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A Vendor Risk Assessment Form helps Belgian organizations evaluate potential risks when working with new suppliers or service providers. It captures critical information about a vendor's financial stability, data protection practices, and compliance with EU and Belgian regulations like GDPR and the Code of Economic Law.

These forms typically examine a vendor's security measures, business continuity plans, and operational track record. Companies use them to make informed decisions about supplier relationships and to meet their legal due diligence obligations under Belgian corporate governance requirements. They're especially important in regulated sectors like banking, healthcare, and telecommunications.

Use a Vendor Risk Assessment Form before entering any new supplier relationship that involves sensitive data, critical services, or significant financial commitments. This evaluation becomes essential when onboarding vendors who will access your IT systems, handle personal data under Belgian GDPR requirements, or provide core business services.

Complete the assessment during vendor selection, contract renewal periods, and when major changes occur in your supplier's organization. Belgian financial regulators require these assessments for third-party relationships in banking and insurance, while data protection laws mandate them for processors handling personal information. Regular updates help maintain compliance and protect your organization from operational disruptions.

• Basic Compliance Assessment: Covers fundamental regulatory requirements under Belgian law, including GDPR compliance, financial stability, and basic security measures
• IT Security Evaluation: Focuses on cybersecurity controls, data protection measures, and technical infrastructure assessment
• Financial Services Form: Enhanced due diligence specifically for banking and insurance vendors, meeting NBB and FSMA requirements
• Critical Supplier Assessment: Detailed evaluation for vendors providing essential services or accessing sensitive systems
• Simplified SME Version: Streamlined assessment for low-risk vendors or small-scale partnerships

• Procurement Officers: Lead the vendor assessment process and maintain the Vendor Risk Assessment Forms as part of supplier management
• Risk Management Teams: Review and evaluate responses, score risk levels, and recommend mitigation measures
• Legal Department: Ensures forms align with Belgian regulatory requirements and updates content based on legal changes
• IT Security Teams: Assess technical security controls and data protection measures of potential vendors
• Vendor Representatives: Complete the forms, provide supporting documentation, and respond to follow-up queries
• Compliance Officers: Monitor ongoing vendor compliance and maintain assessment records for regulatory inspections

• Vendor Profile: Gather basic company information, including legal entity details, Belgian registration numbers, and key contacts
• Service Scope: Define exactly what services or products the vendor will provide and how they integrate with your operations
• Data Handling: Document types of data the vendor will access, especially personal data under GDPR requirements
• Risk Categories: List specific areas of assessment (financial, operational, technical, regulatory) relevant to your industry
• Scoring System: Develop clear evaluation criteria and risk thresholds aligned with Belgian compliance standards
• Supporting Documents: Create a checklist of required certifications, insurance policies, and compliance attestations

• Company Information: Legal entity names, Belgian registration numbers, and authorized signatories from both parties
• Data Processing Terms: GDPR-compliant sections detailing data handling, storage locations, and security measures
• Risk Categories: Clear evaluation criteria for financial, operational, technical, and compliance risks
• Security Requirements: Specific cybersecurity and physical security controls aligned with Belgian standards
• Regulatory Compliance: Declarations of compliance with Belgian and EU laws relevant to the vendor's industry
• Assessment Methodology: Scoring system and risk threshold definitions for objective evaluation
• Documentation Requirements: List of mandatory certificates, insurance policies, and compliance attestations

A Vendor Risk Assessment Form differs significantly from a Vendor Risk Management Policy in both scope and application. While they're often mentioned together, they serve distinct purposes in Belgian business operations.

• Document Purpose: A Vendor Risk Assessment Form evaluates specific vendors at a point in time, while a Risk Management Policy establishes ongoing governance rules and procedures for all vendor relationships
• Usage Timeline: Assessment forms are completed during vendor selection or review periods, whereas the policy remains active continuously as a framework document
• Legal Status: The assessment form serves as evidence of due diligence, while the policy functions as an internal control document under Belgian corporate governance requirements
• Content Focus: Assessment forms contain specific vendor data and risk scores, while policies outline evaluation criteria, roles, and organizational responsibilities