History

There are 2 versions of this glossary term.
2. Third-Party Risk Management Scope
The process of identifying vendors who should be actively managed and the vendors who don’t need to be actively managed. Many programs will write a vendor out of scope if they answer “yes” to any of the following questions:

  1. Are they a government agency?
  2. Are they a utility company?
  3. Based on your policy, do they fall below a certain threshold dollar amount?
  4. Are they an office supply or food delivery company?
  5. Are they a licensing company?
  6. Is the spend so minimal or such a limited one time use that it’s below any reasonable risk threshold?
Revised By: Venminder Inc Revised On: May 13, 2020 9:12 AM
Characters Edited: -4 Total: 614
1. Third Party Risk Management Scope
The process of identifying vendors who should be actively managed and the vendors who don’t need to be actively managed. Many programs will write a vendor out of scope if they answer “yes” to any of the following questions:

  1. Are they a government agency?
  2. Are they a utility company?
  3. Based on your policy, do they fall below a certain threshold dollar amount?
  4. Are they an office supply or food delivery company?
  5. Are they a licensing company?
  6. Is the spend so minimal or such a limited one time use that it’s below any reasonable risk threshold?
Revised By: Venminder Inc Revised On: Aug 13, 2019 3:21 PM
Characters Edited: 0 Total: 618