Risk Assessment Questionnaire

Thursday, December 22nd 2022. | Sample Templates

Risk Assessment Questionnaire – [Author’s Note: This blog originally started as a little rant about what everyone is doing wrong with their third-party risk programs. Things like our balloon design were particularly disruptive because of the rapid increase in questionnaires received and the loss of confidence that longer questionnaires provide. It occurred to me that I should write something down about this, since most security organizations probably feel the same pain but don’t talk about it. So… here goes :]

When it comes to your third-party risk assessment, the more questions you ask and the more detailed they are, and the more security context you get, the better, right? Based on our experience responding to risk assessments/surveys for existing and potential clients, this certainly seems overwhelming.

Risk Assessment Questionnaire

Risk Assessment Questionnaire

We believe that this approach is completely wrong and does not provide additional security guarantees for most organizations. It is also a gross misallocation of time and resources.

Risk Assessment Questionnaire

Now, before you come back to us with a long answer explaining how each question on your (even long) third-party risk questionnaire is relevant and the minimum required to properly assess your third-party risk, please contact us. (or at least read to the end before deleting this email).

We believe you can reasonably determine third-party risk with just a few questions and a selection of documents… no lengthy questionnaires or time-consuming inspections required.

But before we get to that, let’s take a step back and admit that the journey to arrogant security issues was made in good faith; Many companies now correctly understand that failure to secure these third parties is a blind spot in their security program and can pose a major risk.

At a time when third-party risk was in the spotlight (thanks to Target, circa 2013!), and it’s still in the spotlight, security teams started asking third parties more and more questions with incredibly specific requirements that were often highly related. to specifics. and the weaknesses of his environment, but one cannot help but ask himself, “How much additional certainty and understanding do all these questions really provide?”

Are You Wasting Your Time With Your Third Party Risk Program?

The unfortunate result today is that many security teams pride themselves on the extreme length and detail of a third-party risk questionnaire, mistakenly believing that quantity translates directly into quality.

This is a common question and should definitely be included in a third party security questionnaire. However, given the fundamental nature of control, it is better to assess the maturity level of the process associated with the control.

This is a much higher value question than the original iteration, but it’s still a yes/no question. This leaves room for further improvement, as asking simple yes/no questions typically provides less value than asking about the readiness of controls.

Risk Assessment Questionnaire

We’ve designed our third-party security questionnaire to limit the number of yes/no questions and instead focus on control readiness. For example, our questionnaire assesses access control in a production environment with the following question:

Identifying Persons At Risk For Developing Type 2 Diabetes In A Concentrated Population Of High Risk Ethnicities In Canada Using A Risk Assessment Questionnaire And Point Of Care Capillary Blood Hba1c Measurement

This question combines two or three questions into one, and the answer gives us a deeper insight into third-party verification readiness. Applying this approach to all areas of the questionnaire results in fewer questions without reducing the level of certainty.

Another thing that is not usually asked is that the questionnaire is self-testing in nature; Although we generally expect our business partners to be honest, completing the questionnaire does not guarantee that the answers will be accurate.

This concept is regularly used in other fields: Should investors trust a company that audits its own financial statements?

“Survey-as-a-Service” companies have attempted to fill this gap by offering “response validation” services, but these solutions do not scale well and are typically cumbersome and time-consuming for the organization administering the survey. Not only that, one size does not fit all industries!

Enterprise Risk Management Sample Questionnaire

But did you know that there is already a solution to this problem in the form of third-party security audits, specifically ISO 27001 and SOC 2? By certifying to ISO 27001 and/or completing SOC 2 certification, companies can demonstrate that they have an industry-standard information security management program and related controls in place. Additionally, certifications and audit reports produced as part of these efforts provide greater assurance that controls are indeed in place and operating as intended. This is because the independent auditor tested the controls over several weeks, giving them the opportunity to investigate any weaknesses they identified. And at the end of the work assignment, the independent auditor, with his seal and signature, puts his reputation against the findings and conclusions.

