Financial institutions have been implementing new regulations through board-approved procedures for decades. As existing regulations are revised and new regulations are published existing procedures need to be updated. Procedure Updates are designed to simplify the task of updating existing procedures, regardless of where the existing requirement is lodged. Each set of procedures are completely customizable. You may add the name of the financial instruction, the name of the person responsible for taking action, or make any other needed changes. The Third Party Service Providers Procedures Update includes an overview of the requirement, guidance on contract structuring, due diligence and monitoring procedures regarding managing risk resulting from third party service providers.