Developing New Framework for Vendor Risk Assessment by Comparative Analysis

Abstract

Vendor risk assessment is a critical component of comprehensive risk management strategies, particularly in an era characterized by complex supply chains and increasing reliance on third-party vendors. This paper aims to provide a comparative analysis of prominent vendor risk assessment frameworks, including NIST SP 800-1C1, ISO 27001, and the Shared Assessments Program’s Standardized Information Gathering (SIG) questionnaire. By evaluating these frameworks against key criteria such as comprehensiveness, scalability, regulatory compliance, and ease of implementation, this study identifies their respective strengths and weaknesses. Furthermore, the paper explores the development of a tailored vendor risk assessment framework designed to address the unique challenges and requirements of specific industries. Through case studies and expert interviews, the proposed framework is tested and validated to ensure its effectiveness in mitigating vendor-related risks while enhancing overall organizational resilience.

Full text

Open Access
Journal of Mathematical &
Computer Applications
ISSN: 2754-6705
J Mathe & Comp Appli, 2024 Volume 3(2): 1-6
Review Article
Developing New Framework for Vendor Risk Assessment by
Comparative Analysis
Akilnath Bodipudi
*Corresponding author
Akilnath Bodipudi, Cyber Merger and Acquisition, Sr Security Engineer, Common Spirit Health, Salt Lake City, Utah, USA.
Received: March 12, 2024; Accepted: March 18, 2024, Published: March 25, 2024
Keywords: Vendor Risk Assessment, NIST SP 800-161, ISO
27001, SIG, Risk Management, Supply Chain Security, Regulatory
Compliance, Industry-Specic Frameworks
Introduction
Vendor risk assessment (VRA) has become an essential practice for
organizations seeking to mitigate risks associated with third-party
vendors. As businesses increasingly rely on third-party vendors
for critical services and products, they expose themselves to a
variety of risks, including operational, nancial, regulatory, and
cyber threats. The complexity and interconnectedness of modern
supply chains further amplify these risks, making it imperative
for organizations to implement comprehensive vendor risk
management (VRM) strategies.
In recent years, regulatory scrutiny around third-party risk
management has intensied. Regulatory bodies across various
sectors, including nance, healthcare, and energy, have established
stringent requirements for managing third-party risks. Failure
to comply with these regulations can result in severe penalties,
reputational damage, and operational disruptions. In parallel, the
rise of sophisticated cyber threats has heightened the need for
robust VRA frameworks. Cyberattacks targeting vendors can
lead to signicant breaches of sensitive data and critical systems,
underscoring the importance of assessing and managing vendor-
related risks eectively.
This paper provides an in-depth comparative analysis of three
widely recognized frameworks for vendor risk assessment: NIST
SP 800-161, ISO 27001, and the Shared Assessments Program’s
Standardized Information Gathering (SIG) questionnaire. These
frameworks oer structured approaches to evaluate and manage
vendor risks, each with its unique strengths and applications. By
examining these frameworks, organizations can better understand
their applicability, strengths, and limitations, enabling them to
choose the most suitable approach for their specic needs.
NIST SP 800-161 Framework
The National Institute of Standards and Technology (NIST)
Special Publication 800-161 provides guidance for supply chain
risk management practices for federal information systems and
organizations. This framework is designed to help organizations
identify, assess, and mitigate risks associated with the supply chain
of information and communications technology (ICT) products
and services. NIST SP 800-161 emphasizes the importance of
integrating supply chain risk management into the organization’s
overall risk management processes.
Key features of the NIST SP 800-161 framework include its
detailed guidance on identifying critical suppliers, evaluating
supplier risk posture, and implementing risk mitigation strategies.
The framework also highlights the importance of continuous
monitoring and assessment of supply chain risks to adapt to
changing threat landscapes. Organizations adopting this framework
benet from its comprehensive approach to managing ICT supply
chain risks, particularly those operating in sectors with stringent
regulatory requirements.
