Route vendor incidents and issues, and report material ones to the bank
Vendor performance failures, security incidents, regulatory matters, and other concerns enter the Issues Management process with a severity and a response, and material issues affecting a critical service provider are reported to the sponsor bank as they arise rather than at the annual review.
Event-driven
On each vendor issue; promptly to the bank for critical providers
Log the issue with severity, set the response with the vendor owner, track remediation, and send the sponsor bank notice for material critical-provider issues.
- Vendor issue record
Issue, severity, response, remediation status
- Bank notice
Notice sent with date, for material critical-provider issues
Compliance Officer
Leela can watch for the trigger, keep the clock, and flag what is late.
Leela can open the issue from an incident or missed service level and prepare the bank notice.
Tell Leela about your company to see whether this applies.
Tell Leela how you handle it today, or hand it over: see what’s next.