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A 'third party', as defined in OCC 2013–29, is any entity that a company does business with. [2] This may include suppliers, vendors, contract manufacturers, business partners and affiliates, brokers, distributors, resellers, and agents. [2]
Integration of third party performance, financial data and predictive indicators into the supplier profile Monitoring for stability beyond financial data, including: Sanctioned countries, [ 2 ] criminal and terrorists (i.e. Office of Foreign Assets Control ) ties and operational performance
A vendor management system (VMS) is an Internet-enabled, often Web-based application that acts as a mechanism for business to manage and procure staffing services – temporary, and, in some cases, permanent placement services – as well as outside contract or contingent labor. Typical features of a VMS application include order distribution ...
Supplier relationship management (SRM) is the systematic, enterprise-wide assessment of suppliers' strengths, performance and capabilities with respect to overall business strategy, determination of what activities to engage in with different suppliers, and planning and execution of all interactions with suppliers, in a coordinated fashion across the relationship life cycle, to maximize the ...
Domain specific GRC vendors understand the cyclical connection between governance, risk and compliance within a particular area of governance. For example, within financial processing — that a risk will either relate to the absence of a control (need to update governance) and/or the lack of adherence to (or poor quality of) an existing control.
Third-party assessment organizations (3PAOs) play a critical role in the FedRAMP security assessment process, as they are the independent assessment organizations that verify cloud providers’ security implementations and provide the overall risk posture of a cloud environment for a security authorization decision. [10]
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