ISO 27001 Framework
ISO 27001 is an internationally recognized standard for information
security management systems (ISMS). While not exclusively
focused on vendor risk assessment, ISO 27001 provides a robust
framework for managing information security risks, including
those associated with third-party vendors. The standard outlines
requirements for establishing, implementing, maintaining, and
continually improving an ISMS, which
ABSTRACT
Vendor risk assessment is a critical component of comprehensive risk management strategies, particularly in an era characterized by complex supply
chains and increasing reliance on third-party vendors. is paper aims to provide a comparative analysis of prominent vendor risk assessment frameworks,
including NIST SP 800-1C1, ISO 27001, and the Shared Assessments Program’s Standardized Information Gathering (SIG) questionnaire. By evaluating
these frameworks against key criteria such as comprehensiveness, scalability, regulatory compliance, and ease of implementation, this study identies their
respective strengths and weaknesses. Furthermore, the paper explores the development of a tailored vendor risk assessment framework designed to address
the unique challenges and requirements of specic industries. rough case studies and expert interviews, the proposed framework is tested and validated
to ensure its eectiveness in mitigating vendor-related risks while enhancing overall organizational resilience.
Cyber Merger and Acquisition, Sr Security Engineer, Common Spirit Health, Salt Lake City, Utah, USA

Citation: Akilnath Bodipudi (2024) Developing New Framework for Vendor Risk Assessment by Comparative Analysis.Journal of Mathematical & Computer
Applications. SRC/JMCA-220. DOI: doi.org/10.47363/JMCA/2024(3)186
J Mathe & Comp Appli, 2024 Volume 3(2): 2-6
includes identifying and managing risks related to third-party
relationships.
ISO 27001’s approach to vendor risk assessment involves
identifying potential threats and vulnerabilities related to
vendors, assessing the impact and likelihood of these risks,
and implementing appropriate controls to mitigate them. The
framework emphasizes the importance of a risk-based approach,
ensuring that risk management eorts are proportionate to the
organization’s risk appetite and the criticality of the information
assets involved. Organizations that achieve ISO 27001 certication
demonstrate their commitment to information security, which
can enhance their reputation and build trust with customers and
partners.
Shared Assessments Program’s Standardized Information
Gathering (SIG) Questionnaire
The Shared Assessments Program’s SIG questionnaire is a
widely used tool for conducting vendor risk assessments. The
SIG questionnaire provides a standardized approach to gathering
information about a vendor’s security controls, policies, and
procedures. It covers a broad range of risk domains, including
information security, privacy, business continuity, and regulatory
compliance.
One of the key advantages of the SIG questionnaire is its exibility
and scalability. Organizations can customize the questionnaire to
align with their specic risk management needs and regulatory
requirements. The standardized format of the SIG questionnaire
facilitates ecient and consistent data collection, enabling
organizations to compare and benchmark vendor risk proles
eectively. Additionally, the Shared Assessments Program
provides a collaborative platform for organizations to share best
practices and stay updated on emerging risks and mitigation
strategies.
In conclusion, eective vendor risk assessment is critical for
organizations to manage the diverse risks associated with third-
party vendors. The NIST SP 800-161, ISO 27001, and SIG
questionnaire frameworks oer valuable approaches to vendor
risk assessment, each with its unique features and benets. By
understanding and leveraging these frameworks, organizations
can enhance their vendor risk management practices, ensuring
greater resilience against regulatory, operational, and cyber threats.
Comparative Analysis of Existing Frameworks
Vendor risk assessment is a critical component of overall risk
management strategies for organizations of all sizes and industries.
Eective frameworks provide structured methodologies for
identifying, evaluating, and mitigating risks
associated with third-party vendors. This paper provides a
comparative analysis of three prominent frameworks: NIST SP
800-161, ISO 27001, and the Shared Assessments Standardized
Information Gathering (SIG). Each framework oers unique
strengths and weaknesses that organizations must consider when
selecting an approach to vendor risk assessment.
NIST SP 800-161
The National Institute of Standards and Technology (NIST) Special
Publication 800-161 focuses on supply chain risk management
practices for federal information systems and organizations. It
emphasizes the importance of risk assessment in identifying
and mitigating risks throughout the supply chain. NIST SP 800-
161 provides comprehensive guidelines that align with federal
requirements, making it a robust framework for cybersecurity.
Strengths
The strengths of NIST SP 800-161 include its comprehensive
guidelines and strong focus on cybersecurity. It is particularly
valuable for organizations that need to align with federal standards
and regulations. The framework’s detailed approach ensures
thorough risk assessment and management across the supply chain.
