Performing a vendor risk assessment is crucial as it helps an organization to identify, evaluate, and mitigate the risks associated with a potential vendor. The assessment can reveal security practices and compliance with industry standards, helping the organization understand the level of risk it may assume if entering into an agreement with the vendor. Orders such as 'Right-to-Audit Clause' and 'Due Diligence' are more focused on ongoing monitoring or the preparation for the audit process itself, though they are related to the broader scope of risk management. A 'Business Impact Analysis' is generally used for internal purposes to assess the impact of disruptions on the business and is less about evaluating third-party vendors.