The contract landed with a thud. Vendors lined up with promises, certifications, and fine print. Somewhere in those pages sat the truth: whether they could meet GLBA compliance and hold up in your procurement process.
The Gramm-Leach-Bliley Act (GLBA) requires institutions to protect customer financial data. For procurement, compliance is not optional. It must be baked into vendor selection, evaluation, and contract management. Skip a requirement and you open risk—regulatory, operational, and reputational.
A GLBA-compliant procurement process begins before issuing an RFP. Define security controls that align with the GLBA Safeguards Rule: encryption, access control, secure disposal, incident response. List them in plain terms and make them mandatory.
Next, vet each vendor. Request documented security policies. Demand proof of regular risk assessments. Require independent audits that show adherence to GLBA requirements. Verify their staff training records meet compliance standards.