FFIEC IT Examination Handbook DAM-VI.E.6: VI.E.6 Exit Strategy (Development, Acquisition, and Maintenance)

What does DAM-VI.E.6 require?

During procurement management develops an exit strategy that at minimum addresses the third party failing to meet the contract, negotiates default and termination language in the initial contract that defines termination rights, time frames for transferring services to another provider or in-house and how data, records and IT assets are preserved, transferred or destroyed, and identifies alternative providers at the outset of the relationship.