Weaknesses
However, the implementation of NIST SP 800- 161 can be
complex. The framework is primarily designed for government
entities, which may pose challenges for non- government
organizations. Signicant customization might be necessary to
tailor the guidelines to t the unique needs and contexts of private
sector businesses.
ISO 27001
ISO 27001 is an international standard for information security
management systems (ISMS). It provides a systematic approach
to managing sensitive company information, ensuring its security
through well-dened risk management processes. ISO 27001 is
recognized globally and applicable across various industries,
oering a broad framework for information security.
Strengths
The primary strengths of ISO 27001 lie in its global recognition
and broad applicability. Organizations across dierent sectors can
adopt this standard to enhance their information security practices.
The framework’s emphasis on continual improvement ensures that
security measures evolve over time to address emerging threats
and vulnerabilities.
Weaknesses
On the downside, ISO 27001’s generalized approach may
not address specic vendor-related risks in sucient detail.
Additionally, achieving ISO 27001 certication involves a rigorous
process, which can be resource-intensive and time-consuming.
Organizations may need to supplement ISO 27001 with additional
tools or frameworks to thoroughly assess vendor risks.
Shared Assessments SIG
The Shared Assessments Program provides the Standardized
Information Gathering (SIG) questionnaire, a comprehensive tool
for assessing third-party risk across multiple domains, including
IT, cybersecurity, privacy, and business resiliency. The SIG is
widely used in the private sector and oers detailed and specic
guidance for evaluating vendor risks.
Strengths
One of the key strengths of the Shared Assessments SIG is its
detailed and specic nature. The tool is designed to be industry-
agnostic, making it applicable to a wide range of organizations.
Its comprehensive coverage of various risk domains helps
organizations gain a holistic view of their third- party risks.
Weaknesses
However, the SIG can be lengthy and detailed, potentially making
the assessment process resource-intensive. Completing and
interpreting the questionnaire may require substantial expertise and
time investment, which could be a barrier for smaller organizations
or those with limited resources dedicated to risk management.

Citation: Akilnath Bodipudi (2024) Developing New Framework for Vendor Risk Assessment by Comparative Analysis.Journal of Mathematical & Computer
Applications. SRC/JMCA-220. DOI: doi.org/10.47363/JMCA/2024(3)186
J Mathe & Comp Appli, 2024 Volume 3(2): 3-6
Selecting the appropriate framework for vendor risk assessment
depends on the specic needs and context of the organization.
NIST SP 800-161 oers robust guidelines for government-
aligned cybersecurity practices, while ISO 27001 provides a
widely recognized and adaptable standard for information security
management. The Shared Assessments SIG delivers a detailed
and comprehensive tool for evaluating third-party risks across
multiple domains. Organizations must weigh the strengths and
weaknesses of each framework to determine the most suitable
approach for their vendor risk assessment needs.
Developing a New Framework Tailored for Specic Industries
Vendor risk assessment (VRA) is a critical process for organizations
to identify and mitigate risks associated with third-party vendors.
While various frameworks such as NIST SP 800-161, ISO 27001,
and the Standardized Information Gathering (SIG) questionnaire
provide comprehensive guidelines for VRA, they often lack the
specicity needed for certain industries. This gap necessitates
the development of customized VRA frameworks tailored to
the unique needs and regulatory landscapes of dierent sectors,
such as healthcare, nancial services, and manufacturing. By
incorporating industry-specic considerations, organizations can
better manage vendor-related risks and ensure compliance with
relevant regulations.
Methodology
Given the limitations of existing frameworks, developing an
industry-specic VRA framework involves a structured approach.
This section outlines the development of a customized VRA
framework, integrating best practices from existing standards
while addressing the unique needs of specic industries.
Industry Analysis
The rst step in developing a tailored VRA framework is conducting
a thorough analysis of the specic industry's risks and regulatory
requirements. This involves identifying the unique threats and
vulnerabilities associated with the industry, understanding the
regulatory environment, and recognizing the operational nuances
that dierentiate it from other sectors. For instance, the healthcare
industry must prioritize patient data condentiality and compliance
with regulations like HIPAA, whereas the nancial services sector
focuses on transaction security and adherence to regulations such
as GDPR and PCI DSS. By understanding these industry-specic
challenges, the framework can be designed to address the most
pertinent risks.
