IT Examiner School, Providence, RI

Other Vendor Management Items to Consider:

• Switching vendors at the end of a contract may require an entity to provide regulatory agencies with notice.

• Prior to the vendor switch, management should consider whether a formal project management plan should be implemented.

• Vendor management tools (applications) often help to make the vendor management ongoing monitoring process more efficient and effective.

• Institutions are required to notify their primary regulator within 30 days of any changes in service provider relationships by the Bank Service Company Act (BSCA); see FIL-49-99.

Other Vendor Management Considerations

• Appendix J – Part of the FFIEC BCP booklet that concentrates on the following four elements in order to provide reliable technology services: • Third Part Management • Third part capacity • Periodic testing with the service provider • Cybersecurity

• Consultants

– Does the TSP use consultants? – Does the TSP use third parties to provide services to customers?