An organization accomplishes technical, functional, and financial review to verify a third party service provider’s ability to deliver specified requirements. The intent is to verify that the service provider has a well-developed plan and adequate resources and experience to ensure acceptable service, controls, systems backup, availability, and continuity of service to its clients. Adapted from: FFIEC IT Examination Handbook, Information Security. 2021. https://ithandbook.ffiec.gov/glossary.aspx
