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A Vendor Risk Assessment Form helps Pakistani organizations evaluate potential business partners and suppliers before working with them. It's a structured checklist that companies use to identify financial, operational, and compliance risks that could impact their business relationships, following guidelines from the State Bank of Pakistan and SECP regulations.

The form typically covers key areas like vendor financial stability, data security practices, quality control measures, and regulatory compliance status. Companies in regulated sectors like banking and telecommunications must complete these assessments as part of their due diligence process, protecting themselves from third-party risks while meeting local regulatory requirements.

Use a Vendor Risk Assessment Form before signing any new supplier agreements or when reviewing existing vendor relationships in Pakistan. This step becomes essential when onboarding critical suppliers who will handle sensitive data, provide key operational services, or impact your regulatory compliance status under SECP guidelines.

Complete the assessment during vendor selection, before contract renewal, and when significant changes occur in your supplier's business structure or services. Pakistani banks and financial institutions must conduct these evaluations quarterly, while other sectors typically perform them annually or when regulatory requirements change. Having this documentation ready also speeds up audits and regulatory inspections.

• Basic Due Diligence Form: Covers fundamental vendor information, financial stability checks, and basic compliance requirements - commonly used by small businesses and startups in Pakistan
• IT Security Assessment Form: Focuses on data protection, cybersecurity protocols, and digital compliance with SECP technology guidelines
• Financial Services Vendor Form: Detailed version meeting State Bank of Pakistan requirements for banking sector vendors
• Supply Chain Risk Form: Emphasizes operational continuity, quality control, and logistics - popular in manufacturing and retail
• Critical Service Provider Form: Enhanced assessment for vendors providing essential services to regulated industries, incorporating strict compliance checks

• Procurement Teams: Lead the vendor assessment process and coordinate completion of the Vendor Risk Assessment Form with potential suppliers
• Legal Departments: Review and customize forms to ensure compliance with Pakistani regulations and corporate policies
• Risk Management Officers: Evaluate responses and assign risk ratings based on SECP guidelines
• Compliance Officers: Monitor ongoing vendor relationships and maintain assessment records for regulatory audits
• Vendor Organizations: Complete the forms, provide supporting documentation, and maintain required compliance standards
• Senior Management: Review high-risk assessments and approve vendor relationships based on evaluation results

• Company Profile: Gather basic vendor information including NTN number, years in business, and corporate structure
• Financial Data: Collect recent financial statements, bank references, and credit history following SBP guidelines
• Compliance Status: Check vendor's regulatory licenses, certifications, and SECP compliance history
• Risk Categories: Define specific areas of assessment based on your industry requirements and risk tolerance
• Scoring System: Develop clear evaluation criteria and risk rating scales
• Documentation: List required supporting documents, certificates, and compliance proofs
• Review Process: Establish internal approval workflows and assessment frequency

• Vendor Information Section: Complete legal name, NTN number, registered address, and authorized representatives
• Risk Assessment Scope: Clear definition of services, products, or relationships being evaluated
• Compliance Declaration: Vendor's confirmation of adherence to Pakistani laws and SECP regulations
• Data Protection Measures: Protocols for handling sensitive information under local privacy laws
• Financial Stability Metrics: Assessment criteria following SBP guidelines
• Security Requirements: Industry-specific safety and cybersecurity standards
• Signatory Authority: Designated approval signatures from both parties with date stamps
• Review Frequency: Stated intervals for reassessment and updates

A Vendor Risk Assessment Form differs significantly from a Vendor Risk Management Policy in both scope and application. While both documents deal with vendor relationships, they serve distinct purposes in Pakistan's regulatory framework.

• Purpose and Scope: A Vendor Risk Assessment Form evaluates specific vendors at a point in time, while a Risk Management Policy establishes your organization's overall approach to managing vendor relationships
• Usage Frequency: Assessment forms are completed for each vendor engagement or review period, but the policy document serves as a permanent governance framework
• Content Focus: Assessment forms contain specific metrics and evaluation criteria, while policies outline procedures, responsibilities, and decision-making authorities
• Legal Standing: The policy serves as an internal control document required by SECP, while assessment forms function as compliance evidence for specific vendor relationships