Domain 2 Risk Treatment- Risk Response Options - Risk Management Supply Chain

This set of flashcards covers key concepts related to risk management in supply chains, emphasizing the importance of accountability, risk analysis, and vendor controls in outsourcing.

Risk management supply chain

The process of identifying and mitigating risks associated with outsourcing to vendors, suppliers, contractors, and service providers.

Outsourcing

The practice of transferring ownership of a business process or function to a third-party vendor.

Risk analysis

The process of identifying and evaluating risks associated with outsourcing activities.

GDPR

General Data Protection Regulation; a regulation in EU law on data protection and privacy.

Vendor controls

Measures implemented by vendors to mitigate risks associated with their services.

SLA

Service Level Agreement; a contract that defines the level of service expected from a service provider.

SOC 2 report

A report that outlines the controls a service provider has in place to meet specific trust service criteria.

ISO 27001

An international standard for information security management systems (ISMS).

Accountability in outsourcing

The responsibility of an organization to ensure risk management even when services are outsourced.

Mitigation

The process of reducing the severity or impact of risks.