Risk Assessment Questionnaires are structured tools that help organizations identify and manage risks.

But what exactly are they, and how can you create one yourself?

Let’s find out.

What are Risk Assessment Questionnaires?

Risk Assessment Questionnaires, or Third-Party Risk Assessment Questionnaires, are standardized questions designed to gather information about potential risks associated with a specific entity, such as a vendor, partner, or even a new employee.

These questionnaires usually involve giving scores to questions about how likely and severe risks are. The scores provide an overall risk level, like low, medium, high, or extreme.

Studies show that more than 50% of data breaches involve third-party vendors. These forms are important for spotting and dealing with risks so organizations can plan how to avoid them and decide where to focus their efforts.

They cover topics such as organizational risk culture, risk appetite, oversight mechanisms, contingency planning, financial controls, compliance issues, communication climate, staff turnover, safety measures, IT systems reliability, and impact assessment in case of identified risks.

Here’s a sample questionnaire template.

Vendor Risk Assessment Questionnaire Template

Preview Template

Use This Template

Components of a Risk Assessment Questionnaire

It comprises several key components, including:

• Identification of potential risks: Questions aimed at identifying potential hazards or vulnerabilities within the organization.
• Evaluation of risk severity: Inquiries assessing the potential impact and likelihood of identified risks.
• Mitigation strategies: Sections dedicated to outlining preventive measures and mitigation strategies to address identified risks effectively.

Purpose of Risk Assessment Questionnaires

The primary purpose is to help organizations identify and understand potential risks they may face.

• Identify potential risks: These questionnaires help find possible weaknesses and threats in a company.
• Evaluate risk severity: They also help determine the severity of those risks.
• Inform decision-making: Their information helps you make smart choices about partnerships, vendors, and where to focus resources to manage risks better.

Importance of Risk Assessment Questionnaires

The significance of third-party risk assessment questionnaires lies in their ability to enhance organizational resilience and protect against potential threats.

Proactive Risk Management

These surveys help protect businesses by spotting and fixing problems before they become big. Also, they act as early warning systems for businesses, allowing them to identify potential issues and vulnerabilities before they escalate into significant problems.

By conducting these surveys regularly, organizations can stay vigilant and address emerging risks promptly. This minimizes the likelihood of costly disruptions to their operations.

Regulatory Compliance

They also ensure companies follow the rules and standards set by the industry. Compliance with industry regulations and standards is essential for businesses to operate ethically and avoid legal repercussions.

These assessments help companies assess their compliance status by identifying areas where they may fall short of regulatory requirements. This enables organizations to take corrective actions and ensure their operations align with applicable laws and guidelines.

Informed Decision-Making

Make good choices. Informed decision-making is crucial for success. Insights from these assessments provide valuable information about potential risks and their impact on various aspects of the business.

By analyzing the data collected, companies can make strategic decisions about resource allocation, risk mitigation strategies, and long-term planning, maximizing their chances of success.

Stakeholder Confidence

Displaying a commitment to safety enhances a company’s reputation and credibility. By regularly assessing risks and taking proactive measures to address them, companies show that they prioritize the well-being of their stakeholders.

With this, you can build trust and confidence among customers, partners, investors, and regulators.

Continuous Improvement

It is important to keep improving.

Risk management is an ongoing process that requires continuous monitoring, evaluation, and improvement. Organizations can adapt to changing circumstances and emerging threats by regularly reviewing and updating their assessments.

This iterative approach allows companies to avoid potential risks and continually improve their resilience and preparedness.

Are we clear about the significance? Let’s move on to an interesting section:

Types of Risk Assessment Questionnaires

Risk assessment questionnaires come in different types, each with its job to keep businesses safe and legal.

It is vital to have a clear idea of what strengths each form holds to use for enhanced results.

(I’ve also included sample templates created with SurveySparrow so you can get a feel for how they work. Feel free to give them a try!)

Oh! A few extra questions have been added to each section. You can use them in the templates, remove the pre-populated fields, or add more to personalize them.

The first one in the lot is:

1. Change Management Risk Assessment Questionnaire

This is used to evaluate the potential risks associated with implementing a change. This questionnaire helps identify, assess, and address risks that may arise during change initiatives, like system upgrades or policy revisions.

Questions will be about the nature of the change, possible risks, and strategies to mitigate them. Using it, you can proactively manage risks, ensuring smoother implementation of changes and minimizing disruptions to business operations.