Framework Design
Once the industry analysis is complete, the next step is to design
the VRA framework. This involves integrating key elements from
well-established frameworks like NIST SP 800-161, ISO 27001,
and SIG while incorporating industry-specic considerations
identied during the analysis. For example, the framework for the
healthcare industry might include detailed guidelines for assessing
the security of biomedical devices and ensuring compliance
with HIPAA. In contrast, a framework for manufacturing might
emphasize supply chain security and resilience against industrial
espionage. The design phase also involves creating comprehensive
assessment criteria and processes that align with the industry’s
operational and regulatory landscape.
Expert Consultation
To ensure the practical applicability and robustness of the newly
developed framework, it is crucial to engage with industry experts.
This involves consulting professionals with extensive experience
in the target industry to validate the framework’s components and
processes. Experts can provide valuable insights into the practical
challenges and nuances of the industry, helping to rene the
framework and ensure it is both comprehensive and feasible. Their
feedback can also help identify any gaps or areas for improvement
that might not be apparent during the initial design phase.
Pilot Testing
The nal step in developing a tailored VRA framework is pilot
testing. This involves implementing the framework in a selected
group of organizations within the target industry to gather real-
world feedback and rene the approach. Pilot testing helps
identify practical issues and areas for improvement, ensuring
the framework is eective and user- friendly. Feedback from
pilot testing is crucial for making necessary adjustments and
enhancements, ultimately leading to a more robust and industry-
specic VRA framework. By testing the framework in real-world
conditions, organizations can ensure it addresses their unique risks
and regulatory requirements eectively.
Developing a new VRA framework tailored to specic industries
involves a systematic approach that includes industry analysis,
framework design, expert consultation, and pilot testing. By
addressing the unique needs and regulatory requirements of
dierent sectors, such a framework can provide more eective
and relevant risk management solutions. This tailored approach
not only enhances the organization's ability to manage vendor-
related risks but also ensures compliance with industry-specic
regulations, ultimately contributing to a more secure and resilient
operational environment.
Case Studies and Validation
In today's interconnected business landscape, organizations face
heightened risks from their third-party vendors. These risks can
include data breaches, compliance violations, and operational
disruptions. As a result, the development and implementation
of tailored vendor risk assessment frameworks have become
essential. These frameworks are designed to address the unique
risk proles and regulatory requirements of dierent industries.
To validate the eectiveness of these frameworks, it is crucial to
examine their application in real- world scenarios. This section
provides detailed case studies from various sectors, demonstrating
how tailored frameworks have successfully mitigated vendor risks
and improved organizational security and compliance.
Case Study 1: Healthcare Industry
The healthcare industry is highly regulated, with stringent
requirements for protecting patient data and ensuring operational
continuity. A large healthcare provider implemented a tailored
vendor risk assessment framework to address these specic
challenges. The framework included comprehensive criteria for
evaluating vendors' data security practices, regulatory compliance,
and operational resilience.
Implementation and Outcomes
The healthcare provider conducted thorough risk assessments for
all critical vendors, focusing on those with access to sensitive
patient data. The framework's rigorous evaluation process
identied several vendors with inadequate security measures.
As a result, the provider required these vendors to enhance their
security protocols and undergo regular audits.

Citation: Akilnath Bodipudi (2024) Developing New Framework for Vendor Risk Assessment by Comparative Analysis.Journal of Mathematical & Computer
Applications. SRC/JMCA-220. DOI: doi.org/10.47363/JMCA/2024(3)186
J Mathe & Comp Appli, 2024 Volume 3(2): 4-6
Eectiveness
The implementation of the tailored framework led to a signicant
reduction in data breach incidents involving third-party vendors.
Additionally, the healthcare provider achieved full compliance
with industry regulations, avoiding potential nes and reputational
damage. Overall, the framework improved the provider's security
posture and enhanced trust with patients and regulatory bodies.
Case Study 2: Financial Services
The nancial services industry is another sector where vendor
risk management is critical due to the high sensitivity of nancial
data and the potential for regulatory penalties. A major nancial
institution adopted a customized vendor risk assessment framework
tailored to the industry's regulatory landscape and cyber threat
environment.
Implementation and Outcomes
The nancial institution's framework emphasized continuous
monitoring and assessment of vendor cybersecurity practices.
The institution implemented automated tools to track vendor
compliance and detect potential vulnerabilities in real time.
