About the Vendor Risk Assessment Platform (VRAP)

• Our platform provides a method to quickly evaluate third-party vendor risk using a standardized questionnaire.  The VRAP looks at more than the results to generate a score.  The VRAP looks at:
  • The actual results or answers to the questions.
  • Vendor's perceived residual risk (Likelihood and Impact) of the result with a risk acceptance band shown below.  Over investment in one area introduces extra risk in other areas due to limits of resources.
  • The estimated cost to bring risk level to an acceptable risk level leveraging a 3D effort approach including: Time, People, and Money (shown below).
  • Weights the results against the six CHICAGO metrics to identify risk areas.
• The CHICAGO Metrics™ VRAP is unique by having the customer also complete the VRAP to compare the company's results to the vendor's results.  Thereby, making a more informed risk-based decision.

Result Comparison

In this case the Demo Company would recommend to move forward with the company due to a higher overall score than the company.  Also, their average risk rating is low with a high effort rating.  Based on the VRAP, the maturity and practice of the sample vendor looks to be acceptable.  Each of the CHICAGO Metrics™ are also much higher than the company's painting a positive picture of the vendor's program, comparatively.

​Risk Rating - Heat Map

​Effort Rating - 3D Heat Map

The VRAP can be customized

We are able and willing to make a custom version of the VRAP questionnaire for $1500. Here are the conditions:

• The specific custom version is at most 50 questions.
• It is able to be made available to all members. Be sure to name it appropriately if you don't want attribution.
• Be sure to tell your vendors which version to complete.
• Questions should be binary (Yes/No) or framed around percentages versus pure counts.