Financial Services Attorney Valerie HletkoAuto Finance Attorney Moorari ShahAuto Finance Attorney Marshall Bell

Vendor Management

Prudential banking regulators, the Consumer Financial Protection Bureau (CFPB), and the Federal Trade Commission (FTC) have announced a series of public enforcement actions in recent years related to vendor management. Many more government investigations have remained private through timely remediation and skilled negotiation with regulators. BuckleySandler attorneys assist clients in all critical areas of current vendor management focus, including:

We provide a full range of vendor management services, bringing to bear our knowledge on issues involving consumer protection, consumer lending and servicing, debt collection, records management and retention and all aspects of cyber-security and privacy law. Our clients benefit from our broad compliance, enforcement and litigation perspective, combined with our understanding of each stage of the third-party risk management life cycle. More importantly, we help to ensure that vendor management programs are an integrated part of our client’s overall compliance management system. We regularly advise on:

  • Planning and Risk Assessment
    • Reviewing policies and procedures for regulatory compliance and incorporation of best practices
    • Conducting risk assessments to understand and quantify the risks of outsourcing a function
  • Due Diligence and Vendor Selection
    • Performing targeted reviews of bidders identified as potentially critical third parties
    • Preparing diligence reports and providing management recommendations commensurate with identified and expected risks
  • Contract Negotiation, Implementation, and Termination
    • Drafting and negotiating contracts (including master services agreements and statements of work) to align with regulatory expectations
    • Developing contingency plans in the event of vendor nonperformance
    • Drafting legally compliant affiliate marketing plans and third party data sharing arrangements
  • Ongoing Monitoring and Termination
    • Performing on-site and remote assessments of vendor performance
    • Training staff to monitor, identify and escalate performance and regulatory compliance issues
    • Developing appropriate and efficient termination and transition processes
  • Oversight and Accountability
    • Identifying roles and responsibilities for executive management and board of directors
    • Developing validation processes through independent / internal audits
  • Reporting and Documentation
    • Establishing protocols for proper documentation and evidentiary support of compliance throughout the process

Related Professionals

Name Title Phone Office
Hletko, Valerie L. Partner DC: 202.349.8054 Washington, DC
Langlois, Jon David D. Partner 202.349.8045 Washington, DC
McGinn, Elizabeth E. Partner DC: 202.349.7968 Washington, DC
Naimon, Jeffrey P. Partner 202.349.8030 Washington, DC
Redding, John C. Partner 310.424.3916 Los Angeles, CA
Reilly, Joseph J. Partner 202.349.7965 Washington, DC
Rockwell, Clinton R. Partner 310.424.3901 Los Angeles, CA
Tank, Margo H. K. Partner 202.349.8050 Washington, DC
Tucker, Jonice Gray Partner 202.349.8005 Washington, DC
Witeck, Christopher M. Partner 202.349.8051 Washington, DC
Jerison, Jonathan D. Senior Counsel 202.349.8015 Washington, DC
Sommerfield, Lori J. Senior Counsel 202.349.8093 Washington, DC
Bell, Marshall T. Counsel 202.461.2997 Washington, DC
Chang, Shara M. Counsel 202.349.8096 Washington, DC
Shah, Moorari K. Counsel 310.424.3939 Los Angeles, CA
Safchuk, Sherry-Maria Associate 310.424.3917 Los Angeles, CA

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