Additionally, the framework included detailed contractual
requirements for vendors to maintain robust security controls.
Eectiveness
Following the implementation, the nancial institution reported a
marked improvement in its ability to detect and respond to vendor-
related cybersecurity threats. The institution also experienced
fewer compliance issues and improved its overall risk management
capabilities. The tailored framework provided a clear and consistent
approach to managing vendor risks, contributing to the institution's
long- term security and regulatory compliance.
Case Study 3: Manufacturing Sector
In the manufacturing sector, operational disruptions caused by
vendor failures can lead to signicant nancial losses. A global
manufacturing company implemented a tailored vendor risk
assessment framework to ensure the reliability and resilience of
its supply chain.
Implementation and Outcomes: The company's framework
focused on assessing the operational stability and contingency
plans of key vendors. The assessment included on-site audits,
nancial stability checks, and evaluations of vendors' disaster
recovery plans. The company also established clear communication
channels for reporting and addressing potential risks.
Eectiveness
The tailored framework enabled the manufacturing company to
identify and address vulnerabilities in its supply chain proactively.
As a result, the company experienced fewer operational disruptions
and improved its ability to maintain production schedules. The
framework also enhanced the company's collaboration with
vendors, fostering a culture of transparency and continuous
improvement.
The case studies presented in this section underscore the importance
of implementing tailored vendor risk assessment frameworks across
dierent industries. By addressing specic industry challenges and
regulatory requirements, these frameworks eectively identify and
mitigate vendor risks, enhance compliance, and improve overall
security posture. The real-world applications demonstrate that
a customized approach to vendor risk management is not only
feasible but also essential for safeguarding organizational interests
and maintaining business continuity in an increasingly complex
and interconnected world [1-23].
Conclusion
The comparative analysis of existing vendor risk assessment
frameworks reveals several strengths and weaknesses inherent in
each approach. For instance, frameworks like NIST SP 800- 161
and ISO 27001 oer comprehensive guidelines that are widely
recognized and adopted across various industries. However, these
frameworks can sometimes be too generic, failing to address the
specic needs of certain sectors. Other frameworks, such as the
Shared Assessments' SIG (Standardized Information Gathering),
provide more targeted questions but can be overly complex and
resource-intensive for smaller organizations to implement.
The development of the tailored framework aimed to bridge
these gaps by integrating the best practices from multiple sources
while addressing the unique requirements of specic industries.
This tailored approach ensures that organizations can conduct
more ecient and eective vendor risk assessments, ultimately
enhancing their overall risk management posture.
Recommendations for Organizations
For organizations looking to implement or rene their vendor risk
assessment frameworks, several key recommendations emerge
from this study:
Adopt a Hybrid Approach
Organizations should leverage a combination of existing
frameworks to create a more comprehensive vendor risk
assessment process. By integrating elements from multiple
sources, such as the thoroughness of NIST SP 800-161 and the
practical questionnaires of the Standardized Information Gathering
(SIG), organizations can cover a broader range of risk factors and
ensure a more robust evaluation. This hybrid approach allows for
a thorough examination of vendor practices, enhancing the overall
eectiveness of the risk assessment.
Customize to Industry Needs
Tailoring the risk assessment framework to align with specic
industry risks and regulatory requirements is essential for relevance
and eectiveness. For instance, healthcare organizations must
prioritize patient data protection and compliance with the Health
Insurance Portability and Accountability Act (HIPAA), while
nancial institutions should focus on cybersecurity and anti-
fraud measures. Customization ensures that the risk assessment
framework addresses the unique challenges and regulatory
landscapes of dierent industries, leading to more accurate and
actionable insights.
Invest in Automation Tools
Automated tools can signicantly streamline the vendor risk
assessment process, making it more ecient and reducing
the potential for human error. Tools that incorporate articial
intelligence (AI) and machine learning (ML) can oer real-time
monitoring and insights, allowing organizations to proactively
manage vendor risks. These technologies can analyze vast
amounts of data quickly and accurately, providing timely alerts
and recommendations for mitigating risks. Investing in automation
enhances the organization's capability to maintain a robust and
dynamic risk management posture.
