All of the following are part of a Federated Identity System except:

In a Federated Identity System, the core components typically include the Identity Provider, which is responsible for authenticating users, and the Relying Party (or Relaying Party), which trusts the Identity Provider to authenticate users and grant access to its services. Users are the individuals who access resources through this system.

When analyzing the components, it's important to clarify the terminology. The term "Relaying Party" is not commonly recognized in the context of federated identity systems, making it the outlier among the listed components. The standard accepted term usually is the Relying Party, which acts upon the authentication asserted by the Identity Provider.

Thus, the answer is correct as the term "Relaying Party" does not typically fit within the established framework of a Federated Identity System, which includes the Identity Provider, the Relying Party, and the users.