Don’t panic about the notification of a third party risk exam - we can help you be ready. Three to four months in advance of the examiner's arrival, you should prepare or fine-tune the 9 following documentation items. Listen to this vendor risk management podcast to learn more.
Hi Everyone and thank you for joining me today for our Third Party Thursday podcast. I’m Alicia Thomas, Senior Relationship Manager here at Venminder.
Today’s topic is regarding tips for preparing for a vendor management or third party risk examination. I hope you find this information to be beneficial as you prepare for your next one. These are the pointers I’ve found to be very helpful for a smooth exam.
Ideally, 3-4 months in advance of the examiner's arrival, you should prepare or fine-tune the 9 following documentation items:
Don’t panic about the notification of the exam. As long as you and your team are doing your best to prepare the above documentation in a thorough, efficient and timely manner, you’ll be ready to go by the time the examiners arrive. In order to prepare for their arrival day, be sure you let them know you’ve received their notification and are prepared for their arrival. Also, be sure to schedule an agreed upon time of arrival and give them instructions on where to go.
Internally, make sure your organization knows what to expect and where the examiners will be. This will help to set the overall ground rules for colleagues. While it may seem like a given, still let them know it’s important to always be professional, polite and encourage that they do not have impromptu meetings alone with the examiners.
Now relax! You’ve done a lot of work and research to prepare for the exam.
I hope you found this podcast helpful. Again, I’m Alicia Thomas, Senior Relationship Manager here at Venminder. If you haven’t already done so, please subscribe to our Third Party Thursday series.