IT Examiner School, Providence, RI

Common Contract Elements

• Sub-contracting and Multiple Service Provider Relationships • Cost • Ownership and License.

• Duration/Expiration • Dispute Resolution. • Indemnification • Limitation of Liability • Termination Assignment • Foreign-based service providers. • Regulatory Compliance

Ongoing Monitoring

• Management should monitor service provider performance and potential changes in institution requirements throughout the life of the contract. Monitoring should encompass: - Key service level agreements (SLAs) and contract provisions - Financial condition of the service provider - General control environment of the service provider through the receipt and review of audit reports and other internal control reviews - Disaster Recovery and Business Continuity Planning (and testing)