Used By: Management teams, Project Managers, Human Resources Professionals

Risk Assessment Sample Questions

1. How many people will this change impact?
2. Have we done something similar before? How’d it go?
3. Can we easily fix things if there’s a problem?
4. Will people need help learning how to do things differently?
5. Do people understand why this change is happening?

2. Investment Risk Assessment Questionnaire

This is all about investment opportunities. It helps investors understand their risk tolerance and preferences, allowing them to make informed decisions about where to invest their money.

This questionnaire typically asks questions about factors such as investment goals, time horizon, and willingness to tolerate fluctuations in the value of investments.

By completing this assessment, investors gain insights into their risk profile, enabling them to make investment choices aligned with their financial goals and risk comfort.

Used By: Investors, Financial Advisors

Sample Questions

1. In how many years do you expect to need this money?
2. Which is more important to you: potentially higher returns or preserving your principal?
3. How would you react if your investment portfolio dropped by 10% in a month?
4. Do you have any upcoming significant expenses (e.g., down payment, education) that might require accessing this money?
5. Which statement best describes your overall financial situation? (e.g., Debt-free with emergency savings, Have some debt but manageable)

3. AML Risk Assessment Questionnaire

An AML (Anti-Money Laundering) Risk Assessment evaluates the risks of money laundering and terrorism financing in a business. It helps organizations identify weaknesses and take steps to reduce these risks.

The questionnaire covers customer checks, transaction monitoring, staff training, and overall AML compliance. This assessment allows businesses to see where they’re vulnerable and improve their anti-money laundering measures to follow the rules and protect their reputation.

Used By: Money Services Businesses, Cryptocurrency Exchanges, Real Estate Agents

Sample Questions

1. Do you handle a large volume of cash transactions in your day-to-day operations?
2. Does your company serve many customers from countries considered high-risk for money laundering?
3. How often are your company’s Anti-Money Laundering (AML) policies and procedures reviewed and updated?
4. Is there a clear and accessible process for employees to report suspicious activity to the appropriate authorities?
5. To your knowledge, has the company ever faced any fines or sanctions for violations of AML regulations?

4. Cybersecurity Risk Assessment Questionnaire

You can’t play with data security. This questionnaire evaluates the level of cybersecurity risks within an organization.

It helps develop strategies to minimize the chances of data breaches and other cyber threats. It typically addresses governance and organizational structure, information security and privacy, physical and data center security, web application security, and infrastructure security.

Used By: IT Departments, Chief Information Security Officers (CISOs), Cybersecurity Professionals

Questions

1. Are you familiar with the company’s security policies on passwords, data access, and acceptable technology use?
2. Do you create strong passwords and avoid using the same password for work and personal accounts?
3. Have you participated in any cybersecurity training the company offers, such as phishing awareness or secure browsing practices?
4. Do you avoid connecting personal devices to the company network unless explicitly allowed and following security guidelines?
5. Do you feel comfortable asking questions or reporting any concerns about cybersecurity at work?

5. Health Risk Assessment Questionnaire

A Health Risk Assessment Questionnaire helps people see their health and find possible health problems. It asks about things like medical history, lifestyle, and family health.

By filling out this form, people can learn about health risks and decide what they can do to stay healthy.

The focus would be on lifestyle habits, medical history, family history, and demographic factors.

Used By: Doctors and Nurses, Health Insurance Companies

Questions you can add

1. Have you ever been diagnosed with high blood pressure, diabetes, or high cholesterol?
2. Do you schedule regular checkups with a doctor or other healthcare professional?
3. Have you noticed any significant changes in your weight or energy levels in the past year?
4. Do you experience high stress levels regularly?
5. Do you get at least 7 hours of sleep most nights?

6. Fall Risk Assessment Questionnaire

With this, you can check how likely someone fall and get hurt or sick. It looks at your overall well-being- how well you move, your balance, and if you take any medicines. By answering these questions, healthcare workers can find people who might fall a lot and help them avoid it.

It makes identifying potential risks for certain deceased and conditions.

Used By: Hospitals and Clinics, Nursing Homes

Sample Questions

1. Do you experience any dizziness, lightheadedness, or unsteadiness at work? (Yes/No)
2. Do you have any pain in your feet, legs, or hips that affects your balance?
3. Do you have any concerns about tripping hazards in your environment?
4. Have you recently been diagnosed with any new medical conditions?
5. Do you feel comfortable reporting any recent changes in your health that might increase your risk of falling sick?

