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| | Lead Organizations | |
| | Leadership Team | |
Gregg Kirchhoefer, P.C. n
Partner Kirkland & Ellis LLP Chicago, IL
David MacDonald Partner Kirkland & Ellis LLP New York, NY
| | Primary Purpose | | 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. n | | Meeting Frequency | | Quarterly | | Meeting Type | | Web-based (webinar); teleconference | | Guest Speakers | | Industry leaders, thought leaders, motivational speakers | | Non-Solicitation Policy | | All IAOP Chapters adhere to the non-solicitation policy. Click here to view the policy. n
| IAOP Chapter: Legal & Compliance
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.
IAOP members wishing to attend the next meeting, please email our chapter coordinator, Amanda Corbett at amanda.corbett@outsourcingprofessional.org.
If you are not as yet a member of IAOP and would like a guest pass for the meeting, please request a Guest Pass.
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