That’s why we’ve focused on a third-party risk management program ISO 27001 and SOC 2. When evaluating a new third party, the first thing we ask for is their ISO certification, SOC 2 report and/or other independent reports.

If a third party can provide any of these, it immediately tells us some very important things.

Risk Assessment Questionnaire

Also, once we receive the documents, we don’t just tick a box and move on; we actually read the messages.

Health Rusk Asseaament Form: Fill Out & Sign Online

We evaluate the content to determine whether the scope is correct, to understand the specific controls in place, and to determine whether the auditors have identified any issues. And if the independent auditor is not a nationally recognized firm, we also take the time to verify their credentials and reputation.

If the independent auditor has not found significant issues, key controls are missing, or the third party cannot provide a valid independent audit report, we do not even need to send a security questionnaire.

While we understand that independent audits only provide “reasonable assurance”, this is still a higher level of assurance than a self-certification questionnaire. With this approach, we significantly reduce the time we spend on third-party assessments while gaining the assurance we need.

If your 3rd party security questionnaire has more than ~75 questions, or you feel like you’re spending a lot of time evaluating 3rd parties with little value (i.e. still sleeping at night worrying about your 3rd party risk footprint), it’s time to take a critical look own third party risk management processes.

Managing Third Party Risk

Rely more on independent audits and actually read the reports; don’t just use them to tick a box. Using independent audit reports will greatly reduce the number of questions you have to ask third parties and give you the added confidence of knowing that the inspection has been approved by an independent auditor.

Request your questionnaire. Be ruthless in identifying which questions really deliver value and eliminate those that don’t. For the remaining questions, carefully craft answers that accurately reflect the maturity of the third party. The goal is to make your questionnaire “less, but much better.”

Third-party risk management is critical to the security of any business, large or small. Given the limited resources of most organizations, it is important to ensure that the third-party risk management process is efficient and effective and provides the greatest value for the effort expended. This is another important step to help all of us security professionals sleep better every night!

Risk Assessment Questionnaire

Want to join a security team that isn’t afraid to challenge the status quo? Let’s hire! In this article, you’ll find a series of free, expert-tested supplier risk assessment templates that you can download in Excel, Word, and PDF formats.

Entity Level Controls Risk Assessment Questionnaire

On this page, you’ll find a vendor risk assessment template, a vendor assessment with scorecard template, a sample vendor risk assessment questionnaire template, vendor risk assessment best practices, and top tips for creating a questionnaire.

This template, also known as a third-party risk assessment, allows you to list assessment descriptions to identify vulnerabilities associated with a specific vendor. Use the color-coded risk rating key to assign a rating to each risk description and add notes, if any. Use this template to analyze each supplier and customize the risk assessment descriptions to suit your needs.

Use this basic vendor risk assessment checklist template to outline the steps your team should take in the risk assessment process. For each task, include a description, owner, due date(s), due date(s), and any relevant notes. Use this checklist to streamline each supplier’s process and ensure you don’t miss any important steps.

You can use this supplier evaluation with scorecard template to measure supplier performance over a period of time. This template is divided into categories including Administration, Scope, Personnel, Communications, Health & Safety, and Planning. There is also space to add information such as corrective actions to help mitigate the risks you have identified. You can customize the grading categories, performance expectations, and color-coded grade key to suit your needs.

Risk Assessment Questionnaire — Pysnik Financial

This vendor risk due diligence plan template provides a sample of the steps involved in the due diligence process. This template organizes tasks into categories, with subtasks listed under each category

Vendor risk assessment questionnaire template, third party risk assessment questionnaire, health risk assessment questionnaire, vendor risk assessment questionnaire, vendor management risk assessment questionnaire, nist vendor risk assessment questionnaire, it risk assessment questionnaire, fraud risk assessment questionnaire, cyber risk assessment questionnaire, health risk assessment questionnaire template, security risk assessment questionnaire, information security risk assessment questionnaire