FDIC Issues Advisory on Technology Service Provider Contracts

April 18, 2019 | Posted in:

IT Consulting, IT Strategy

Posted by Mark Benton

Value Proposition on Black-Golden Watch Face with Closeup View of Watch Mechanism.

On Tuesday, April 2, the FDIC issued an advisory letter to banks on Technology Service Provider Contracts. The letter speaks to gaps that examiners are seeing in contracts between banks and their technology service providers.

We, at Systems Engineering, are happy to see this level of vendor management being promoted by the FDIC. Over the many years we have been servicing our banking and other financial services clients, we have developed a keen understanding of the obligations we have to these institutions and they, in turn, have to their clients and consumers. To that end, we are always working to set a higher standard for ourselves and to clearly differentiate ourselves when organizations are looking to outsource IT services.  

Systems Engineering already covers the gaps, and more, identified in the FDIC advisory, with the following:

At Systems Engineering, we have always known the importance of being able to supply our clients and prospective clients with a solid vendor management package. To read more about this effort in a recent blog article, click here.