Vendor Management
VM-04Put the required provisions in every contract
How Leela would run itEvent-driven · each new contract and each renewal or amendment
From the policy libraryThe requirement
Every contract carries the standard provisions; critical service provider contracts add the sponsor bank’s step-in, direct reporting, audit and examination, material-change, flow-down, retention, and transition rights; any contract with customer data access adds data ownership, permitted use, safeguards, breach notification, and return-or-destroy terms.
- Applies
- Tell Leela about your company to see whether this applies.
- Status
- Setup needed
Tell Leela how you handle it today, or hand it over: see what’s next.
The work
Check the contract against the provision list for its tier and data access, negotiate the gaps with outside counsel for Tier 1 and significant Tier 2 contracts, and file the executed agreement with a provision checklist.
What Leela keepsThe evidence this obligation leaves, as the work happens
Listed from the policy libraryContents
- 01Executed contract with provision checklistEach required provision marked present with its clause reference
Evidence
Executed contract with provision checklist
Vendor Management §5.3, §7, §14
1
of 1 record
The work and the records come from this obligation in the policy library.