank page.
Paid template includes
- ◆ Vendor risk tiering methodology
- ◆ Due diligence questionnaire
- ◆ Vendor risk scorecard
- ◆ Contract risk review checklist
What is this template for?
A third-party risk questionnaire is the evidence collection tool used to decide whether a vendor can safely support your business. A good questionnaire is risk-tiered: critical vendors get deeper questions about security, business continuity, subcontractors, AI, data, financial condition, and regulatory exposure; low-risk vendors get a lighter review.
◆ Audience
Who needs this.
- ◆ You are onboarding a new vendor that touches customer data, payments, operations, compliance, or core infrastructure.
- ◆ A bank partner or examiner asked how you assess critical vendors.
- ◆ Your vendor review process is the same for every vendor and creates too much noise.
- ◆ You need to document why a vendor was approved, conditionally approved, or rejected.
◆ Implementation roadmap
How to roll this out.
Tier vendors before sending the questionnaire
Owner · Third-party risk or procurement lead
Output · Critical/high/medium/low tier with rationale
Send only the sections that match the tier
Owner · Vendor owner
Output · Right-sized questionnaire instead of one giant form for everyone
Review evidence, not just yes/no answers
Owner · Security, compliance, legal, and business reviewers
Output · Evidence-backed approval memo
Document residual risk and conditions
Owner · Vendor owner + risk reviewer
Output · Conditional approval, remediation items, or rejection rationale
Set ongoing monitoring cadence
Owner · Third-party risk owner
Output · Annual review, SOC refresh, SLA monitoring, incident escalation path
◆ Ready to use it?
Download the Third-Party Risk Management (TPRM) Kit.
Use the guide to understand the structure, or buy the editable template to move faster.
◆ FAQ
Frequently asked questions.
What should a vendor due diligence questionnaire include? ⌄
It should cover service scope, data access, security controls, privacy, business continuity, incident notification, subcontractors, financial condition, compliance obligations, AI use, and approval conditions.
Should every vendor complete the same questionnaire? ⌄
No. Use risk tiering. Critical and high-risk vendors need deeper evidence; low-risk vendors should not get the same exhaustive questionnaire as a core processor or customer-data vendor.
What is the difference between third-party risk and vendor management? ⌄
Vendor management handles contracts, performance, and relationship operations. Third-party risk focuses on the risks created by relying on that vendor and the controls needed to manage those risks.