Periodic Review is an essential part of the regulatory
requirement to demonstrate Ongoing
Monitoring. VCM automatically determines the Review Date based upon the
effective date of the contract and the risk rating. One facet of Periodic
Review compares the vendor contractual performance to the contractual terms so
that the institution can determine whether additional controls, more frequent
reviews or contract termination is required. Based upon the results of the review, the institution might decide to change risk rating or require additional controls.