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#126260 - 10/28/03 08:53 PM Operational departments/Review of insurance
NancyF Offline
100 Club
NancyF
Joined: Dec 2001
Posts: 173
PA

What departments in your bank do you consider operational? Obviously branches, savings/NOW and lending. Any administrative type departments, such as executive or accounting/finance?


This thought occurred to me as I am completing an internal audit of the bank's insurance coverage and I seem to be one of the few who look at insurance in any given year - as long as there are no claims!


What department reviews the adequacy of bank insurance coverage - property, liability, D&O, workers comp and any other coverages purchased by the bank?

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Audit
#126261 - 10/28/03 10:12 PM Re: Operational departments/Review of insurance
Risk Officer Offline
100 Club
Joined: Apr 2001
Posts: 205
Dallas
Quote:


What department reviews the adequacy of bank insurance coverage - property, liability, D&O, workers comp and any other coverages purchased by the bank?




The SVP / Cashier prepares a spreadsheet annually that summarizes all insurance coverage purchased by the bank.

Audit reviews 1) all insurance coverage when reviewing the Executive area, and 2) applicable policies when auditing specific functional areas...property ins during the fixed assets audit, workers comp. during the personnel audit, electronic banking insurance during that audit, etc.
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