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Examination Preparation

Exam Preparation: Have These 8 Vendor Management Items Ready

Jan 25, 2017 by Branan Cooper

You should prepare for an exam before you're officially given notice of it. There are items to have ready ideally 3 or 4 months before any potential exam window.

Anticipate what you know examiners are going to ask for, either based on prior exams or on the flow of a typical examination.

What to Have Ready

Here are 8 examples of items to have ready:

1. A copy of your third party program and associated documents

2. An organization chart for those involved with third party risk management

3. Job descriptions and bio's for key members of the team to demonstrate adequate experience and training

4. A complete inventory of your third parties, ideally ranked by level of risk

5. Samples of your critical/high risk third parties and supporting documentation

6. Evidence of adequate review and timely tracking of important documents such as financials, SSAE 18 reports and contracts

7. Evidence of reports to keep senior management and the board informed of third party activities

8. Remediation of any prior examination issues

Get these items prepared now rather than waiting for the exam. And, make sure you can quickly and easily access them when the time comes.

For more exam prep tips, check out our Examination Preparation GuideBook.

Vendor Management Examination Preparation GuideBook

Branan Cooper

Written by Branan Cooper

Branan Cooper is the Chief Risk Officer at Venminder. 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 leads the Venminder delivery team as the third party risk management subject matter expert in residence. 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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