5 Cybersecurity Risk Assessment Templates for VRM

If you’re developing a vendor risk management (VRM) plan from scratch or looking to scale your existing program, a cybersecurity risk assessment template can help you get started.

Fortunately, you have options. In this blog, we’ve listed several templates, frameworks, and checklists that can help you create a personalized vendor cybersecurity risk assessment questionnaire. Each of these resources provides examples of vendor risk assessments and include a series of questions that can help probe your third parties’ governance and approach to cybersecurity.

What is a Cybersecurity Risk Assessment Template?

A cyber risk assessment template is a pre-structured framework used by organizations to identify, evaluate, and prioritize cybersecurity risks. The template serves as a standardized guide, ensuring that critical areas such as system vulnerabilities, potential threats, and impacts on business operations are systematically reviewed. By following this template, companies can better manage their security posture, develop appropriate mitigation strategies, and comply with industry regulations.

What is a Cybersecurity Risk Assessment?

A cybersecurity risk assessment is a tool that identifies vulnerabilities in an organization’s digital footprint that could lead to a security breach or to cyberattacks like ransomware. A security risk assessment also determines the severity of risk, enabling security teams to prioritize remediation and make the most of limited resources.

When you onboard new vendors, you also assume any cyber risk associated with that organization. And that risk is growing. Today, 62 percent of network intrusions that organizations experience originate with a third-party. It’s essential that you develop ways to assess vendor risk—both during the onboarding process and for the life of the relationship.

Risk assessment involves taking steps to understand any flaws or vulnerabilities in your supply chain, so you can then implement a third-party risk management strategy to remediate them. Because most companies work with dozens if not hundreds of vendors, a useful starting point is to tier your vendors according to their criticality to your business and level of access they have to sensitive data. Then, perform the appropriate assessment according to risk. This ensures you’re focusing your resources where they are most needed and not introducing roadblocks into the onboarding or annual security assessment process.

Types of Cybersecurity Risk Assessment Templates

Cybersecurity risk assessment templates can vary depending on the organization's needs, size, and industry. Here are some common types:

1. Qualitative Risk Assessment Template: This type focuses on assessing risks based on descriptive scales (e.g., low, medium, high). It’s useful for organizations that want a high-level view of their risks without diving deeply into numerical data.
2. Quantitative Risk Assessment Template: A quantitative template involves assigning numerical values to potential risks and their impacts, such as financial loss or data compromise. This is preferred by organizations seeking to understand the financial implications of cyber threats.
3. Hybrid Risk Assessment Template: A combination of both qualitative and quantitative assessments, this template is designed to provide a more comprehensive picture by blending descriptive data with numerical values.
4. NIST-based Risk Assessment Template: This template aligns with the National Institute of Standards and Technology (NIST) cybersecurity framework. It helps organizations structure their risk assessments based on NIST’s guidelines for identifying, protecting, detecting, responding, and recovering from cyber threats.
5. ISO/IEC 27005 Risk Assessment Template: Based on the ISO 27005 standard for risk management in information security, this template offers a systematic approach for identifying risks, evaluating them, and determining control measures according to global best practices.

5 Most Common Cybersecurity Risk Assessment Templates

There are several industry-standard cyber risk assessment templates that organizations use screen your vendors. These templates help structure the assessment process, providing a thorough analysis of risks, vulnerabilities, and mitigation strategies. Here are some widely adopted templates: 

1. CIS Risk Assessment Method (CIS RAM)

The Center for Internet Security (CIS) has developed a set of 18 standards—known as CIS Critical Security Controls—you can use to gauge the effectiveness of your own and your vendors’ cybersecurity programs. Key features include:

• Focus on implementing CIS Controls as risk mitigation strategies
• Risk identification and assessment for critical security controls
• Action plans for reducing risks based on CIS’s prioritized controls

The controls are prioritized into three implementation groups (IGs). Each IG identifies a set of safeguards that organizations should implement based on their risk profiles and available resources. The controls include best practices such as actively inventorying enterprise assets, establishing and maintaining the secure configuration of these assets, managing user credentials, continuous vulnerability management, and more.

Although not a template per se, CIS Critical Security Controls are easy-to-understand and a useful baseline for building any vendor checklist. 