7. Vendor Risk Assessment Questionnaire

It primarily tells you how to stay safe.

A Vendor Risk Assessment Questionnaire checks how safe it is to work with other companies. It asks about their finances, how they protect data, and if they follow rules. By answering these questions, businesses can see if working with a company is risky.

Identify potential risks and ensure compliance with regulations like GDPR.

Used By: Businesses that work with other companies, Procurement Teams

Questions

1. Are you compliant with relevant industry regulations (e.g., HIPAA, PCI DSS)?
2. Do you outsource any critical functions to other vendors?
3. How do you collect, store, and use customer data?
4. Do you have a process for assessing the risks of your third-party vendors?
5. Do you have a written information security policy?

8. Internal Audit Risk Assessment Questionnaire

If you want to identify risks within an organization’s operations, finances, and compliance, this set of questions will help.

It looks into financial risks, compliance with regulations, and strategic plans. Companies can improve their internal controls and governance practices by pinpointing areas of vulnerability. It’s instrumental in ensuring regulatory compliance and optimizing business performance.

Used by: Companies of all sizes, Internal Audit Departments

Example Questions

1. Are there documented policies and procedures for risk identification?
2. Are these policies clearly communicated and readily accessible to employees?
3. On a scale of 1 (low) to 5 (severe), what is the potential impact of this risk on the organization?
4. Have any recent changes in regulations or industry standards impacted this department?
5. Have any internal control weaknesses been identified in this area recently? (Internal Control Weaknesses)

9. Compliance Risk Assessment Questionnaire

This assessment helps organizations evaluate their adherence to regulatory requirements and industry standards. It covers compliance programs, regulatory changes, and enforcement actions.

You can implement measures to mitigate legal and regulatory exposures by identifying compliance risks. This helps in ethical business conduct and maintaining trust with stakeholders.

Used By: Legal Departments, Regulatory Agencies

Questions to Ask

1. Do you have a documented compliance program that outlines policies, procedures, and responsibilities?
2. Are there any compliance requirements that could limit your ability to innovate or compete in the market?
3. How does the company monitor compliance and identify potential violations in day-to-day operations?
4. What metrics does the company use to measure the effectiveness of its compliance program?
5. From your perspective, what are the most significant compliance risks facing the company right now?

10. Cancer Risk Assessment Questionnaire

Individuals use this to assess their risk of developing cancer. You can analyze and conclude based on family history, lifestyle choices, and environmental exposures.

By understanding their cancer risk, people can make informed decisions about preventive measures, screening tests, and lifestyle modifications to reduce their risk of developing cancer.

Used By: Cancer Centers

Sample Questions

1. Do you have a family history of cancer?
2. What is your typical diet like? (Diet plays a role in cancer risk)
3. Have you ever undergone any radiation therapy or chemotherapy treatments?
4. Have you ever had significant sun exposure without proper protection?
5. Are you taking any medications that could potentially increase cancer risk?

Note: These are just general questions. A healthcare professional can provide a more comprehensive assessment based on your medical history and risk factors.

11. Lead Risk Assessment Questionnaire

This assessment evaluates the risk of lead exposure in various settings, such as homes, schools, and workplaces.

It examines environmental issues such as lead-based paint, water contamination, and occupational exposure. By identifying lead hazards, organizations and individuals can take measures to mitigate exposure and protect health, which is particularly important for children.

Used By: Environmental Health Agencies, Lead Abatement Programs

Questions

Did You Know that Lead paint was banned in the US in 1978?

1. Was your home built before 1978?
2. Do you live near a lead smelter, battery recycling plant, or other industry that may release lead into the air?
3. Do you have bare soil around your home, especially where children play?
4. Do you or anyone in your household drink water from lead pipes or soldered copper pipes?
5. Do you or your child (if applicable) frequently eat canned food?

12. Enterprise Risk Assessment Questionnaire

This helps organizations identify and manage risks across all areas of their operations. It covers strategic, financial, operational, and compliance risks. You get a comprehensive view of potential threats to the organization.

Companies can prioritize risk mitigation efforts by conducting enterprise risk assessments and strengthening their resilience to external and internal risks.

