OSP- 3rd party risk

Question 1

What is third party risk?

Answer 1

Supply hcain risk include insertion of counterfits, unauthorized production, tampering, theft, insertion of malicius software and hardware, tracking devices, computer chips as well as poor manufacturing and development practices in the supply chain.

Question 2

What are the elements that help us control third party risk?

Answer 2

Vendors/buisness partners
Supply chain services and supplies
Putting NDA with all vendors/business partners

Question 3

Agreements that are need for thrid party risk

Answer 3

Service level agreements(SLA)- what kind of services the business will be given by the thrid party provider
Memorandum of understanding(MOU) - This is a agreement to talk about what the two businesses will be doing with each other a little unformal
Business partnership agreement- this is the formal agreement that two companies agree to work together

Question 4

What is a MSA?

Answer 4

the method determining how much the variation within the measurement process contributes to overall process variability

The five parameters to investigate in a MSA:

1: Bias
2. Linerarity
3. Stability
4. repeatability
5. reproducibility

Question 5

what is the PPPR risk management model

Answer 5

Prevention- take precautionary measures
Preparedness - develop and implement a contingency plan
Response - execute on your contingency plan in order to reduce the impact
Recover - Resume operations and get things running at normal capacity as fast as possible