This website uses cookies to ensure you have the best experience. Learn more

Third Party Relationship Policy Essay

456 words - 2 pages

Third Party Relationship Party

Vendor/third party relationships are an important part of ___FCU’s core purpose. It is necessary and prudent that ___FCU establish and manage these types of relationships in order to strategically provide services and products we could not provide on our own. This policy will provide reasonable assurance that management is appropriately managing contracted critical vendor relationships for a maximum benefit with the least amount of risk.

Senior management must ensure that all risks have been taken into consideration along with the benefits to the CU and its members, and that the risks and returns are acceptable. Careful consideration must be given to the potential risks of these relationships and how best to ...view middle of the document...

Planning and Assessment
___FCU will use the Service Provider spreadsheet to document all risk assessments.
Critical vendors: There must be planning and an initial risk assessment prior to entering into any new critical vendor relationship. Multiple vendors (at least 2) must be considered. Senior management should review all the information in detail before making its final choice. The initial review should take into consideration at a minimum as applicable, the following risks areas: credit, interest rate, liquidity, transaction, compliance, strategic, and reputation, with the main focus being the risk to membership information, cash, and reputation.

Expectations for the relationship must also be defined. Other considerations should include: vendor experience, cost-benefit, impact on the membership, insurance needs, and possible exit strategies. Finally, a financial projection should be created and analyzed to reasonably anticipate all costs and revenues.

Non-Critical Vendors: The risk assessment should focus on the risk to cash, membership information, and reputation for these as well. Expectations should be defined.
Due Diligence
Due diligence must be performed on new critical and current critical vendor relationships. The Board defines this review as:
Background evaluation
Financial and legal review of contracts
Understanding of the vendor’s business model
Return on investment
Security concerns
Reporting
Senior management should ensure that program performance vs/ expectations is being reviewed at least annually, and that contractual and service obligations are being met. A report will be made to the Board at least annually on the vendor management process. This report will be documented in the Board minutes.

Other Papers Like Third Party Relationship Policy

Politics Essay

1108 words - 5 pages Two political reasons why a third party candidate has never been successful in winning a presidential election. The American system is commonly called a “ two-party system” because there have historically been two parties with candidates competing for office. When third parties emerged in American political history, their success have been short-lived. In most cases, the issue or ideas championed by the third parties have been “ stolen

Business Law Essay

1046 words - 5 pages mediator acts to encourage and facilitate the resolution of a case without prescribing what it should be.” In mediation both Microsoft Corporation and i4i can agree to try to reach a solution with the assistance of a neutral third party who can help them find a mutually satisfactory resolution. Unlike negotiation, mediation can lead to joint gains and can help preserve the relationship between Microsoft and i4i that that might break under the strain

Information Security For Managers

2401 words - 10 pages permanent, temporary, part-time and contract as well as students, consultants, or third-party employees with access to the USQ ICT environment. Responsible Officer: Chief Technology Officer Policy Type/Category: Governance and Management The policy in USQ ensures o Information Security o Internet and Email Use o Monitoring and Privacy o Penalties and Discipline o Policy Making and Review 1.6 Possible structure of information security

Lab #3

319 words - 2 pages name in the password, because it easy for people can try to hack or decode the password. 8. Can a user who is defined in the Active Directory access a shared drive if that user is not part of the domain? Non domain machines cannot access shared folders. 9. Does Windows Server 2003 require a user's login/password credentials prior to accessing shared drives? Yes – Credentials are required. I 0. When granting access to LAN systems for GUESTS (i.e., auditors, consultants, third-party individuals, etc.), what security controls do you recommend be implemented in order to maximize CI- A of production systems and data?...

