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Risk Management

 
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Insurance adequacy for an IT company

Hi All, needed your expertise on auditing insurance for the company I am working in. Please share your experience on below :-1)Is there any Audit checklist for checking adequacy and coverage of insurance taken by IT company (not an insurance company) 2) Generally what is the ideal premium amount paid by insurance companies to cover its asset and liability for a company like Infosys/ HCL/TCS 3)Which kind of insurance helps IT company to cover its maximum vulnerabilities with least premium.

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Asset/ Technology Takeover in Information Technology contracts

What are the major risks involved in signing an asset/ technology takeover clause by IT service provider. How can this be mitigated in the contractual clauses?

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Information Technology Outsourcing: Asset Transfer and the Role of Contract

Information Technology Outsourcing (ITO) has become the predominant mode of acquiring information ystemsservices, providing clear evidence that the economics of service delivery favor external service providers over in-house information systems departments. An interesting feature of many large ITO arrangements is that assets necessary for service delivery are transferred to the vendor. The argument in favor of such asset transfers, based in Property Rights Theory, is that they are necessary to incentivize vendors to continue to invest in the transaction-specific assets to improve service. On the other hand, Transaction Cost Economics predicts that transferring such assets increases bilateral dependence and will elevate the risk of post-contractualopportunistic behavior. The contracting challenge is to specify the termsof exchange to achieve the client's objectives for outsourcing while managing the transaction risks.

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A Guide to Public Wifi Security Risks & How to Use it Safely

Our connection to the internet has had a huge impact on how we operate as a global society. It's drawn the world closer together, and made it easier than ever to research, absorb and relay information at the click of a button.

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Malbek Webinar - Reimagining Contract Data at the Heart of the Enterprise

Many organizations struggle with limited or outdated contracting solutions while trying to keep up with an ever-changing business environment. TIBCO Software, a global provider of data solutions, needed a change that could evolve with their growing and demanding business. They understood that contract data sits at the heart of the enterprise and a CLM tool needs to be a central platform that integrates well with other solutions throughout the company. Their goal was to bring contract data to life, to be able to analyze risk, identify favorable terms, and expedite contracting cycles. Even with employees working from home and spread across the globe, TIBCO was able to effectively and remotely deploy a new solution in record time.

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Unlimited liability for data breach

Hi All- Looking for some help in drafting liability clause from Service Provider's side. We are in process of renewing a contract, wherein we have an unlimited Liability for data/confidentiality breach. Customer is not open on capping the liability. Can anyone share what all safeguards should be included while drafting unlimited liability for from Service Provider's/ Vendor prospective. Thanks!!!

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Limitation of Liability

I was recently having coffee with four other individuals involved in contracting for IT Professional Services. During the course of conversation one of the participants suggested that rather than having unlimited direct liability for certain aspects (breach of confidentiality, indemnification of third-party claims, gross negligence and willful misconduct) that EVERYTHING be limited to the extent permitted by law -- but then increase the limitation to a number that would cover the majority of potential issues ($5,000,000 USD was a suggestion). When questioned, the participant stated that when it comes to contracting parties where one has "deep pockets" and the other does not, having the unlimited liability may sound nice on paper, but in reality it is a one-way protection that benefits the party that does not have deep pockets. Effectively, if the party that does not have deep pocket had a very large claim against them, they could declare bankruptcy and later reorganize as a different business concern - while the deep pocket party with the same claim would be obligated to pay. Their perspective was in essence: No consequential damages; limit all direct damages to a pre-defined/agreed amount ($5,000,000 or amount that will cover 90%-95% of historic claims in the industry); and include indemnification from third-party claims in the cap. Thoughts?

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Translated Contracts

Hello IACCM Forum, Does anyone have any information regarding the risks of poorly translated contracts? If so, please provide as much information as you can. Thank you. Kind regards, Isis

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Vendor financing agreements

Some (small and cash strapped) oil and gas operators are resorting to vendor financing agreements with major hardware suppliers / service providers as a way of raising the funding for their development projects. Is it really possible for the small operator, who may have limited alternatives for raising capital for his project, to negotiate a fair deal out of such arrangements. Does anyone have any experience of a vendor financing arrangement between a small operator and a major vendor which worked out well for the operator in the long run.

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