Contract Management

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  • 1.  Training and Development Programs

    This message was posted by a user wishing to remain anonymous
    Posted 07-25-2022 09:22 AM
    This message was posted by a user wishing to remain anonymous

    Good morning! My team has been tasked to create onboarding, development, and mentoring program specifically targeted towards third party relationship management and category management.
    Does anyone have suggestions or recommendations on what can be included? Our primary focus is enhancing jobs skills associated with third party mangement, such as bettering negotiation skills, SLA development, etc. 
    Because we are so early on in the development process, we only have our internal organizational resources (classes in our Learning Management System, etc.). 

    Does anyone have any recommendations that have helped you in your role? Open to any and all suggestions! 
    Thank you!


  • 2.  RE: Training and Development Programs

    Posted 07-25-2022 09:57 AM
    In the contracting domain there are a number of resources I might recommend (if you don't contract well, lots of other stuff like due diligence and related TPRM functions become rather meaningless!).  Whether you or don't have in-house counsel, these are good sources.


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    L. Beachy
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    Original Message


  • 3.  RE: Training and Development Programs

    Posted 07-25-2022 10:23 AM
    You mention negotiation and SLA development which I think are very important.  The other related piece is contracting, if you don't have procurement or legal handling.

    We started by building out a contract checklist of terms/conditions that are recommended by our regulators as well as those requirements by policy.  We are now building upon that with best practice contract language that can be dragged and dropped on a clause by clause basis.   Basically each of the items from our contract checklist have a corresponding best practice language.  This helps for consistency in contracting and provides better tools for our business owners to raise their confidence and mange risk.  My experience is that very few business owners have the experience or confidence in contracting so we provide allot of support in that area.  

    The other place we have invested resources in training is in providing a deeper dive into the why of third party risk- an overview of the process and a look at why its important and helps the intuition manage and mitigate risk.  We additionally provide this education to the Board as well.  

    Shelly

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    Shelly Chase
    AVP Operational Risk
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    Original Message