Healthcare Reform

2233 words - 9 pages third-party payers take care of the bills for 85 percent of Americans. There is little awareness of the full cost or value of medical treatment on the part of consumers or providers, and little opportunity for individuals to choose their own coverage or make informed decisions with their doctors about treatment. Health care costs are far higher in the United States than in any other advanced nation, whether measured in total dollars spent, as a

The Elements Of A Negligent Tort

1282 words - 6 pages prevented it. Or, did the party fail to perform their responsibility of duty? The plaintiff seeking damages must, even after responsibility has been identified and a breach thereof established, prove a cause and effect relationship. Both actual and proximate cause – Cause in Fact are necessary for negligence recovery, the third and forth elements. (Mallor, et al 2010) Actual cause seeks to prove the inter-relationship between the neglect of the

Social Responsibility

633 words - 3 pages Ashley White POL 300 Contemporary International Problems Assignment 2: Current Events and U.S Diplomacy Professor Susie Okoro March 12, 2014 Define presidential doctrine and summarize the regional or global events during the Cold War leading up to the formation of the presidential doctrine you wrote about in Assignment 1. A doctrine is belief or policy taught or advocated by either a political party, church or other group. It also

Nothing

630 words - 3 pages only protects the right to own property but also the right to use it v. Property includes not only physical things but also such things as bank deposits, notes, and bonds that give the right to acquire physical property or to use such property e. What are bailments? Legal relationship by which possession of personal property is delivered by one party (a bailor) to another party (a bailee) and the identical property is to be

Work In Real Estate Industry

6794 words - 28 pages takes the form of a written contract between the two parties detailing their agency relationship. The principal will outline expectations of the agent and any limitations on the agency privileges. From there, the agent is free to negotiate and enter into contractual relationships with third parties that bind the principal, even if the principal isn't present for any discussions. If a breach of contract arises, the third party can sue the

Consensual Relationship Agreement

1334 words - 6 pages employer may include stipulations about office dating in its sexual harassment policy as a possible non-love contract solution. It may be wise to include both a contract and a strong sexual harassment policy. Some companies include in their policies that the organization is not responsible for the romantic relationship unless it affects performance for their company. This is the most evidence I’ve found to oppose the CRA, Jennifer Loftus, The Office

Law Assignment 1

1783 words - 8 pages extend beyond those from whom they receive payment. Other people who rely on professional opinion trigger third-party liability and results in duty to account where the person committing breach of trust must hand over any profits that were made as a result of the breach, thus putting the plaintiff in the position they would be in had the breach not occurred in the first place. Fiduciary duty is imposed on someone who is within a special relationship

Related Essays

Essay

3874 words - 16 pages and led leading to the swung votes. According to a survey conducted, Wednesday at the IPS Post-Election Conference, the survey findings showed that 73 per cent of respondents said that Lee Kuan Yew’s legacy was important or very important in influencing their decision. Hence, the result could be because of the sympathy votes the event could bring in - Singaporeans are feeling more “country” than “party”. Policy Changes Since the start of

Case Solution Essay

1427 words - 6 pages blind eye. It may require that you notify personnel and sign a “consensual relationship contract policy” that protects the company from being sued when things go sour. Stay professional at all times. “Always stay professional,” Servantes said. “New employees shouldn’t look at their new job as a ‘singles club,’ because if they do, that could be bad for their career. If you can’t stay away from a romantic situation then act maturely. Don’t

Crossing Borders Essay

454 words - 2 pages proceeded to put some actions to stop child labor, they apologized for not paying full attention on the process of the rug making. They tried to stop the problem by hiring a third party company to make sure no child labor will be involved in the future. They tried to resolve the problem by stating that if any child labor was involved and IKEA is notified about it they would cancel all contracts that are involved. The reason why IKEA

Vulgar Language Essay

964 words - 4 pages University Journal of Gender, Social Policy & the Law, ` 15(3), pp.577-611. Retrieved September 16, 2015 from: ` http://digitalcommons.wcl.american.edu/cgi/viewcontent.cgi?article=1255&context=jgsp l Wone, Robert (1999). “How FREE Is HARASSMENT FREE? EMPLOYER ` LIABILITY FOR THIRD-PARTY RACIAL HARASSMENT” Journal of Labor and ` Employment Law 2(1), pp. 179-208. Retrieved September 16, 2015 from: ` https://www.law.upenn.edu/journals/jbl/articles