Third-Party Vendor Risk Assessment

This comprehensive third-party vendor risk assessment ensures full regulatory compliance with OCC Third-Party Risk Guidance, FFIEC Outsourcing Technology, FDIC Vendor Management. Designed for Vendor Management Officer professionals to maintain safety standards and pass regulatory inspections.

Industry: Financial Services
Frequency: Annual
Estimated Time: 45-60 minutes
Role: Vendor Management Officer
Total Items: 32
Compliance: OCC Third-Party Risk Guidance, FFIEC Outsourcing Technology, FDIC Vendor Management

Initial Assessment

Core financial services safety and compliance checks for initial assessment.

Vendor Due Diligence
Financial Stability
Information Security
Business Continuity

Detailed Inspection

Detailed inspection of third-party vendor risk assessment components.

Regulatory Compliance
Contract Review
Sla Performance
Subcontractor Management

Final Verification & Documentation

Final verification, documentation, and sign-off procedures.

Insurance Coverage
Exit Strategy

Initial Setup & Documentation

Complete initial documentation and preparation

Inspector / Assessor Name
Date
Location / Area
Inspection Type
Previous findings reviewed?

Safety & Compliance Verification

Verify all safety requirements are met

All safety protocols being followed?
Emergency exits clear and accessible?
First aid supplies available and stocked?
All hazards identified and controlled?
Required PPE being worn correctly?

Operational Standards Check

Verify operational standards and procedures are maintained

Standard operating procedures being followed?
All equipment in proper working condition?
Maintenance schedule current?
All staff training current and documented?

Quality Assessment

Evaluate quality standards and performance metrics

Quality standards met for all items checked?
Any deficiencies or non-conformances identified?
Root cause analysis completed for issues?
Continuous improvement opportunities identified?

Environment & Conditions

Verify environmental conditions meet requirements

Area clean and well-maintained?
Adequate lighting in all areas?
Ventilation adequate?
Required signage visible and current?

Related Financial Services Checklists

Related Compliance Risk Checklists

Why Use This Third-Party Vendor Risk Assessment?

This third-party vendor risk assessment helps financial services teams maintain compliance and operational excellence. Designed for vendor management officer professionals, this checklist covers 32 critical inspection points across 8 sections. Recommended frequency: annual.

Ensures compliance with OCC Third-Party Risk Guidance, FFIEC Outsourcing Technology, FDIC Vendor Management. Regulatory-aligned for audit readiness and inspection documentation.

Frequently Asked Questions

What does the Third-Party Vendor Risk Assessment cover?

This checklist covers 32 inspection items across 8 sections: Initial Assessment, Detailed Inspection, Final Verification & Documentation, Initial Setup & Documentation, Safety & Compliance Verification, Operational Standards Check, Quality Assessment, Environment & Conditions. It is designed for financial services operations and compliance.

How often should this checklist be completed?

This checklist should be completed annual. Each completion takes approximately 45-60 minutes.

Who should use this Third-Party Vendor Risk Assessment?

This checklist is designed for Vendor Management Officer professionals in the financial services industry. It can be used for self-assessments, team audits, and regulatory compliance documentation.

Can I download this checklist as a PDF?

Yes, this checklist is available as a free PDF download. You can also use it digitally in the POPProbe mobile app for real-time data capture, photo documentation, and automatic reporting.