98%
of organisations experienced at least one vendor breach in the last two years.*
83%
of legal and compliance leaders say they identified vendor risks only after due diligence.*
60%
of companies don’t monitor the security and privacy practices of vendors who they share sensitive information.*
*Source, Gartner, https://veridion.com/blog-posts/vendor-risk-statistics/
When should you complete a Vendor Risk Assessment?
A Vendor Risk Assessment evaluates whether a vendor's processes, controls, and practices meet your organisation's standards for protecting information and managing risks that may affect your data, systems, operations, or compliance positions.
Vendor risk isn't static. A vendor may change its systems, introduce new features, update internal policies, or alter the way information is handled. Reassessments should be considered on a regular cycle, particularly for critical vendors or at key renewal points.
Access a vendor
Reviewing your current vendors and supplier arrangements
Comparing new vendors before selecting a platform or service
Preparing for a contract renewal
Introducing a system that stores or processes personal information
Reviewing a platform that has introduced AI functionality
Providing the board with evidence to support a vendor decision
What our Vendor Risk Assessment reviews
The assessment evaluates the practices that matter most to your organisation's risk, privacy, and continuity position.
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Cyber security practices and controls
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Privacy practices and personal information handling
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Alignment with relevant Australian Privacy Principles
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Business continuity and disaster recovery preparedness
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Evidence provided by the vendor to support their claims
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Maturity and clarity of vendor responses
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Risks affecting procurement, contract negotiation, or ongoing use
Your vendor risk journey, simplified
Managing vendor risk doesn’t need to be complex. Advanta Advisory guides you through a clear, structured vendor risk assessment process that helps you understand your current position and act on findings.
Identify the need
Reviewing vendors, comparing platforms, or renewing a contract? A VRA confirms your vendors meet your risk appetite.
Scope and confirm
We confirm the vendor, and how it will be used, including whether personal information is involved.
Vendor engagement
The vendor responds to structured questions and provides evidence aligned to the Australian Privacy Principles.
Review findings
You receive a detailed PDF report in plain language, with a follow-up meeting available to walk through the results.
Make an informed decision
Engage, set conditions, or move on. Reassessment timeframes are set to keep the vendor risk visible.
What you receive in the VRA report
The final report gives your organisation a clear view of the vendor's risk position at the time the assessment is completed.
Risk rating
A clear risk rating to help your organisation understand the vendor's overall risk profile at a glance.
Plain language commentary
Clear findings that help non-technical stakeholders understand what was found and what it means.
Advisory notes
Practical recommendations to address identified gaps and guide contract conditions or vendor discussions.
Use recommendation
A clear recommendation: Approved, Approved with Conditions, or Not Recommended.
Evidence-based findings
Based on vendor responses and supporting evidence, so your decision is grounded in fact.
What happens after the assessment?
Once the assessment is complete, your organisation can use the report to decide whether to:
Engage with the vendor
Continue with an existing vendor
Move away from a vendor
Proceed with conditions based on identified risks
Request further information or remediation from the vendor
Add reassessment timeframes to your internal roadmap
A note on reassessment
A Vendor Risk Assessment is a point-in-time assessment. Vendors change systems, features, policies, and data handling arrangements. Regular reassessment is recommended, particularly at contract renewals, major platform updates, or when a vendor introduces AI functionality. Many organisations align reassessments with their governance calendar.
Case Study:
PVW Partners
PVW Partners is a modern advisory firm that relies on a growing network of technology and service providers to deliver secure, efficient and high-quality outcomes for its clients. As the firm’s use of cloud platforms, AI-enabled tools and specialist software expanded, so did the need for clearer visibility over how those vendors managed data security, privacy and operational risk.
View case study
FAQs
What is a vendor risk assessment, and why is it important?
How does Advanta Advisory help manage third-party risks?
Can both existing and new vendors be assessed?
How often should assessments be conducted?
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View serviceReady to strengthen your vendor risk management?
Protect your business, support compliance and gain greater confidence in your third-party relationships. Get in touch to discuss Advanta Advisory’s tailored vendor risk assessments and threat monitoring solution.
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