regulatory and compliance issues and considerations
regulatory and compliance issues and considerations
regulatory and compliance issues and considerations
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Monitoring the Vendor<br />
At a minimum, the monitoring program should<br />
over the following:<br />
• Key service level agreements (SLAs) <strong>and</strong> contract<br />
provisions<br />
• Financial condition of the service provider<br />
• General control environment of the service provider<br />
through the receipt <strong>and</strong> review of audit reports <strong>and</strong><br />
other internal control reviews<br />
• Potential changes due to the external environment<br />
What to Monitor:<br />
Date Notice of Termination or Renewal<br />
Required<br />
Assessment of Vendor Performance<br />
Annual review of the Vendor's<br />
Financial Condition<br />
Annual Review of Vendor’s Insurance<br />
Coverage<br />
Annual Review of Contingency Plan<br />
Tests<br />
Security Testing Verification<br />
Copyright©1994-2010 by Credit Union Resources & Educational Services, LLC. All rights reserved.<br />
Revised February 2010<br />
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