Exam Preparation
Third Party Risk Exam Preparation for Credit Unions
Third-party risk examinations evaluate your vendor management program, from due diligence to ongoing monitoring to exit strategies. Canarie helps you maintain evidence of systematic vendor oversight throughout the vendor lifecycle. Specifically tailored for the unique examination requirements facing credit unions.
Credit Unions Exam Preparation Challenges
Limited compliance resources
Volunteer board oversight requirements
NCUA examination preparation
Member data protection
Balancing service and compliance
Examining Agencies
OCCFDICFederal ReserveCFPB
Exam Frequency
As part of safety and soundness or targeted examination
Preparation Steps for Credit Unions
1
Update vendor risk assessment2
Compile due diligence documentation3
Document ongoing monitoring activities4
Gather contract management evidence5
Prepare incident and issue tracking6
Document board oversight of critical vendors7
Compile exit strategy documentationEvidence Examiners Expect
Vendor risk management policy
Vendor risk assessments and tiering
Due diligence documentation
Ongoing monitoring records
Contract inventory and reviews
Vendor performance metrics
Board reporting on critical vendors
Related Compliance Areas for Credit Unions
NCUA safety and soundnessBSA/AMLConsumer complianceFair lendingPrivacy and data security
Frequently Asked Questions
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Third Party Risk Exam Preparation for Other Industries
Transform Third Party Risk Exam Preparation for Your Credit Union
See how credit unions prepare for examinations in days, not weeks.