Contract Review
Contract review is the process of examining and managing vendor agreements to ensure they meet your institution's standards for compliance, security, service, and renewal timelines.
For banks and credit unions, this includes verifying key contract terms, checking for missing documentation like SOC reports or insurance coverage, and ensuring reviews are conducted before expiration or auto-renewal.
Why It Matters
Missed renewals or expired due diligence can result in exam findings. A strong contract review process protects your institution from vendor risk and demonstrates control to auditors and regulators.
Real-World Example
Let's say your credit union's internet banking provider has a three-year agreement. Six months before renewal, SimplifyIT triggers a reminder to review performance, confirm insurance coverage, and upload updated documentation - all before the contract auto-renews.
How SimplifyIT Helps
- Upload and tag contracts by vendor
- Set expiration dates with review reminders
- Track uploaded SOC reports and findings
- Export contract data for exam prep
Learn how contract tracking fits into vendor management