Internal Control Questionnaires and Verification Procedures

Agreements

1. Are agreements concerning wire transfer operations between the financial institution and its hardware and software vendors, maintenance companies, customers, correspondent banks, and the Federal Reserve Bank in effect and current? (Agreements with the Federal Reserve Bank should specifically refer to the operating circular(s) regarding wire transfer of funds pursuant to subpart B of Regulation J.)

2. Do the agreements fix responsibilities and accountability between the parties?

3. Do both the hardware and software vendors guarantee continuity of service in the event of a failure? If so, does the guarantee specify recovery time?

4. Are there agreements between the financial institution and vendors setting forth the vendors’ liability for actions performed by their employees?

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