At Venminder, we have a team of paralegal experts who know and understand the FFIEC guidance and can provide great assistance during your contracting phase with your vendor - whether that is a brand new contract or a contract being reviewed for renewal term.
Your Venminder paralegal will review your vendor contract from top to bottom and produce a comprehensive report calling out provisions, notating those that are covered, and just as importantly, those that are missing and need to be addressed in the next revision.
Let’s start with this assumption – our paralegal review should never replace a legal review by your counsel. However, it is our experience that your attorney will do a great job protecting you against undue liability. That’s their job! But not all attorneys are familiar with the “compliance” obligation you and your vendor must address in that same contract.
Your attorney is the liability expert, we’re the compliance experts. We’ll make you aware of any items, cited in the guidance, that may have been overlooked.
We have a team of paralegal experts who know the FFIEC contract guidance and can provide great assistance during the contracting phase with your vendor, whether that is a brand new contract or a contract being reviewed for renewal term.
The regulations require that contracts contain key provisions, such as confidentiality, service level agreements, and mutual rights and responsibilities. It takes people who understand the FFIEC and other guidance to analyze contracts for potential omissions.
We particularly like this quote from the guidance: “The contract is the single most important control in the outsourcing process.”
In today’s world of increased outsourced risk and heightened regulatory scrutiny, third party risk management is outgrowing the capacity of existing resources at most financial institutions.
The internet of things along with the rapid movement to the cloud necessitates a whole new set of qualifications when assessing vendor risk. Additionally, the sheer volume of assessments, documentation and reporting that is required on all levels of third parties requires an efficient and organized system to properly manage it all.
The perfect solution combines the qualified experts with a robust software platform to ensure your third party risk program meets regulatory requirements and produces excellent exam results. That is what Venminder delivers!
Download a sample of our paralegal contract review. Click here.