Insigma
Pacific Northwest Chapter Chair
Global Business Solutions
DATAMARK, Inc.
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IAOP Chapter: Legal & Compliance
Stay tuned for information on our schedule.
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Gregg Kirchhoefer, P.C., Co-chair
Partner
Kirkland & Ellis LLP
Chicago, IL
David MacDonald, Co-chair
Partner
Kirkland & Ellis LLP
New York, NY
The IAOP Legal & Compliance Chapter provides a forum to address the important legal, regulatory, and compliance issues that confront outsourcing customers, service providers, and advisors on a global basis. Because potential legal, regulatory and compliance issues arise from many aspects of outsourcing engagements, this chapter will cover a broad spectrum of issues, ranging from notable laws and regulations (especially those with cross-border impact), accounting rules, standards bodies, technology transfer requirements and restrictions, and performance issues relating to both internal and external compliance requirements of customers and service providers in regulated industries (e.g., financial and health services).
Attorneys, business persons (customers and providers), consultants and advisors, and other interested professionals are invited to participate.
All IAOP Chapters adhere to the non-solicitation policy. Click here to view the policy.
Past Meetings
Inaugural Meeting held on December 15, 2009
The inaugural meeting of the Legal & Compliance chapter, chaired by Kirkland & Ellis LLP was held on Tuesday, December 15 from 11 am to 1 pm CST at the Kirkland & Ellis offices located at 300 N. LaSalle, Chicago, IL and via webinar.
Co-chair Gregg Kirchhoefer of Kirkland & Ellis LLP led an interactive discussion on “Dealing with Compliance-Related Counterparty Risks in Outsourcing Engagements.”
Understanding and managing counterparty risks are critical to the success of any contractual relationship. This is especially true in outsourcing engagements and may be particularly important to the ability to comply with applicable regulatory regimes. Customers and service providers alike need to be proactive to ensure that they are equipped with the proper contractual tools to protect their firms and are adequately prepared to deal with a counterparty that is or becomes distressed. Terminating a relationship in the event a counterparty has financial difficulties (i) is not always possible depending on the law of the jurisdiction, (ii) can be very costly, (iii) can severely test or stress a company’s ability to maintain compliance with applicable regulatory regimes, and (iv) otherwise may not be a desirable option.
The first meeting of the Legal & Compliance chapter focused on dealing with compliance-related counterparty risks in outsourcing engagements, including (i) strategies to minimize exposure to counterparty risks at the contracting stage, (ii) counterparty risks that may affect specific regulatory requirements (e.g., data privacy laws, accounting implications, and industry-specific requirements), and (iii) processes that both customers and service providers may utilize to monitor and manage counterparty risks throughout the lifecycle of the engagement.
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