Vendor oversight isn't optional - it's a regulatory requirement. Whether you're preparing for an FDIC, OCC, or internal audit, vendor management is a section examiners are now looking at more closely than ever. Here's what they're expecting to find - and how to make sure your bank or credit union is ready. What Do Examiners Expect?Your vendor management system should show clear documentation of vendor onboarding, risk classification, oversight activities, and review cycles. Specifically, auditors often ask to see: - A centralized list of all active vendors
- Risk tiering (low/med/high) for each vendor
- Documented SOC reports or due diligence files
- Assigned owners for vendor reviews
- Contract renewal dates with history
- Evidence of periodic review or re-evaluation
How SimplifyIT Can Help You Stay Audit-ReadySimplifyIT's vendor management module helps banks and credit unions centralize vendor records, assign risk tiers, upload SOC reports, track contract dates, and document reviews. Everything lives in your intranet - no separate platform required. Bonus: Examiner-Friendly ExtrasHere are three easy ways to stand out during an exam: - Add an 'Examiner View' export of vendor data
- Keep review cycles date-stamped with history
- Document when vendor issues were remediated
Common Questions
What vendor documents should we keep for examiners?
You should maintain SOC reports, risk assessments, insurance certificates, and any due diligence documentation provided during onboarding or renewals.
Do examiners check contract dates and review cycles?
Yes. They often ask to see contract start and end dates, renewal reminders, and proof that vendors are reviewed periodically - especially high-risk ones.
How can SimplifyIT help us pass vendor management audits?
SimplifyIT keeps everything in one place - vendor profiles, review notes, files, tasks, and risk ratings - so you're ready to export or screen-share during exams.
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