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Glossary / Also known as

Third-party risk assessment

Another name for Vendor Risk Assessment.

Other names
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What does third-party risk assessment mean?

Third-party risk assessment is another name for Vendor Risk Assessment. Vendor risk assessment is the systematic evaluation of a supplier's compliance, financial stability, and operational reliability to identify and mitigate potential risks.

The two names mean the same thing. You will see "third-party risk assessment" in some ledgers, reports and contracts and "Vendor Risk Assessment" in others. The full entry covers how it works, with examples.

Read the full definition of Vendor Risk Assessment

Topics

From the glossary

Related terms.

Vendor risk Vendor Risk Assessment Vendor risk assessment is the systematic evaluation of a supplier's compliance, financial stability, and operational reliability to identify and mitigate potential risks. Also called supplier risk assessment, third-party risk assessment, vendor due diligence Accounts payable Accounts Payable (AP) Money a business owes to its suppliers and vendors for goods or services received but not yet paid for. Also called trade payables, sundry creditors, payables GST basics GST (Goods and Services Tax) India's unified indirect tax that replaced multiple central and state levies, creating a single national market for goods and services. Also called Goods & Services Tax TDS TDS (Tax Deducted at Source) A system where the payer deducts income tax at prescribed rates before paying the payee, and deposits it with the government on the payee's behalf. Also called withholding tax, tax deduction at source, tax withheld at source Due dates and calendars Compliance Calendar A structured schedule of all regulatory filing deadlines and statutory obligations a business must fulfill throughout the year. Also called statutory due date calendar, filing calendar, compliance tracker Vendor onboarding KYC (Know Your Customer) The mandatory identity verification process used by financial institutions and businesses to confirm client identities and prevent fraud. Also called know your customer checks, KYC verification, customer due diligence
From the blog

Related posts.

Vendors What is Vendor Management? Process, Lifecycle and KPIs Vendor management is how a business selects, onboards, contracts, pays, monitors and exits suppliers, so each delivers what was agreed, at the agreed price. OneFinOps Editorial 3 min Vendors Vendor Risk Assessment: Process, Checklist and Framework Vendor risk assessment rates a supplier's compliance, financial, operational, data and reputational risk into a score and tier that set approval and controls. OneFinOps Editorial 3 min Vendors Vendor Onboarding Process: Checklist, Documents and Form Vendor onboarding is how a business collects, verifies and records a new supplier's PAN, GSTIN, Udyam status and bank account before the first order or payment. OneFinOps Editorial 4 min
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