How to record your third party outsourcing contracts

Click WORKBENCH and then click DATASETS.

Then click SM&CR.

Then choose Senior Managers Regime.

Then click on Outsourcing.

Then select Outsourcing contracts.

A list of all third party providers for which you have made a record of your contractual agreements will appear - this will be blank if you have not created any records previously.

To amend an existing record - click on the provider whose contractual record you'd like to amend, and in the pop-up window that appears, select EDIT. Then edit the data as needed. You can follow on from step 9 below as a guide.

To add a new contract record, click the + symbol.

A pop-up window will open.

Choose the provider for whom you'd like to record contractual information from the dropdown list - if the needed third party isn't in this list - you'll need to create them as a BUSINESS ENTITY within Corterum - here's how.

Type in a name for the contract.

Choose the date the contract came into force.

It's best practice to give every contract a unique reference number when maintaining a record of contractual relationships - so you can enter one in "Contract Reference'.

The next section deals with the function that the third party is being contracted to provide.

In the 'Function being outsourced' box, fill in the details of the service that the third party is providing.

You can then choose the 'Type of function' from the dropdown list. I

If the required type is not listed, select 'Other' and provide your type in the text box to the right of the dropdown.

You can then - in the 'Type of Cloud Service' section, record (if relevant the specifics of the cloud-based service that your are receiving.

In the 'Contract Term' section, record the start date of service provision, the renewal date and the end dat.

In the 'Fees and contract value' section use the 'Fee Structure' text box to lay out how the fees are structured, and then in the text box below that, you can record the annual contract value.

The next section deals with who has the right to access data and premises. (e.g regulators) any restrictions on access and what sort of notice is owed to the service provider. Hit the 'Link Table' button under 'Access rights' to record this information, and then a pop-up box will appear.

If you have already created this information - i.e for another provider, you can link this table to your record - choose 'Existing' in the pop-up and select the entity required, and then press 'Confirm'.

To add a new table dataset to record these details , select 'New' in the pop-up. and press 'Confirm'.

You'll then see a data table that you can complete with all the necessary information.

To add more than one row of data - use the 'Add Row' button.

Once complete, click 'Save' and then 'Close'.

You can use the instructions from steps 21-26 above to record details about any subcontractors in the 'Sub-contracting' section - just click the 'Link Table' button.

In the next section - Data Security - you can select the obligations for data protection, confidentiality, penetration testing and business continuity testing that you have agreed. Record your responses to each section, and in the text box marked 'Data/system security requirements and data removal process', outline the agreed steps that will be taken in the event of the contract coming to an end in reference to removing data from the third party's systems.

The next section, 'Change management' covers the agreed processes that you have put in place to deabmwith change. Record whether a process has been put in place using the dropdown, and ten in the free text box give a summary of that process.

Next, you'll record the 'Governing law and jurisdiction'. In the dropdown boxes in this section, choose the correct options for 'Governing Law', 'Applicable Court Jurisdiction' and 'Governing Law of service provider's premises' from the dropdown lists.

Then give a summary in 'Jurisdictional Analysis' of how jurisdiction may impact the outsourcing arrangements.

Choose the relevant option from the dropdown lists in the 'Events of Default' section, covering notification and remediation of breaches and adverse events, as well as dispute resolution procedures.

The next section, 'Termination', asks you to provide a summary of the termination rights set out in the contract.

Below that - there is a linked table dataset function to provide a table where you can lay out the details of all termination rights for all parties. Either link an existing table dataset or create a new one here by clicking the button. For more on how table datasets work, click here <LINK>.

The next section, 'Service transition and assignments' covers the agreement regarding moving functions to another provider, as well as the ability of your firm or the third party to assign the contract.

Select whether the service provider is obligated to assist with service transition to another provider.

Then in the text box summarise the process and obligations that have been agreed in the event that the function is moved to another provider.

Next, answer the questions relating to assignment of contracts, as well as whether each party enquires consent from the other, by choosing the relevant options from the dropdown boxes.

Then, under 'Summary of assignment provisions, lay out the agreements you have made with the service provider regarding contract assignments.

The last section - 'Miscellaneous' - covers some additional questions not addressed in the above process.

Choose whether the firm has 'Third Party rights' by selecting the relevant option from the dropdown box.

Using the dropdown box, confirm whether the 'Outsourcer is required to take insurance?'

If the answer in step 42 above is 'Yes' use the 'Level of insurance required' test box to record the level needed.

Finally, if you need to upload any documents associated with this contract, you can do so by clicking the 'Documents attached' button. This button will reflect the number of documents already uploaded (if any) and clicking on the button will allow you to view or remove existing documents too.

Click 'Save' and then 'Close'.