Contract Compliance Assessment
We'll review your vendor contract for you and produce a comprehensive assessment calling out what you need to know and related concerns. Download a sample to see an example.
A well-written vendor contract is absolutely essential to helping protect your organization and your customers.
A contract that fails to clearly identify what each party’s role is and what each area is responsible for is a contract that is going to cause problems somewhere in the relationship. Good contracts are well written, thorough, actionable and agreed upon.
Regulations require that contracts contain key provisions, such as confidentiality, service level agreements and mutual rights and responsibilities. It takes people who understand the regulations and other guidance to analyze contracts for potential omissions.
Our experienced third party risk management team can review your vendor’s policies to ensure they are in compliance with both the regulatory guidance and industry best practices. This service is recommended for any vendors that are customer facing with access to non-public personal information (NPPI) and is designed for your critical and/or high risk vendors.
Uncover Missing Contractual Terms
Our on-staff certified contract administrators review your vendor contracts to make sure all information that should be included is. If an important clause, such as related to cybersecurity or business continuity planning, is missing, they will let you know this should be discussed with the vendor.
Satisfy your auditors instantly with the contract review summarization. The auditor no longer has to sift through contracts since our summarization will direct the reviewer to the exact page in which they can locate a particular clause. Depending on the length and nature of the contract, this is generally a deeply thorough 7-9 page report. Say hello to smooth audits!
Meet Industry Regulations and Best Practices
We understand you have a legal team who reviews the contracts, but often the review is very generalized. Our review is compliance and third party specific, ensuring your contract is being reviewed by a specialist with an understanding of third party risk and FFIEC/regulatory guidelines.
Ensure Strong Vendor Relationships
Use this as a negotiation tool pre-execution to guarantee you are entering a new vendor relationship as strongly as possible. If you’ve already established business with the vendor, we’re happy to review the contract prior to the contract renewing as well. Since the review is compliance-focused and based on regulatory guidelines, it’s very powerful.
You're ensuring your contracts will meet industry compliance standards
You have a list of any missed provisions that you can address quickly with your vendor
Our contract compliance expert can walk you through findings and answer questions