A small regional bank is in the process of enhancing its operational protocols by forming a senior management committee dedicated to the evaluation and adoption of best practices for entering into major contracts with third-party vendors. At present, the committee is assessing a proposed partnership with a third-party vendor that would play a crucial role in extensively marketing the bank’s financial products to potential customers. To formulate effective policies aimed at mitigating the operational risks associated with this potential vendor agreement, which of the following recommendations would be the most appropriate?