Lexpert Special Editions

Lexpert Special Edition on Tech and Sciences 2022

The Lexpert Special Editions profiles selected Lexpert-ranked lawyers whose focus is in Corporate, Infrastructure, Energy and Litigation law and relevant practices. It also includes feature articles on legal aspects of Canadian business issues.

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www.lexpert.ca 7 clients should be looking for." It's particularly valuable when implementing a new system. "It's important to make sure that you've covered yourself contractually and that parties have engaged in enough discussion to understand how that imple- mentation is going to work, how it will come online, how data will migrate to the new system." For providers of these technology services to financial institutions, making sure they under- stand the new compliance expectations and have ready solutions could improve competitiveness. Schiessel at MLT Aikins suggests that savvy vendors "are telling their clients up front that they are very aware of these requirements and have modelled them into their contract and business processes." As cybersecurity, privacy, and the overall robustness of technology and soware systems become a focal point for regulators, and regu- lated companies, Ahmad at Norton Rose says the language of the negotiated contracts becomes "much more granular." Insurance may also play a more prominent role in cyber- security issues. Customers are now frequently asking vendors if they have a certain level of coverage related to those areas, perhaps even named on the insurance certificate. Says Ahmad, "e purchaser may be looking at how a potential supplier can help it meet regulatory clients, but for the vendor, there is more risk analysis, and the desire to sell a service is weighed against the cost of servicing the contract and the profit potential." "THERE'S ALWAYS A CONTRACT INVOLVED IN THESE THIRD-PARTY SERVICE CONTRACTS.... WHAT'S INTERESTING IS THAT THESE CONTRACTS NOW INVOLVE MORE ELEMENTS OF REGULATION AND COMPLIANCE" Robert Tremblay BLAKE, CASSELS AND GRAYDON LLP Your Quebec business partner

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