Vendor contracts are one-sided agreements that almost never adequately address vendor management guidelines. If you sign them as is, you’ve accepted all that risk with little recourse while opening yourself to examiner scrutiny.
Negotiating your vendor contracts to include more favorable language often is your most powerful risk mitigation tool, and we’re the only vendor management software and service provider that can negotiate these contracts for you. We don’t refer these out to “partners”…nope, we negotiate them ourselves, and we negotiate more bank and credit union vendor contracts than anyone else. Nearly 300 contracts a year.
We review your vendor contracts for seven key risk areas including confidentiality and data security provisions, incident response requirements, 4th party vendor responsibilities, limitation of liability, etc. We compare it to our gold standard criteria, calculate the risk score, roll them into our popular vendor risk scorecards and make actionable negotiation recommendations to improve your risk profile.
As an option, we can combine your vendor contract risk review with our vendor performance and vendor pricing review and negotiate your vendor contract for you.