Vendor Risk Assessment Form Template for Saudi Arabia

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Key Requirements PROMPT example:

Vendor Risk Assessment Form

"Need a comprehensive Vendor Risk Assessment Form for our Saudi Arabian healthcare technology operations, with particular emphasis on data protection compliance and cybersecurity controls, to be implemented by March 2025."

Document background

The Vendor Risk Assessment Form is a critical tool for organizations operating in Saudi Arabia to evaluate and manage risks associated with their vendor relationships. This document becomes necessary when engaging new vendors or conducting periodic assessments of existing vendors, particularly in light of Saudi Arabia's evolving regulatory landscape, including recent data protection laws and cybersecurity requirements. The form encompasses comprehensive evaluation criteria covering financial stability, operational capabilities, compliance status, security controls, and risk management practices. It is designed to ensure compliance with Saudi Arabian regulations while protecting the organization's interests through thorough vendor due diligence. The assessment helps organizations make informed decisions about vendor relationships and implement appropriate risk mitigation measures.

Suggested Sections

1. Vendor Information: Basic information about the vendor including legal name, commercial registration details, contact information, and years in business

2. Business Profile: Overview of vendor's core business activities, service offerings, and market presence in Saudi Arabia

3. Financial Assessment: Evaluation of vendor's financial stability, including financial statements review and key performance indicators

4. Compliance and Regulatory: Assessment of vendor's compliance with Saudi regulations, licenses, and certifications

5. Information Security Controls: Evaluation of vendor's cybersecurity measures and compliance with Saudi NCA requirements

6. Data Protection Practices: Assessment of vendor's data handling practices and compliance with Saudi PDPL

7. Operational Capabilities: Evaluation of vendor's operational processes, capacity, and quality management systems

8. Business Continuity: Assessment of vendor's business continuity and disaster recovery plans

9. Risk Rating Matrix: Standardized scoring system to evaluate overall vendor risk level

10. Approval and Sign-off: Final risk assessment determination and required approvals

Optional Sections

1. Cloud Services Assessment: Detailed evaluation of cloud service providers' compliance with CITC regulations, used when vendor provides cloud services

2. Physical Security Assessment: Evaluation of vendor's physical security measures, required for vendors with physical access to facilities or handling physical assets

3. Supply Chain Security: Assessment of vendor's supply chain security measures, relevant for vendors involved in logistics or supply chain operations

4. Environmental Impact: Evaluation of vendor's environmental practices and compliance, important for vendors in industrial or manufacturing sectors

5. Sanctions Screening: Additional screening for international vendors to ensure compliance with Saudi and international sanctions

6. Saudization Compliance: Assessment of vendor's compliance with Saudization requirements, relevant for local vendors with significant workforce

Suggested Schedules

1. Technical Requirements Checklist: Detailed checklist of technical requirements and controls that vendors must meet

2. Compliance Documentation Requirements: List of required compliance documents and certifications

3. Security Controls Questionnaire: Detailed security control questions aligned with Saudi NCA requirements

4. Risk Scoring Methodology: Detailed explanation of risk scoring criteria and calculation method

5. Required Certifications List: List of mandatory and recommended certifications based on vendor service type

6. Incident Response Requirements: Specific requirements for incident reporting and response procedures

7. Data Processing Requirements: Detailed requirements for handling and processing data in compliance with Saudi PDPL

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services

Healthcare

Technology and Telecommunications

Government and Public Sector

Energy and Utilities

Manufacturing

Retail and Consumer Goods

Professional Services

Construction and Real Estate

Education

Transportation and Logistics

Defense and Security

Relevant Teams

Procurement

Risk Management

Compliance

Information Security

Legal

Operations

Finance

Supply Chain

Internal Audit

Vendor Management

Quality Assurance

Information Technology

Relevant Roles

Chief Risk Officer

Procurement Manager

Vendor Management Specialist

Compliance Manager

Information Security Manager

Legal Counsel

Supply Chain Manager

Operations Director

IT Security Officer

Data Protection Officer

Quality Assurance Manager

Business Continuity Manager

Finance Manager

Audit Manager

Contract Administrator

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