Proposed Contract Language Fills Gaps in Model Disclosure Standards

Highly regulated industries like banking need access to detailed vendor product specs to evaluate third-party risk and meet compliance standards. Software companies and fintechs, which aren’t subject to the same regulatory supervision as their banking clients, have little incentive, however, to share specific information about inputs, work practices, and methods related to their products. The less their clients know about a product’s inner workings, the more competitively secure th…