Exam Preparation
Third Party Risk Exam Preparation for Neobanks
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 neobanks.
Neobanks Exam Preparation Challenges
Meeting sponsor bank compliance requirements
Building compliance credibility
Scaling compliance with user growth
Preparing for potential direct regulation
Managing third-party risk
Examining Agencies
OCCFDICFederal ReserveCFPB
Exam Frequency
As part of safety and soundness or targeted examination
Preparation Steps for Neobanks
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 Neobanks
BSA/AML programConsumer protectionData privacyThird-party risk managementSponsor bank requirements
Frequently Asked Questions
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Transform Third Party Risk Exam Preparation for Your Neobank
See how neobanks prepare for examinations in days, not weeks.