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5.3

Third-party risk assessment and management

TermDefinition
Vendor assessment process that orgs implement to evaluate the security, reliability, and performance of external entities
Vendor businesses/individuals that provide goods or services to an org
Supplier individuals involved in the production and delivery of the products or parts of products
Internal audit vendor's self-assessment where they eval their own practices against industry standards
Independent assessment eval conducted by third-party entities that have no stake in the orgs or vendor’s operations
Due diligence rigorous eval that goes beyond surface level credentials
Conflict of interest arises when personal or financial relationships could potentially cloud the judgement or individuals involved in vendor selection
Vendor questionnaires comprehensive docs that potential vendors fill out to offer insights into the operations, capabilities, and compliance
Rules of engagement guidelines that dictate the terms of interaction between an org and its potential vendors
Vendor monitoring ensures that the chosen vendor still aligns with the organizational needs and standards
Service level agreement (SLA) the standard of service a client can expect from a provider
Memorandum of agreement (MOA) formal and outlines the specific responsibilities and roles of the involved parties
Memorandum of understanding (MOU) less binding and more of a declaration of mutual intent
Master service agreement (MSA) blanket agreement that covers the general terms of engagement between parties across multiple transactions
Statement of work (SOW) used to specify details for a particular project
Business partnership agreement (BPA) doc that goes a step beyond the basic contract when two entities decide to pool their resources for mutual benefit
Created by: crly
 

 



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