A defined method is followed to identify risks arising from suppliers and other third parties
Context and Guidance: A defined method is planned in advance, clearly described, made definite, and standardised. Employing a defined method to identify risks arising from suppliers and other third parties will aid the organisation's risk management processes in producing consistent outputs and better enable effective management of third party risk.
Related Practices • Progression: This practice is part of a practice progression. Practice progressions are groups of related practices that represent increasingly complete or more advanced implementations of an activity. The practices in this progression include: THIRD-PARTIES-1a, THIRD-PARTIES-1b, THIRD-PARTIES-1c, THIRD-PARTIES-1d, THIRD-PARTIES-1e, THIRD-PARTIES-1f.