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The Vendor Fraud Risk Score Rubric is designed to assess the fraud risk a vendor may pose to your company. It evaluates this by considering both the likelihood of risky events and their potential impact on your business. For example, a vendor with a high probability of commiting fraud against a company (Likelihood: Probable) that could result in substantial business interruptions or losses (Impact: Critical) would be assigned a fraud risk score of '2.3'. This score reflects a critical level of fraud risk, necessitating immediate attention and the development of effective risk management and mitigation strategies. This comprehensive approach ensures a thorough evaluation of vendors, safeguarding your company against a broad spectrum of potential risks.
| Likelihood of Risk | Impact of Risk | |||
|---|---|---|---|---|
| Catastrophic (4) | Critical (3) | Serious (2) | Minor (1) | |
| Untested (5) | 5.4 | 5.3 | 5.2 | 5.1 |
| Probable (4) | 4.4 | 4.3 | 4.2 | 4.1 |
| Possible (3) | 3.4 | 3.3 | 3.2 | 3.1 |
| Remote (2) | 2.4 | 2.3 | 2.2 | 2.1 |
| Improbable (1) | 1.4 | 1.3 | 1.2 | 1.1 |
| Unknown (0) | 0 | 0 | 0 | 0 |
The Service Risk Score Rubric is designed to assess the overall risk a vendor may pose to the services or products your company provides to its clients. It evaluates this by considering both the likelihood of risky events and their potential impact on your services or products. For example, a vendor with a high probability of causing operational disruptions (Likelihood: Probable) that could result in substantial business interruptions or losses (Impact: Critical) would be assigned a risk score of '2.3'. This score reflects a critical level of risk, necessitating immediate attention and the development of effective risk management and mitigation strategies. This comprehensive approach ensures a thorough evaluation of vendors, safeguarding your company against a broad spectrum of potential risks.
| Likelihood of Risk | Impact of Risk | |||
|---|---|---|---|---|
| Catastrophic (4) | Critical (3) | Serious (2) | Minor (1) | |
| Untested (5) | 5.4 | 5.3 | 5.2 | 5.1 |
| Probable (4) | 4.4 | 4.3 | 4.2 | 4.1 |
| Possible (3) | 3.4 | 3.3 | 3.2 | 3.1 |
| Remote (2) | 2.4 | 2.3 | 2.2 | 2.1 |
| Improbable (1) | 1.4 | 1.3 | 1.2 | 1.1 |
| Unknown (0) | 0 | 0 | 0 | 0 |
The Overall Vendor Risk Score Rubric is designed to assess the overall risk a vendor may pose to your company. This score is calculated using the Service Risk and the fraud Risk. It evaluates this by considering both the likelihood of risky events and their potential impact on your business. For example, a vendor with a high probability of causing operational disruptions (Likelihood: Probable) that could result in substantial business interruptions or losses (Impact: Critical) would be assigned a risk score of '2.3'. This score reflects a critical level of risk, necessitating immediate attention and the development of effective risk management and mitigation strategies. This comprehensive approach ensures a thorough evaluation of vendors, safeguarding your company against a broad spectrum of potential risks.
| Likelihood of Risk | Impact of Risk | |||
|---|---|---|---|---|
| Catastrophic (4) | Critical (3) | Serious (2) | Minor (1) | |
| Untested (5) | 5.4 | 5.3 | 5.2 | 5.1 |
| Probable (4) | 4.4 | 4.3 | 4.2 | 4.1 |
| Possible (3) | 3.4 | 3.3 | 3.2 | 3.1 |
| Remote (2) | 2.4 | 2.3 | 2.2 | 2.1 |
| Improbable (1) | 1.4 | 1.3 | 1.2 | 1.1 |
| Unknown (0) | 0 | 0 | 0 | 0 |
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