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02/24/2016

Client Alert: Hot Topics for Vendor Management in 2016

Action Item

All vendor contracts are negotiable. Financial institutions should adjust vendor agreements to address recent trends. Contact us to discuss these issues or seek counsel in negotiating with your vendors.

Renewed Scrutiny for Vendor Management

Regulatory agencies are expressing increasing concern over bank contracting practices. Vendor management merits renewed scrutiny due to the focus on cybersecurity and the industry's increasing reliance on third-party providers. In our practice, we are routinely presented with vendor agreements that have not changed to address regulatory priorities.

Here are "hot topics" that merit the consideration of every regulated financial institution in 2016:

We Can Help

Realize the terms of all vendor contracts are negotiable, and often provisions in one contract will be inconsistent with others, possibly to the detriment of your institution. Renewal notice deadlines can serve as an opportunity for adjustments to address recent trends. Please call us if you are interested in discussing these issues or seek counsel in negotiating with your vendors.

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