Sample: What a vendor record should hold
Sample post. A walk through the fields that belong on one vendor record, and why a spreadsheet stops working once the examiner asks for the history.
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Most lenders keep a vendor list, not a vendor record. The list says who the vendor is. The record says what happened: what was requested, what was received, who approved it, and when the next review is due.
What belongs on the record
- Legal name, website, the business unit that owns the relationship, and the analyst assigned to it
- Tier and vendor type, because those two facts decide which requirements apply
- Every document received, with the date and the person who reviewed it
- Every decision, including waivers, with the reason written down at the time
- Contract dates: start, term, notice deadline, renewal, and whether it auto-renews
Why the spreadsheet stops working
A spreadsheet holds the current state. It does not hold the sequence of events that produced it. When an examiner asks why a Tier 1 vendor went eighteen months without a review, the answer lives in email threads, not in the sheet.
The record is the audit trail. If it is not on the record, it did not happen.
A short checklist
- Pick one place for the record and stop maintaining the others.
- Backfill the last twelve months of decisions before the next exam.
- Schedule the reviews from the record so they cannot be forgotten.
Frequently asked questions
- Do we have to migrate everything at once?
- No. Most lenders start with Tier 1 vendors and work outward. The record for each vendor is complete on its own.
- What if a vendor never sends the document?
- The request stays open on the record with its dates, which is exactly what you want an examiner to see.