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#1914921 - 04/16/14 03:01 PM Risk Assessment Questions!!
Whodunnit? Offline
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Joined: Apr 2005
Posts: 75
Risk Assessment Questions -
What areas, specifically, require a risk assessment?
Such as, in the bookkeeping area, do most have separate risk assessments for every function or one all emcompassing assessment? (stop payments, NSF returns, dormant accounts, large items, non-posts)
Should each regulation have just one risk assessment? or multiple?
Trying to focus on listing each individual area that I need to develop a RA for, to start with ~ Thoughts and opinions appreciated.

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Risk Management
#1914942 - 04/16/14 03:16 PM Re: Risk Assessment Questions!! Whodunnit?
RR Jen Offline
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RR Jen
Joined: May 2003
Posts: 3,760
Running and riding everywhere ...
Hmmm...it depends on what your perspective is to start with.

We have the following RAs that are done every year by various people:
Internal Audit
IT (actually a couple)
Compliance (globally)
Fair Lending
BSA
Critical Vendors

Then...I do a new RA prior to any modification, expansion, or implementation of a new product or service. That is followed up on at 6-12 months.
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I don't need any more negativity in my life...be positive and helpful people or I will kick you in the shins!!!

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#1914970 - 04/16/14 03:48 PM Re: Risk Assessment Questions!! Whodunnit?
Whodunnit? Offline
Member
Joined: Apr 2005
Posts: 75
The RA for IA, Fair Lending and Compliance, do those get area-specific or are they generalized?

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#1914984 - 04/16/14 04:08 PM Re: Risk Assessment Questions!! Whodunnit?
RR Jen Offline
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RR Jen
Joined: May 2003
Posts: 3,760
Running and riding everywhere ...
IA covers every business unit of the bank which is in our audit universe. For example: Deposit Ops, Lending, Compliance, IT, Fixed Assets, Income Statement, HR, Electronic Banking.

Compliance has 3 sections currently: overall compliance management, lending, and operational/retail. It is going to be overhauled to look a little more specifically at the regulations in each.

Fair Lending is pretty focused on just that but does address the quantity, quality, and direction of risk.
_________________________
I don't need any more negativity in my life...be positive and helpful people or I will kick you in the shins!!!

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