Continuous Monitoring and Reassessment
Vendor risk is dynamic and evolves as vendors update their

Citation: Akilnath Bodipudi (2024) Developing New Framework for Vendor Risk Assessment by Comparative Analysis.Journal of Mathematical & Computer
Applications. SRC/JMCA-220. DOI: doi.org/10.47363/JMCA/2024(3)186
J Mathe & Comp Appli, 2024 Volume 3(2): 5-6
processes, technologies, and business practices. Continuous
monitoring and regular reassessments are critical to maintaining
ongoing compliance and mitigating emerging risks. Organizations
should establish processes for ongoing vendor evaluation, ensuring
that risk assessments are not a one-time activity but a continuous
eort. This proactive approach enables organizations to detect
and address risks promptly, maintaining a high level of security
and compliance.
Training and Awareness
Developing a culture of risk awareness within the organization is
crucial for eective vendor risk management. Training programs
for employees involved in vendor management can enhance their
ability to identify and address potential risks. These programs
should cover the importance of vendor risk assessment, common
risk indicators, and best practices for mitigating risks. By fostering
a culture of awareness and vigilance, organizations can empower
their sta to contribute to a comprehensive risk management
strategy.
Suggestions for Future Research
This paper highlights several areas where further research could
signicantly benet the eld of vendor risk assessment:
Impact of Emerging Technologies
Future research should investigate how emerging technologies
like blockchain and the Internet of Things (IoT) impact vendor
risk. Understanding these impacts can help organizations
integrate new technologies into their risk assessment frameworks
more eectively. Research should focus on the potential risks
and benets associated with these technologies and develop
strategies for their safe and ecient incorporation into existing
risk management practices.
Sector-Specic Frameworks
Developing and validating vendor risk assessment frameworks
tailored to niche sectors, such as biotechnology or renewable
energy, can address unique risk proles. These sectors may face
specic challenges and regulatory requirements that generic
frameworks do not adequately cover. By creating sector-specic
frameworks, researchers can provide more targeted and eective
tools for managing vendor risks in these specialized areas.
Cost-Benet Analysis
Conducting comprehensive studies on the cost-eectiveness
of dierent vendor risk assessment frameworks and tools can
provide organizations with insights into the best investments for
their risk management budgets. These studies should evaluate
the nancial and operational impacts of various frameworks,
helping organizations make informed decisions about their risk
management strategies. Understanding the cost-benet dynamics
can lead to more ecient allocation of resources and improved
risk mitigation outcomes.
Global Regulatory Landscape
Exploring the implications of varying global regulations on vendor
risk assessment practices is particularly important for multinational
organizations operating across dierent jurisdictions. Research
should examine how dierent regulatory environments impact
vendor risk management and develop strategies for achieving
compliance in a global context. This understanding can help
organizations navigate complex regulatory landscapes and
implement eective risk management practices worldwide.
Case Studies and Best Practices: Documenting detailed case
studies of organizations that have successfully implemented robust
vendor risk assessment frameworks can highlight best practices
and lessons learned. These case studies can provide practical
examples and actionable insights for other organizations seeking
to enhance their vendor risk management processes. By sharing
success stories and common pitfalls, researchers can contribute
to a body of knowledge that supports continuous improvement
in vendor risk assessment practices.
Implementing or rening a vendor risk assessment framework is
a critical component of an organization's overall risk management
strategy. By adopting a hybrid approach, customizing frameworks
to industry needs, investing in automation, continuously monitoring
risks, and fostering a culture of awareness, organizations can
enhance their ability to manage vendor risks eectively. Future
research in emerging technologies, sector-specic frameworks,
cost-benet analysis, global regulatory impacts, and case studies
will further advance the eld and provide valuable insights for
organizations worldwide.
In conclusion, the development and implementation of eective
vendor risk assessment frameworks are critical for safeguarding
organizational interests in today's interconnected business
environment. By adopting a tailored approach, leveraging
technology, and committing to continuous improvement,
organizations can enhance their resilience against vendor-
related risks. Future research in this area will further rene
these frameworks, contributing to more robust and adaptive risk
management strategies.
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Citation: Akilnath Bodipudi (2024) Developing New Framework for Vendor Risk Assessment by Comparative Analysis.Journal of Mathematical & Computer
Applications. SRC/JMCA-220. DOI: doi.org/10.47363/JMCA/2024(3)186
J Mathe & Comp Appli, 2024 Volume 3(2): 6-6
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