Obtain the sponsor bank’s written approval for critical service provider changes

Change Management policy, §3.1, §3.2, §5

The Company does not sign an agreement with a critical service provider without the sponsor bank’s prior written approval, and notifies the bank in writing at least 30 days before signing, describing the services, scope, pricing, term, and the key terms on data security, confidentiality, compliance, and termination. A material change to an existing critical service provider agreement requires the bank’s prior written approval, and terminating one requires 60 days’ written notice. Every critical service provider agreement carries the bank’s step-in and direct reporting rights.

Event-driven

Each new, changed, or terminated critical service provider; 30 days before signing, 60 days before terminating

Identify the change as a critical service provider change at triage, send the bank the notice with the required description, obtain and file the written approval before signing or changing scope, and give the 60-day notice before any termination.

• Critical service provider notice

  Services, scope, pricing, term, key terms, date sent, days before signing

• Sponsor bank written approval

  Approval letter or email, date, conditions

• Termination notice

  Provider, planned end date, date notice sent

Compliance Officer

Leela can keep the 30-day and 60-day clocks and hold the file open until the approval lands, but the bank’s approval is a decision only the bank can make.

Tell Leela about your company to see whether this applies.