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Examination Preparation

15 Tasks for When A Vendor Management Examiner Comes to Town

Jun 21, 2017 by Branan Cooper

The examiner is coming, the examiner is coming!

DON'T PANIC! Seriously, there’s no need if you’re running a well-managed program. Let’s go through some of the key things you’ll want to do to plan the examiner's arrival to town. 

Plan On The Examiner's Arrival  

Part of preparing for an on-site examination is to plan on the examiner's arrival. These quick helpful reminders may help the visit run smoothly:  

1. Set an agreed upon time for the examiner to arrive at your financial institution 

2. Tell the examiner where to arrive (ie: the receptionist, teller, etc.) 

3. Know how many people to expect  

4. Have them issued visitor badges if possible  

5. Make sure the entire company knows where they will be and general ground rules  

6. Set up a well-equipped place for them to work so they don’t have to wander and be inclined to ask questions  

7. Treat them as you would want to be treated 

8. Set up a formal entrance meeting with key management  

9. Provide them a list of names and titles, but encourage them that all contact should go through a designated person  

10. Try to meet with them in pairs of two people from your institution side – one to talk and one to take notes  

11. Set expectations on daily arrival and departure times so there’s always someone there  

12. Give them a tour (but remember to clean up first – appearances make big first impressions)  

13. Set up a routine for daily or weekly check-ins or some sort of schedule so that you're not catching or interrupting each other unnecessarily 

14. Clarify any questions you don’t fully understand  

15. Commit to communicate any findings or concerns regularly and understand response times for any requests for documentation 

Good luck!

For more tips on preparing for an exam, download our free guide. 

Vendor Management Examination Preparation GuideBook

Branan Cooper

Written by Branan Cooper

Branan has nearly 30 years of experience in the financial services industry with a focus on the management of operational and regulatory processes and controls—most notably in the area of third party risk and operational compliance. Branan also serves as an industry thought leader. He's a member of InfraGard and the Professional Risk Management Industry Association (PRMIA). And, he was selected in 2018 as an advisor to the Center for Financial Professionals (CEFPro) and board member for the Global Sourcing Resource Network (GSRN).

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