2. NIST Cybersecurity Framework (CSF) Risk Assessment Template

The NIST Cybersecurity Framework is intended to simplify any security assessment and governance process. It is based on many international practices and standards, including NIST 800-53 and ISO 27001. The CIS Critical Security Controls are also reflected in this framework. Key features include:

• Asset identification and categorization
• Threat and vulnerability assessment
• Risk determination based on impact and likelihood
• Actionable recommendations for risk mitigation

The NIST framework is available in PDF or Excel in a matrix format, making it easy to adapt or incorporate into a vendor IT risk assessment template. NIST also provides a Quick Start Guide with direction on how to use the framework.

The great thing about NIST’s framework is that it incorporates governance and technology issues, whereas the CIS Critical Security Controls is more focused on technology alone. NIST’s dual approach makes it one of the very popular cybersecurity frameworks.

3. ISO/IEC 27005 Risk Assessment Template

This template aligns with the ISO/IEC 27005 standard, which is focused on information security risk management. It provides a systematic approach to identifying and evaluating risks and planning risk treatment options. Key features include:

• Risk identification and analysis
• Risk evaluation based on business impact
• Risk treatment planning and documentation
• Continuous monitoring and review

This framework is used globally by organizations that need to comply with the ISO 27001 certification for information security management.

4. OCTAVE (Operationally Critical Threat, Asset, and Vulnerability Evaluation) Framework

The OCTAVE framework, developed by Carnegie Mellon University, offers a self-directed risk assessment process that focuses on operational risks in IT environments. Key features include:

• Focus on asset-driven risk assessment
• In-depth evaluation of organizational processes and their vulnerabilities
• Emphasis on understanding operational risks
• Includes methods for prioritizing risks and defining mitigation strategies

OCTAVE is used by organizations that want to integrate cybersecurity into their overall operational risk management processes.

5. FAIR (Factor Analysis of Information Risk)

FAIR is a quantitative risk assessment model that provides a financial view of cybersecurity risks. It focuses on measuring and analyzing risk in monetary terms. The FAIR model is widely used by businesses looking to integrate cybersecurity risk assessments with financial risk management. Key features include:

• Quantifies risk by estimating potential financial losses
• Involves detailed threat event analysis
• Probability and impact assessment based on data
• Clear, financial-driven risk communication for decision-makers

Organizations can choose from various industry-standard cyber risk assessment templates depending on their compliance needs, industry, and specific cybersecurity objectives. Whether it's adhering to NIST guidelines, following ISO/IEC 27005, or quantifying risks using FAIR, these templates provide a solid foundation for assessing and managing cybersecurity risks in a structured, consistent, and effective manner.

How Often Should a Cyber Risk Assessment Be Conducted?

Cyber risk assessments should be conducted at least annually or whenever significant changes occur in the IT environment (such as new software deployments, infrastructure upgrades, or changes in business processes). Regular assessments help ensure that security measures remain aligned with evolving threats and compliance requirements.

What Role Do Stakeholders Play in Cyber Risk Assessments?

Stakeholders, including IT teams, management, and business unit leaders, play a critical role in the cyber risk assessment process. They provide insights into the operational impact of risks, allocate resources for risk mitigation, and help prioritize security investments. Engaging stakeholders ensures that the risk assessment aligns with both technical and business objectives.

Useful Tools & Resources to Help You Get Started

CIS and NIST frameworks are invaluable for developing a cybersecurity IT risk assessment template. If you’re looking to jumpstart the process, we’ve assembled several resources and tools that can help.

• How to Create a Vendor Risk Management Checklist: Use it to capture relevant information from your vendors during the onboarding process. The checklist can help you assess your vendor risk assessment protocols, security controls, incident response plans, and governance.
• 40 Questions You Should Have in Your Vendor Cybersecurity IT Risk Assessment: We blended the NIST and SANS frameworks to come up with a specific list of 40 important questions you may consider including in your vendor security questionnaire.
• Vendor Due Diligence Checklist: 5 Steps to Selecting a Third-Party: Because vendor risk extends beyond cyber risk, we created a due diligence checklist that includes baseline information your risk assessment template should capture about your vendors to better inform procurement decision-making.

Don’t Stop There. Continuously Assess & Manage Risk

As your vendor portfolio grows, effective VRM is essential. Rather than rely on point-in-time security assessments or audits, you must continuously monitor your vendors’ security postures.

Bitsight VRM is a scalable, end-to-end VRM program that continually detects, monitors, and mitigates vendor risk. It goes beyond initial assessments and checklists to constantly assess and act on vendor risk. It also aligns seamlessly to business growth, handling thousands of vendors as efficiently as ten.

Learn more about how Bitsight VRM provides unmatched visibility into your digital supply chain, measuring and monitoring third-party security controls, and aligning your VRM program to your risk tolerance and organizational goals.