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Vendor Management

Practice Overview

Driven by increased scrutiny from state and federal regulators, compliance risk has become a crucial factor in service provider selection and retention. Buckley assists clients in designing, implementing, and maintaining all critical areas of vendor management, seamlessly incorporating our extensive knowledge of consumer protection, consumer lending and servicing, debt collection, records management and retention, and all aspects of cybersecurity and privacy law with practical, business-conscious advice.

Our clients benefit from our broad compliance, enforcement, litigation, and transactional perspective, combined with our multi-dimensional understanding of each stage of the third-party risk management life cycle. Importantly, we also strive to ensure that vendor management programs are fully integrated into our client’s overall compliance management system.

Our team reviews policies and procedures to analyze regulatory compliance with a focus on the incorporation of best practices. We conduct risk assessments to understand and quantify the pitfalls of outsourcing a function, and work with our clients on due diligence and vendor selection. We perform targeted reviews of third parties, prepare diligence reports, and provide management recommendations commensurate with identified and expected risk.

We leverage this experience in contract negotiation, implementation, and termination, as well as in the drafting and negotiation of master services agreements, statements of work, servicing/subservicing agreements, joint marketing plans, third-party data sharing arrangements, and other third-party relationships in alignment with regulatory expectations. Furthermore, our team develops business continuity plans in the event of vendor nonperformance due to unforeseen circumstances.

We also design and conduct ongoing monitoring of service providers to ensure clients can demonstrate best in class vendor oversight processes. Our lawyers are involved in both on-site and remote assessments of vendor performance, employee training, and the development of appropriate and efficient termination and transition processes. We help our clients to identify roles and responsibilities for executive management and boards of directors, as well as develop validation processes through independent and internal audits. Moreover, we design and establish protocols for proper documentation and evidentiary support of compliance throughout all processes.


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Our Vendor Management Team