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Principles of Third Party Contract Development, Adherence & Management

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Principles of Third Party Contract Development, Adherence & Management

Optimizing Contract Processes Across the Lifecycle

PR Newswire

SANTA FE, N.M., July 24, 2018 /PRNewswire/ -- The Shared Assessments Program is pleased to announce the release of another paper within its "Building Best Practices" series of resources: Principles of Third Party Contract Development, Adherence & Management and its companion Executive Summary, which provide contract management guidelines for both vendors and outsourcers.

Optimizing Third Party Contract Processes

Three areas of contract management across the third party relationship lifecycle are examined:

  • New Relationships.
  • Existing Relationships, including Evergreen Contracts.
  • Renewals and Terminations.

Contracts require special due diligence in the face of the dynamic threat landscape. Most notably, regulatory agencies have helped establish the best practice (required in some industries) of obtaining board approval before execution of any contract for any third party relationship that involves activities deemed as "critical" by that organization. Other areas in which contract management requires extra due diligence because of the threat landscape include: right to audit requirements; material changes to services and/or products being provided; fourth party relationships; geolocation and other infrastructure considerations; risks surrounding emerging technologies (such as IoT, Artificial Intelligence, robotics, etc.); establishment and renewal of evergreen contracts; and merger and acquisition (M&A) activities.

The paper documents best practices for developing a defined, documented organizational structure that provides a solid foundation for the success of the relationship and improves the maturity of the outsourcer's third party risk management program. You can read/download the full Principles of Third Party Contracts and companion Executive Summary paper here.

About the Shared Assessments Program
As the only organization that has uniquely positioned and developed standardized resources to bring efficiencies to the market for more than a decade, the Shared Assessments Program has become the trusted source in third party risk assurance. Shared Assessments offers opportunities for members to address global risk management challenges through committees, awareness groups, interest groups and special projects. Our papers, articles and research studies are written and conducted by industry leaders – members of Shared Assessments Program Awareness Groups, The Santa Fe Group's partners, consultants and advisors – and cover the hottest, member-driven topics in risk management and business innovation. Join the dialog with peer companies and learn how you can optimize your compliance programs while building a better understanding of what it takes to create a more risk sensitive environment in your organization.

CONTACT: Kelly Wagner, Public Relations Manager, 505-466-6434, kelly@santa-fe-group.com

 

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