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Negotiating Effective Vendor Contracts & Service-Level Agreements

April 11, 2024

11:00 - 11:50 AM

Valley of the Sun D

Negotiating a third-party vendor contract gives financial institutions the opportunity to protect the FI from hidden costs, mitigate risks and ensure that vendors are working to their full potential. Service-level agreements (SLAs) can help financial institutions meet organizational goals and objectives by motivating vendors to reach guaranteed performance benchmarks—but only if they are written the right way.

This session will offer advice for negotiating effective contracts and SLAs. Topics include:

  • Three phases of contract negotiation: assessment, planning and negotiation

  • Identifying key provisions and what your contract really says

  • Choosing smart measurements and benchmarks for SLAs

  • Creating enforceable consequences

  • Monitoring SLA compliance

  • Common mistakes

Michael Berman | CEO | Ncontracts

Michael Berman is the founder and CEO of Ncontracts, one of the fastest-growing risk management companies in the financial services industry. A risk management evangelist, he combines decades of legal and regulatory experience with an extensive background in business strategy to solve operational risk management challenges. Mr. Berman is an in-demand speaker, a frequent contributor to industry publications, and the author of The Upside of Risk: Turning Complex Burdens into Strategic Advantages for Financial Institutions. Prior to founding Ncontracts, he served as General Counsel for Goldleaf Financial Solutions, Tecniflex, Inc. and Imagic Corporation. Mr. Berman received his undergraduate degree from Cornell University and holds a J.D. degree from the University of Tennessee.

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