Used by: Executive Management, Risk Management Teams, Board of Directors

Sample Questions

1. What are the key strategic objectives of the organization?
2. How could changes in the market landscape (e.g., technology, competition, regulations) impact our ability to achieve these objectives?
3. What are the major sources of revenue and cost for the organization?
4. What are the potential events or actions that could damage the organization’s reputation with customers, investors, or the public?
5. Do you have a sound financial management strategy to mitigate these risks?

13. Information Security Risk Assessment Questionnaire

This questionnaire is all about risks to information assets, such as data breaches, unauthorized access, and cyber-attacks. It assesses security controls, vulnerabilities, and threats to determine the effectiveness of information security measures.

Organizations can identify and address security gaps by conducting information security risk assessments, safeguarding sensitive information, and maintaining data integrity.

Used By: Information Security Officers, IT Departments

Questions to Ask

1. How frequently do you conduct a comprehensive Information Security Risk Assessment?
2. How does the organization monitor its network activity to detect and respond to potential cyberattacks?
3. Does you have a bring-your-own-device (BYOD) policy, and if so, what security controls are implemented for personal devices accessing the network?
4. What measures are in place to ensure the secure backup and recovery of critical data in case of a disaster?
5. Can you share any success stories or lessons learned from past security incidents? (Note: This question can be adjusted depending on the organization’s willingness to share such information)

14. Diabetes Risk Assessment Questionnaire

A diabetes risk assessment helps individuals evaluate their likelihood of developing diabetes. And nobody wants that.

It considers factors such as family history, lifestyle choices, and medical conditions to identify potential risk factors. By understanding their risk level, individuals can make lifestyle changes and seek medical advice to prevent or manage diabetes.

Used by: Healthcare Providers, Health Clinics, Health Insurance Companies

Questions You Can Ask

1. Are you physically active for at least 30 minutes most days of the week?
2. Do you typically eat a healthy diet rich in fruits, vegetables, and whole grains?
3. Do you ever experience excessive thirst, urination, or unexplained weight loss?
4. Do you smoke cigarettes or use any other tobacco products?
5. Have you ever been diagnosed with prediabetes?

Best Practices to Follow

• Encourage Diverse Teams: Mix things up! It is important to bring people with different backgrounds together to get various ideas and perspectives on risks. The more variety, the better!
• Use What-If Scenarios: Play out different “what if” scenarios. Like, what if a big storm hits? What would we do then? Imagine different situations to see what risks could happen and how they might affect the organization’s plans.
• Keep Watching for Risks: Use tools to watch for risks all the time. You never know when one might sneak up on you!
• Bring Different Departments Together: Get people from different parts of the organization to work together on identifying and dealing with risks.
• Encourage Speaking Up About Risks: Make sure everyone feels comfortable discussing risks so problems can be fixed before they become big issues.
• Use Technology to Help: Use computers and special software to make risk assessments faster and more accurate.

How to Create a Risk Assessment Questionnaire with SurveySparrow

Let me walk you through the process. You can start straight away and create from scratch. Or, let artificial intelligence take over as you let the AI surveys build them for you. You can also use the ChatGPT plugin.

Right now, I’ll walk you through how we do it with the pre-designed templates:

Step 1: Access Your SurveySparrow Account

Log in to your SurveySparrow account and find the ‘New survey’ button on your Home page.

Don’t have an account? Maybe this is the perfect time to create one!

 

Please enter a valid Email ID.

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Step 2: Select or Build from a Template

Choose a pre-designed template. You can find them by clicking on “Browse Classic Templates.”

Step 3: Customize

Once you’ve selected a template, you’ll see pre-written questions.

You can change or delete them as needed. Personalize the welcome and thank you screens with your brand logo and style. You can also use the wing feature to edit the questions how you want them.

Step 4: Integrate

Connect your questionnaire with your favorite apps like HubSpot or Mailchimp for better management. SurveySparrow supports many popular tools for seamless integration.

Step 5: Share

Voila! Your questionnaire is now ready to be shared.

You can send it through email or WhatsApp or embed it on your website.

And don’t worry; SurveySparrow saves your changes automatically.

Wrap Up!

In conclusion, crafting risk assessment questionnaires doesn’t have to be complicated. You can create effective surveys tailored to your needs by following the above steps.

Remember to customize your questions, integrate with relevant tools for better management, and share your surveys through various channels. With these strategies, you’ll be well-equipped to collect valuable data and make informed decisions for your organization’s success.

If you have any queries regarding SurveySparrow, feel free to reach out!

Happy Exploring!

Kate Williams

Content Marketer at SurveySparrow