FFIEC IT Examination Handbook
Development, Acquisition, and Maintenance booklet (August 2024) – FFIEC IT Examination Handbook

FFIEC IT Examination Handbook DAM-IV.P.3: IV.P.3 Contract Negotiation (Development, Acquisition, and Maintenance)

What does DAM-IV.P.3 require?

Management determines whether a written contract is needed and negotiates appropriate provisions for development, acquisition and maintenance where the contract can meet its business and risk management needs, may negotiate initial contracts jointly with banking associations or user groups, and the board is aware of and, as appropriate, approves or delegates approval of contracts for higher-risk activities.

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