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Third Party Thursday

APRIL 2, 2020

5 Next Steps After the Vendor Management Exam Concludes

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While preparing for a vendor management exam is a crucial step in the process, how you follow-up after the exam is equally as important. Listen to this week’s 90-second podcast that will cover the 5 next steps you should be taking after a vendor management exam concludes.

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Podcast Transcript

Hi – this is Brittany with Venminder.Brittany-Jackson-Headshot-Circle

In this podcast, you’re going to learn more about the next steps you should take once your vendor management exam is finished.

At Venminder, we have a team of certified industry experts who specialize in assisting with exam preparation as well as exam follow-up daily.    

The exam has concluded, and you can finally relax a little, but that doesn’t mean your work is finished.

Let’s go through the 5 next steps you should take after the vendor management exam concludes:

First, involve senior management and the board as needed. Exam results are delivered to the board and are the board’s responsibility. Everyone has the common goal of protecting the organization and its customers. Figuring out what the board should be aware of should be discussed before you start remediation.

Second, review and address open items. As you resume normal business activities, it’s important to not lose sight of the areas where some action is required on your part after an exam. Unaddressed items can lead to repeat exam findings. As you can image, that’ll lead to unsatisfied examiners the next time they’re onsite.

Third, test any items that you’ve closed out. Test what you think you’ve fixed to verify that you have. It’s a good idea to consider having someone else test your work after you’ve tested it yourself.  

Fourth, if necessary, challenge items. It’s possible that you and your examiner may not see eye-to-eye on some things. If there is a valid reason why, share that with them.

Finally, embrace the feedback received during your vendor management exam. I encourage you to use it as an opportunity to learn as well as improve your overall processes.

There you have it. Involve senior management and the board as needed, review and address open items, test any items that you’ve closed out, challenge items if necessary and embrace the feedback received. I hope you found this podcast insightful.

Thanks for tuning in; catch you next time!

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