Negotiating Terms and Controlling Risks in Third Party Contracts
Financial institutions interact with vendors and third parties on a frequent basis. It may be part of evaluating new or changing hardware or software, updating external support, getting service and updates, changes in terms and conditions, meeting new or newly emphasized regulatory requirements, or otherwise meeting customer and business needs. It is an essential part of how virtually all financial institutions provide their services in today’s world. The flexibility and affordability vendor relationships offer makes it a convenient option and often the only way some products and services can be provided on a cost-effective basis, but these relationships also can create risks and the potential for regulatory fines and penalties in addition to the usual contractual risks. These contracts can pertain to almost any activity that financial institutions engage in: lending, depository functions, internal operations. They are essential to business, and in this webinar we provide easily digested guidance, as to what those contracts must and should contain to protect the institution and meet regulatory requirements.
Federal agencies (the FDIC, the CFPB, the FFIEC, the Federal Reserve, and others) continue to update or establish requirements, recommendations and guidance as to how financial institutions should manage their business with third parties. The new regulatory interest expands the range and detail of third party contracts and pushes banks to increase their scrutiny of contract provisions as well as their compliance and audit systems. And since all banks and credit unions are federal contractors, there may be additional requirements in those instances where their vendors are considered federal subcontractors.
This fast-moving webinar is designed to provide guidance for both lawyers and non-lawyers and is specifically focused on the particular areas financial institutions should be focused on in contracting with outside parties.
WHAT YOU'LL LEARN
Join us for a program that covers:
- Establishing a vendor management program
- Key Contract dos and don’ts
- Vendor due diligence
- What is different if it is a contract with a “significant vendor”
- How is a significant vendor defined for these purposes
- Vendor qualifications
- Recourse and reasonable limitations on recourse
- Is the contract providing an essential function
- Affirmative action and EEOC disclosures
- GLBA requirements
- AND MUCH MORE!
Please join Dan Cotter as he guides you through real issues and outlines best practices for managing your contracts with third parties, key term negotiation, and managing the risks involved.
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