Vendor Management Policy Update Detail

What's New

Topic 10 - Audit Policy. This new topic provides guidance with respect to a financial institution's requirement to conduct periodic independent audit reviews of its third party arrangements and underlying activities.

What's Revised

Topic 2 - Policy Statement. The "General" subtopic was revised to incorporate additional guidance with respect to an overview of a financial institution's Vendor Management Program.

Topic 3 - Risk Management.

The "Risk Assessment Categories and Considerations" subtopic was revised to include expanded risk definitions in the following categories:

Reputation Risk

Strategic Risk

Compliance Risk

Transaction Risk

Credit Risk

Other Risks

In addition, new bullet points D. (under Item 1.) and I. (under item 2.) were added directly following the aforementioned risk categories.

A new subtopic entitled "Loan Participation Guidelines" was added.

Topic 5 - Service Provider Due Diligence Standards. The "General" subtopic was revised to include two new bullet points.

Product Contents

Purpose and Contents - Topic 1
Policy Statement - Topic 2

Risk Management - Topic 3

Organization, Responsibilities and Administration - Topic 4

Service Provider Due Diligence Standards - Topic 5

Contract Standards - Topic 6

Ongoing Monitoring Standards - Topic 7

Vendor Relationships with Insiders - Topic 8

Foreign Service Provider - Topic 9

Audit Policy - Topic 10

Retention of Documentation - Topic 11

Includes the following form template:

Confidentiality Agreement - Vendor (1 page)

Privacy Acknowledgement - Vendor (1 page)

Ordering Information

This revised product is available to purchase from Bankpolicies.com for:

$200.00 - List Price

- or -

$25.00* - Update Price

*Applies only to clients who have purchased the Vendor Management Program Policy Template within the last three years in addition to the following prior updates (if applicable):

Vendor Management Program Policy Template Update - 07/25/06 - $25.00

Vendor Management Program Policy Template Update - 01/18/06 - $75.00

If you have ordered this product after 07/07/07 you are eligible to receive the product update at no charge.

Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price (whichever applies).

NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com.