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#278624 - 11/22/04 10:14 PM Who should review?
Anonymous
Unregistered

The audit department consists of just me. I have a performance review coming up soon. Who should complete the review? CEO? Approved by audit committee or board? How do other small banks handle performance reviews without causing a conflict?

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#278625 - 11/22/04 10:19 PM Re: Who should review?
Walleye Woman Offline
Platinum Poster
Walleye Woman
Joined: Jul 2002
Posts: 832
I handle both audit and compliance for a small bank. Our president reviews me for the compliance function and the day to day activities. The Board does my review for the audit function.
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Marilyn, CRCM

I'd rather be fishing.


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#278626 - 11/22/04 10:22 PM Re: Who should review?
Jokerman Offline
10K Club
Joined: Nov 2003
Posts: 12,846
Ideally, your performance should be evaluated by the Audit Committee.

In practice, it should be evaluated by the AC, which will need input from the CEO in order to complete.

In reality, it's probably going to be completed by the CEO and approved by the AC.

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#278627 - 11/22/04 11:54 PM Re: Who should review?
EdOils Offline
Platinum Poster
EdOils
Joined: Jan 2004
Posts: 555
Louisiana
There is an interagency policy statement on this. Go to the FDIC's website. See the second paragraph under footnote #8. It talks about a dual reporting relationship to Audit Committee and CEO.

That being said, the CFO performs my review with the AC signing off on it. I know this is what the policy statement says not to do, but this is the way they want to do it. Sometimes you just gotta roll with it.
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You gain education by reading the fine print. You gain experience by not.

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#278628 - 11/22/04 11:56 PM Re: Who should review?
EdOils Offline
Platinum Poster
EdOils
Joined: Jan 2004
Posts: 555
Louisiana
I forgot to mention we are $110MM and I am over Compliance and Audit.
_________________________
You gain education by reading the fine print. You gain experience by not.

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#278629 - 11/23/04 05:52 PM Re: Who should review?
Anonymous
Unregistered

The AC does the review, with some input from the CEO- since he is more involved in the day-to-day activities. The AC determines the raise, if any. Oh, and we are $300MM

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