Vendor Risk Score is unique because it is not calculated from the risk register. It is calculated from the Assessments and Findings for the Vendor. The formula is:
Vendor Risk Score = (Avg latest assessment) + Finding Score.
Average Latest Assessment
We will consider any unique assessment template sent to Vendor and its related Engagements. We will average all the scores from each custom assessment templates. This gives company the total control to determine what is the latest assessment template they should use and their latest risk scoring criteria.
Finding Score
All outstanding findings will be included in the vendor risk score. See details on how Finding Score is calculated.
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