Independent Banker - September 2023 - 72

CONNECTIONS MEMBER BENEFITS
Pre-decisioning flowchart
This flowchart shows the path for IT
outsourcing and handling vendors. It
gives you a step-by-step overview of
the process, so you can understand
the overall workflow of evaluating,
establishing and working with a thirdparty
vendor.
Guide to IT outsourcing
ICBA's The Outsourcing Lifecycle
whitepaper is an overview of IT
outsourcing and explains why
community banks may choose to
outsource instead of relying on inhouse
capabilities. It breaks down
the pre-engagement stage: how
community banks can assess their
IT needs, determine if a third party
can fulfill those needs and evaluate
the associated risk. It also tackles the
ins and outs of project management,
vendor selection, request for proposal,
due diligence, contracting and the
criteria community banks may require
from their vendors.
Tips for IT outsourcing
For community banks that are considering or are already working with
a third-party IT vendor, ICBA's IT Outsourcing Toolkit has a collection of
resources that address the process and considerations.
ow is your community bank
addressing its IT needs? If
you're working with third-party
IT vendors, ICBA's IT Outsourcing
Toolkit can help ease and support
the process. It offers a collection
of resources from each stage in the
outsourcing process-decisioning to
execution to evaluation.
Not sure if you want or need to
H
outsource your IT? To help you figure
that out, the ICBA IT Outsourcing
Pre-Decisioning Questionnaire will
ask questions regarding your bank's
specific circumstances, capabilities
and other considerations. And from
there, the toolkit can become a
platform for you to jumpstart your IT
strategy. These resources are available
to members.
72 // ICBA Independent Banker // September 2023
Vendor contract checklist
This list helps clarify what you
desire out of your IT vendor and the
questions you need to ask as you draft
a contract with them.
What's the scope of service
for the vendor? Do they have an
incident response plan, and what
does notification look like for that?
What fees should factor into the
cost structure? Each box on this
checklist includes important criteria
and checking them off can help you
analyze and confirm if a vendor will
effectively facilitate your IT.
SOC report selection
SOC reports are essential for vendors
when they provide services that can
directly affect your bank's financial
reporting. Depending on factors
like data storage and your specific
requirements, the type of SOC

Independent Banker - September 2023

Table of Contents for the Digital Edition of Independent Banker - September 2023

Contents
Independent Banker - September 2023 - Cover1
Independent Banker - September 2023 - Cover2
Independent Banker - September 2023 - Contents
Independent Banker - September 2023 - 2
Independent Banker - September 2023 - 3
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