Thread Options
#389230 - 07/21/05 06:59 PM OCC Exit meeting
osoalone Offline
100 Club
Joined: Dec 2003
Posts: 146
Texas
I'm new as an internal auditor. I'm a one man department. I report directly to the Audit Committee myself. Do I need to be included in the meeting OCC has with management when they're through with their exam?

Return to Top
Audit
#389231 - 07/21/05 07:59 PM Re: OCC Exit meeting
AKauditor Offline
Junior Member
Joined: Mar 2004
Posts: 39
Alaska
As the auditor, you should always attend the examiner's exit meetings. You will hear things that don't get put into the final report. Things that you may want to look into. Internal Audit is also a component of the management CAMEL rating.

Return to Top
#389232 - 07/21/05 08:06 PM Re: OCC Exit meeting
osoalone Offline
100 Club
Joined: Dec 2003
Posts: 146
Texas
What is the protocol? Do the OCC examiners normally include the internal auditor in these meetings? Or do I just go on in the meeting?

Return to Top
#389233 - 07/21/05 08:31 PM Re: OCC Exit meeting
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,652
The Swamp
It has been my experience that Audit is so interconnected with the exam, that most things, including the exit, are coordinated thru them and it's just a given that you will be there...at least that's the way I've always experienced it whether as Auditor or Compliance Officer.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

Return to Top
#389234 - 07/21/05 09:21 PM Re: OCC Exit meeting
marcy Offline
100 Club
marcy
Joined: Feb 2002
Posts: 119
You need to be at the exit meetings but sometimes it's difficult. There are always items that are discussed but not in the report that you must follow up on to ensure that they're addressed before the next examination. As the new IA now's the time to get into the meetings. Explain it to your boss before the meetings so you're not "dismissed" from sessions.
_________________________

Return to Top
#389235 - 07/22/05 01:41 AM Re: OCC Exit meeting
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,597
Galveston, TX
Don't just "show up". Talk to senior management and the audit committee chairman ahead of time and indicate that you feel that it is important that you be there and arrange to be there.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#389236 - 07/22/05 03:49 PM Re: OCC Exit meeting
osoalone Offline
100 Club
Joined: Dec 2003
Posts: 146
Texas
Thank you all for your help!

Return to Top
#389237 - 07/22/05 05:33 PM Re: OCC Exit meeting
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,455
On the Net
Definitely ask your management that you be there. As Randy noted, you can't invite yourself. They may want you there for some, all or none of the meeting, depending on the content. What is said by them may not be as important to others as it is to you and your function. That is why you want to know first hand what is said. But again, if you have your manager there they may not want you. (Reporting to the committee as was originally posted rules this out, in that instance.)

As CO I was always there and always took a lot of good notes. You'll be referring to these as you progress through clean up, periodic audits and when you get your next notice that they're coming back. Three things are certain, they always come back, they review their notes before they do and they don't like seeing the same error again.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top
#389238 - 07/23/05 03:08 PM Re: OCC Exit meeting
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
Who coordinates the exam at your bank? As Risk Manager, I do that at our bank and I include audit. Perhaps you can just casually chat with that person. It might not have occurred to them.
_________________________
Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

Return to Top
#389239 - 07/24/05 06:16 PM Re: OCC Exit meeting
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,455
On the Net
Kaybee's comment brings up the point of exam management. Who is the point of contact, who coordinates the meetings, gathering/delivery of materials, etc. They should coordinate this.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top
#389240 - 07/25/05 04:04 PM Re: OCC Exit meeting
osoalone Offline
100 Club
Joined: Dec 2003
Posts: 146
Texas
We are so small, our President and VP/Cashier coordinates the exam. I spoke with the President and he admitted I should have been there. I was incorrect in thinking it was the exit meeting. However, it was a meeting covering BSA, CIP, RESPA. I do not do compliance exams but I told the President that some of my audits overlap with compliance and that I should still have attended. He agreed. The exit meeting will probably be this week. I will "remind" the President before.

Return to Top
#389241 - 08/25/05 03:13 PM Re: OCC Exit meeting
Anonymous
Unregistered

What is your feeling about management not wanting the internal auditor to attend any bank meetings? Not that they forget to include me but that they don't feel I should attend. These would be any committee meetings or exit interviews. The audit committee chairman is usually invited, however.

Return to Top
#389242 - 08/25/05 03:19 PM Re: OCC Exit meeting
Anonymous
Unregistered

hmmm, I can empathize. In my case it's called being a pion (sp?) I try not to take offence, besides, the less you know the less responsibility you have when the sh*t hits the fan.

Return to Top
#389243 - 08/25/05 06:48 PM Re: OCC Exit meeting
Coldisgood Offline
New Poster
Joined: Jun 2004
Posts: 6
Minnesota
Sounds good on the surface but in my case all the sudden why wasn't I monitoring? The OCC has even commented on it. I can't change management so I just try not to be annoyed and remind them that I wasn't included therefore didn't know what needed to be followed up on.

Return to Top
#389244 - 08/25/05 08:51 PM Re: OCC Exit meeting
RR Sarah Offline
Diamond Poster
RR Sarah
Joined: Mar 2004
Posts: 2,484
Up North
Unfortunately pixie, in most cases when the examiners find something and you as the internal auditor did not they are going to find your audit program lacking. I'm sure I annoy a lot of people at my bank and they think I am just prying but it has saved their butts and mine on several occasion.
_________________________
Sometimes you have to burn a few bridges to keep the crazies from following you.

Return to Top
#389245 - 08/25/05 08:55 PM Re: OCC Exit meeting
Anonymous
Unregistered

managment passes along the bullet points, I'm just not "cool enough" to be in on the bigwig meetings yet. My point was just that different banks do things differently and you can find somthing positive in every chalanging situation.

Return to Top
#389246 - 08/25/05 10:27 PM Re: OCC Exit meeting
HRH Dawnie Offline
Power Poster
HRH Dawnie
Joined: Aug 2002
Posts: 7,353
Anchorage Alaska
We don't include auditors in many of our exit exams. Definately not CRA (data integrity exam or the full exam). Gad forbid there be one more layer in the process.
_________________________
Dawn Coursey VP/CRA Queen

CRA Rating is in...Oh who cares...I'm home with the baby.

Return to Top
#389247 - 08/26/05 03:04 AM Re: OCC Exit meeting
Patton Offline
Member
Joined: Aug 2005
Posts: 96
Texas
I just came back into banking from being an examiner at the Federal Reserve. If you have a pretty good relationship with the examiners, talk to them and see what their expectations are for your attendance. Their views can be a valuable source to take back to your management if they feel that it is important for you to be there. There is a misconception I have seen in the industry to not ask their regulators questions. That is not what they are wanting I can assure you. Just don't bombard them. Good luck and take notes!

Return to Top

Moderator:  Andy_Z