Time Required: 2.5 hours
CPE Credits: 3
Availability: Web-based, self-paced
What You Get: Course workbook and Contract Checklist
Exam required at end of course
Who Should Take This Course: Attorneys, Procurement Staff, IT Officers, Examiners, Risk Officers, Compliance Officers, Auditors and anyone involved in reviewing vendor contracts
As the outsourcing of critical functions and services continues to increase, as technology becomes more complex and as vendor interdependencies continue to expand to 4th and 5th parties, additional emphasis needs to be placed on the importance of the contract to protect the institution as well as the vendor. However, we often find that there are many terms and conditions omitted from contracts that expose a financial institution to multiple dimensions of risk.
This course first reviews the regulatory recommendations from all FFIEC agencies concerning contractual terms and conditions and then continues on to detail the issues and exposures that can result when the contractual bases aren’t thoroughly covered. Terms and conditions that are often overlooked, yet expose the institution to risk and liability, and that should be included in contracts to better manage risk and protect the institution will be reviewed including:
- Financial Risk
- Compliance Risk
- Technology Risk
- Business Resilience
- Cyber Security
If you think that a Statement of Work is as good as a contract then you must take this course!
If you think that your vendor will take responsibility for its vendor relationships on its own (your 4th and 5th parties) then you must take this course!
If you haven’t thought about the data format, data integrity and fees for getting your data back from your vendor at end of contract term them you must take this course!
If you haven’t thought about requiring your vendor to comply with current and future regulatory requirements then you must take this course!
If you haven’t thought about the other numerous contractual issues that exist then you must take this course!