What measures do you take to ensure the vendor risk assessment is accurate and up to date?

1. Define and document vendor risk assessment criteria: Clearly define and document the criteria used to assess the risks associated with vendors in order to ensure that the assessment process is consistent and accurate.

2. Evaluate vendor due diligence: Perform due diligence on vendors to identify any potential risks associated with them and their services.

3. Monitor changes in the vendor’s environment: Regularly monitor changes in the vendor’s environment, such as changes in personnel, technology, and business practices.

4. Review vendor contracts: Review vendor contracts to ensure that the terms and conditions reflect the risk assessment and are up to date.

5. Conduct periodic reviews of vendors: Periodically review vendors to ensure that their services and practices are meeting the criteria set out in the risk assessment.

6. Maintain records of assessments: Maintain records of the risk assessments in order to easily track changes over time.