Internal Security; Risk Assessment Clause Samples

Internal Security; Risk Assessment. You understand the importance of your role in preventing misuse of your Accounts. You agree to establish, maintain and update commercially reasonable policies, procedures, equipment and software (“Internal Security Controls”) that will safeguard the security and integrity of your computer and other equipment used to initiate payment orders and account information from unauthorized use, intrusion, takeover or theft, and prevent your Wire Authorization Codes from unauthorized discovery or use. You bear all risk of fraudulent transfers and other losses arising from your internal security breaches, external security breaches of your equipment, networks, systems, or other information, or from the interception of your communications prior to their receipt by us. You are encouraged to consider purchasing insurance to cover any internal security losses. You agree to periodically (but no less than once annually) perform a risk assessment and evaluation of your Internal Security Controls and these Security Procedures. You agree to consider the size, type, and frequency of wire transfer requests you intend to make. You will consider the risks presented by the possibility of unauthorized access to the Wire Transfer Services and your obligation on wire transfer requests, including those that areunauthorized. After your review, you will notify us if your use of the Wire Transfer Service would necessitate or be better served by a level of security that exceeds that previously selected by you or offered by the Wire Transfer Service. If you fail to notify us, you acknowledge and agree that the security aspects of the Wire Transfer Service are appropriate for your needs and will provide you with a commercially reasonable degree of security against unauthorized use. You agree to provide us with the results of your internal security assessments upon our reasonablerequest.