GCGA Ch. 11 Third-Party Risk Management (ST)

Question 1

Supply chain

Answer 1

includes all the elements required to produce and sell products and services. Organizations should regularly conduct a supply chain analysis that identifies all of the vendors that make up their supply chain and assesses any risks associated with those relationships.

Question 2

Security controls used to assess and manage vendor relationships

Answer 2

include right-to-audit clauses, penetration testing, collecting evidence of internal audits, and conducting independent assessments.

Question 3

Conducting due diligence

Answer 3

involves a thorough evaluation of potential vendors’ capabilities, credentials, reputation, and financial stability.

Question 4

Conflict of interest

Answer 4

might arise if the vendor has business relationships that could influence their decision-making or compromise their ability to prioritize your organization’s needs.

Question 5

SLA

Answer 5

A service level agreement (SLA) is an agreement between a company and a vendor that stipulates performance expectations, such as minimum uptime and maximum downtime levels.

Question 6

MOUs

Answer 6

Memorandum of understandings (MOUs) expresses an understanding between two or more parties, indicating their intention to work together toward a common goal.

Question 7

BPA

Answer 7

A business partners agreement (BPA) is a written agreement that details the relationship between business partners, including their obligations toward the partnership.

Question 8

NDA

Answer 8

A non-disclosure agreement (NDA) is used between two entities to ensure that proprietary data is not disclosed to unauthorized entities.

Question 9

MSA

Answer 9

Master Services Agreements (MSA) provide structure to the agreements for vendors that you will work with repeatedly. Then, when you have a new project for the vendor, you write a simple work order (WO) or a statement of work (SOW) that contains the details of that specific project and references the general terms in the MSA.

Question 10

MSA

Answer 10

Master Services Agreements (MSA) provide structure to the agreements for vendors that you will work with repeatedly. Then, when you have a new project for the vendor, you write a simple work order (WO) or a statement of work (SOW) that contains the details of that specific project and references the general terms in the MSA.