This document provides an overview of key considerations for businesses that are evaluating taking their operations electronic and managing vendors to provide electronic systems and services. It discusses assessing needs, whether to build solutions in-house or buy from vendors, evaluating vendors, conducting requests for proposals, "sandbox testing" of finalist systems, and important issues to address in contracts with vendors.

1. So You Want to Take Your Business Electronic – Managing Your Vendors R. David Whitaker Senior Company Counsel Strategy and Operational Risk Group Wells Fargo Bank, N.A. Washington, D.C. November 9, 2010

6. Assessing Needs Key Factors to Consider Secure Communication Record Management Responsibility & Reports Generate Deliver Store Manage Destroy Record Life Cycle Propagate Data Signing Records Extract & Index Data Create Audit Trails & Reports Secure and Consistent Record Management Active Data Processes Access Controls Quality & Integrity Controls Record Destruction Business Continuity Key Systems Issues Boilerplate Docs Transaction-specific Docs Audit Trails for Enrollment, Delivery/Signing Screen Shots & Process Flows Primary Record Categories Search and Report Capabilities Company Policies and Guidelines Industry Standards and Regulation

9. Assessing Vendors Overview Vendor Selection Score and Evaluate RFP Responses/Gap Analysis Select and “Sandbox” Finalists Contract Negotiation Gather Requirements Build RFP Build Scoring Model Identify RFP Vendors Iterative Process Key Element