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Who should be responsible for service provider contracts?

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Question: 
I am the Internal Auditor at a small but rapidly growing bank. At present, there is no legal department per se. Can you advise what is the "next best" logical location for the maintenance of service provider contracts? Compliance with GLB and the inclusion of privacy language in service contracts is the key concern.
Answer: 

This will differ based on things including personnel, functions and your organizational tree.

One area worth considering is your Accounts Payable area. They need to track when a bill is to be paid and (in advance) when it is renewed. A checklist on paper or a database can include costs, renewal dates, GLB requirements, etc.

First published on BankersOnline.com 10/7/02

First published on 10/07/2002

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