Third-Party Risk Exchange Terminology Guide

Third-Party Risk Exchange

A platform that facilitates collaboration, information sharing, and risk scoring between organizations and their third parties to build mutual trust.

Third Party

An external entity, such as a vendor or a supplier, that an organization contracts with. Each profile in the Third-Party Risk Exchange corresponds to an individual external entity.

My Third Parties

A section within the Third-Party Risk Exchange where an organization can manage and monitor its own list of third parties.

Domain

The website domain of a vendor.

Vendor Scores

Numerical values assigned to vendors from data partners that indicate their level of risk or compliance within the Third-Party Risk Exchange.

Firmographic Data

Business-related data about third parties, such as company size, revenue, industry, and geographic location, used for risk assessment and analysis.

Risk Assessment Workflow

The sequence of steps and processes used to evaluate and manage the risks associated with third parties within the Third-Party Risk Exchange.

Controls

Measures or practices implemented by third parties to mitigate risks, which are evaluated as part of the risk assessment process in the Third-Party Risk Exchange.

Residual Risk

The level of risk that remains after controls have been applied by third parties, which is monitored within the Third-Party Risk Exchange.

HackNotice Newsfeed

A feature within the Third-Party Risk Exchange that provides updates and alerts on security breaches or hacking incidents relevant to third parties.

Connected Vendor

A third party that is linked to a profile.