Escrow Agreement
What is Escrow Agreement?
A contractual arrangement where critical assets such as source code or encryption keys are held by a neutral third party for release under specified conditions.
Frameworks that govern escrow agreement
What the standards actually require on escrow agreement
Requirements naming escrow agreement across 3 standards, quoted from the control text.
The enterprise identifies and manages risk to whether its vendors, including their subcontractors and upstream vendors, can keep delivering service that is secure, efficient and effective.
cobit-2019::APO10.04 · APO10.04 Manage vendor risk →Where vendors withhold proprietary source code, an independent escrow agent holds the code and documentation, management verifies annually that a current version is in escrow, the escrowed documentation includes narratives, flowcharts, source listings, file an...
ffiec-it-examination-handbook::DAM-VI.E.5 · VI.E.5 Escrowed Source Code Agreements and Documentation (Development, Acquisition, and Maintenance) →The FI should set standards and procedures for vendor evaluation and selection, with due diligence commensurate with the criticality of deliverables;
monetary-authority-of-singapore-technology-risk-management-guidelines::5.3 · 5.3 System Acquisition →Questions people ask about escrow agreement
What is Escrow Agreement?
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See how Escrow Agreement applies across compliance frameworks
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