Vendor Management
VM-05Get sponsor bank approval and give notice on critical providers
How Leela would run itEvent-driven · 30 days before a new critical contract; 60 days before ending one; promptly on adverse change
From the policy libraryThe requirement
A new critical service provider needs the sponsor bank’s prior written approval and 30 days’ notice before contract execution; ending one needs 60 days’ advance notice; a material change in its scope needs prior approval; and a material adverse change in its creditworthiness, capability, or regulatory status needs prompt notice.
- 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
Send the diligence summary and request to the bank ahead of the deadline, record its written approval, and log every notice with the date sent.
What Leela keepsThe evidence this obligation leaves, as the work happens
Listed from the policy libraryContents
- 01Sponsor bank approvalWritten approval on file before execution
- 02Notice logEvent, notice sent, date, bank acknowledgment
Evidence
Sponsor bank approval
Vendor Management §6
2
of 2 records
The work and the records come from this obligation in the policy library.