A function performed on a cryptographic key in order to compute a new, but related, key.
Sources:
CNSSI 4009-2015
A key-derivation process whereby the derived key replaces the key from which it was derived when the key-derivation process is later repeated.
Sources:
NIST SP 800-152
under Key update
A function performed on a cryptographic key in order to compute a new key that is related to the old key and is used to replace that key. Note that this Recommendation disallows this method of replacing a key.
Sources:
NIST SP 800-57 Part 1 Rev. 5
under Key update