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.
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.