Insurance Vendor Risk Management Checklist
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Vendor Identification & Categorization
Initial assessment to classify vendors based on criticality and risk level.
Vendor Name
Brief Description of Services Provided
Vendor Category
Number of Employees (Vendor)
Criticality Level
Date Vendor Relationship Started
Financial Stability Assessment
Review of vendor's financial health and potential for disruption.
Annual Revenue (USD)
Debt-to-Equity Ratio
Last Financial Statement Date
Credit Rating (if applicable)
Ownership Structure
Summary of Financial Health
Cybersecurity Risk Assessment
Evaluation of vendor's cybersecurity posture and data protection practices.
Latest Vulnerability Scan Score (CVSS)
SOC 2 Attestation of Compliance?
Security Standards Compliant With (Select All That Apply)
Summary of Key Cybersecurity Risks Identified
Latest Penetration Test Report
Endpoint Detection & Response (EDR) Solution Deployed?
Number of Security Incidents Reported in Last Year
Data Privacy & Security Compliance
Verification of vendor's adherence to relevant data privacy regulations and security standards.
Relevant Privacy Frameworks Applied (e.g., GDPR, CCPA, HIPAA)
Data Encryption Standards Used
Data Residency Compliance
Last Privacy Impact Assessment (PIA) Date
Summary of Vendor's Data Processing Agreement (DPA)
Copy of Vendor's Privacy Policy (PDF)
Number of Data Breaches Reported in Last 12 Months
Business Continuity & Disaster Recovery
Assessment of vendor's plans for maintaining operations during disruptions.
BC/DR Plan Documentation Availability
Last BC/DR Plan Testing Date
Recovery Time Objective (RTO) - Hours
Recovery Point Objective (RPO) - Hours
Summary of BC/DR Plan Testing Results
BC/DR Testing Scenarios Executed
BC/DR Plan Documentation (Optional)
Contractual Risk Mitigation
Review of contract terms related to security, data protection, and liability.
Indemnification Clause Adequacy
Limitation of Liability Amount
Governing Law Specified?
Contract Expiration Date
Notes on Termination Clauses
Service Level Agreement (SLA) Inclusion?
Supporting Contractual Documents (e.g., amendments)
Performance Monitoring & Reporting
Ongoing monitoring of vendor performance and identification of potential risks.
Uptime Percentage (Last Month)
Average Response Time (Seconds)
Error Rate (%)
Service Level Agreement (SLA) Compliance
Last Performance Review Date
Summary of Performance Observations
Key Performance Indicators (KPIs) Trending
Audit & Compliance Verification
Periodic audits to confirm vendor compliance with agreed-upon standards and contractual obligations.
Last Audit Date
Audit Type
Audit Score (1-100)
Summary of Audit Findings
Areas of Non-Compliance (Select all that apply)
Audit Report Document
Termination & Transition Planning
Plan for orderly termination of vendor relationships and transition of services.
Planned Termination Date
Reason for Termination
Transition Lead (Internal)
Transition Phase Status
Data Migration Plan Summary
Transition Documentation (e.g., Handover Plan)
Data Retrieval Deadline
Insurance Coverage Review
Verification of adequate insurance coverage maintained by the vendor.
Coverage Amount (USD)
Policy Effective Date
Policy Expiration Date
Type of Coverage
Copy of Insurance Certificate/Policy Document
Insurance Company
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