Your glossary for risk and compliance
Helpful definitions of all of the terms you need to know to better manage risk and compliance.
TermsAFSL Authorised Representative AICPA Annex A Controls ASIC Attestation of Compliance (AOC) Business Continuity Management Communication and consultation Compliance Automation Software Compliance Risk Management Consequence Context control Cybersecurity Cybersecurity Maturity Model Certification (CMMC) FedRAMP Governance Risk & Compliance (GRC) GPDR HIPAA HITRUST How many controls are there in ISO 27001? Incident Management Information Security Management System (ISMS) ISMS Governing Body ISO 27001 ISO 27001 certified ISO/IEC 27000 ISO/IEC 27004 ISO/IEC 27005 ISO/IEC 27017 ISO/IEC 27018 Level of risk Likelihood Notifiable Data Breach OAIC Policy Management Risk Risk analysis Risk identification Risk management Risk management framework Risk management plan Risk management policy Risk management process Risk owner Risk profile Risk review Risk source Risk treatment SOC 1 SOC 2 SOC 3 SOC Reports SOC Trust Services Criteria (TSC) SSAE 16 SSAE 18 Stakeholder Third Party Risk Management Vendor Assessment Vendor Management Policy Vendor Review Vulnerability Vulnerability Management What are the ISO 27001 controls? What is an ISO 27001 internal audit? What is an ISO 27001 risk treatment plan? What is an IT security policy? What is Hacking? What is ISO 27002? What is PaaS (Platform-as-a-Service)? What is the ASD Essential 8? What is the ISO 27001 management review? What is the ISO 27001 Stage 1 Audit? What is the ISO 27001 stage 2 audit?
What is a Vendor Review?
Vendor review is a process by which an organization can understand the potential risks of utilizing a vendor's product or service, as well as an ongoing process to ensure that quality security practices are being maintained in an ongoing fashion. A vendor review process will assess a vendor's capacity to maintain effective and appropriate security practices and other performance elements critical to an organization's business. Vendor review is particularly critical when vendors will have access to sensitive internal or customer data.
An organization may develop different vendor review processes for its different vendor types. Vendor reviews will address a range of areas of risk that working with the vendor could pose to an organization, including but not limited to review of a vendor's physical environment security, organizational security, human resource security, data handling processes, asset management, and more.
Establishing and maintaining regular vendor review processes will help ensure that an organization is effectively monitoring not only its internal security processes, but the security of all the services that comprise its operational ecosystem. If vendors have access to a company's internal or customer data, the quality of their security practices is as important as the quality of an organization's own practices.
Back to glossary search