Have confidence your contracts are in compliance with industry regulations and standards.
Your contract is the single most important control the outsourcing process. A well-written vendor contract is absolutely essential to helping protect your organization and your customers.
Our team of experienced contract administrators with paralegal training will assess your vendor contract top to bottom and produce a comprehensive report calling out provisions that both you and the regulators will care about. And, they can walk you through their findings and answer any questions you may have.
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 renewal as well.
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 regulatory guidelines.
What It Includes
- Review of aspects such as:
- Scope of Service
- Performance Standards
- Security and Confidentiality
- Business Continuity
- And more
- Provisions called out and details regarding how your contract maps back to industry contract guidance.
Why It's Important
According to industry best standards and the regulators, organizations must have a formal contract with the third party that clearly addresses the duties and responsibilities of the parties
involved. A lack of clearly defined responsibilities can lead to breakdowns in internal controls and allow security incidents to occur.
The regulations require that contracts contain key provisions, such as confidentiality, service level agreements and mutual rights and responsibilities. It takes individuals who understand the regulations and other guidance to analyze contracts for potential omissions.
Contract compliance reviews should never replace a review by your legal counsel. However, it’s our experience that your attorney will do a great job protecting you against undue liability as 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.