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07 Apr 2014

Financial Services Group Alert - A Significant Change Is Occurring Regarding Regulatory Oversight of Banks and Their Third Party Relationships.

This paper on contract management in the financial services industry is very significant. Essentially it drives a need for far greater rigor by the customer and suppliers in almost every aspect of its contract negotiation and management. Each of you should glance at it to get a sense of how invasive contract management is becoming. \r
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What does this mean to providers? What does it mean for contract management software systems? To what extent will regulators begin to push this approach into other industries - for example, why not do it in oil and gas or aerospace to ensure the right terms and motivations for health and safety or environmental protection? Does this drive towards stricter industry standards rather than negotiated agreements?


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