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#415611 - 08/29/05 08:27 PM IAProgram for the Compliance Department
RR Jen Offline
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RR Jen
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Hi everyone! I'm supposed to do an internal audit of our compliance department. I can't find anything too helpful in the samples I've got...I wondered if anyone had any suggestions (or one you'd share with me).

Thanks in advance!

Jen
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Audit
#415612 - 08/29/05 08:52 PM Re: IAProgram for the Compliance Department
Countess Kiwi Offline
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Minnesota
We actually just outsourced this audit. They looked at the program to ensure it had everything and then reviewed the schedule and any reviews done in accordance with the schedule. They also reviewed our policy manuals to ensure the regulatory policies were present and adequate.
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#415613 - 08/29/05 09:25 PM Re: IAProgram for the Compliance Department
Jokerman Offline
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Jen, everything I do as far as compliance audit is regulation-driven. If you wanted to do something over-arching, I think Kiwi's suggestions are pretty good: make sure that the department is conducting training when necessary, updating policies when necessary, has a reasonable means of maintaining awareness of new or changing requirements, etc...

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#415614 - 08/29/05 09:42 PM Re: IAProgram for the Compliance Department
RR Jen Offline
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That's pretty much what I've got in mind. Just checking her compliance audit schedule to make sure she hits all the required areas, CO and staff training, policies, etc. Just wanting to make sure I dont miss anything.

Thank you both!
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#415615 - 08/30/05 12:51 PM Re: IAProgram for the Compliance Department
Audulator Offline
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Joined: Aug 2005
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The First State
In the future you may want to consider a "continuous audit" of the compliance function. That is, each time you are engaged in a regulatory audit or some facet of an audit that has a regulatory element, determine what the compliance officer has accomplished in that area in terms of consultation, oversight, sampling, etc.

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#415616 - 08/30/05 03:02 PM Re: IAProgram for the Compliance Department
Countess Kiwi Offline
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Minnesota
We already do that on our audits, but it wasn't enough for our regulator. They wanted an actual audit of the compliance function, not just making sure reviews are completed and what those reviews entailed or documenting what training had been done.
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Do what you can, with what you have, where you are.
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#415617 - 08/30/05 04:42 PM Re: IAProgram for the Compliance Department
RR Jen Offline
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RR Jen
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Quote:

We already do that on our audits, but it wasn't enough for our regulator. They wanted an actual audit of the compliance function, not just making sure reviews are completed and what those reviews entailed or documenting what training had been done.




Ditto.

I did find a good program in our Sheshnoff policy, procedures and IA manual. I forget that we have two now!
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#415618 - 09/02/05 07:09 PM Re: IAProgram for the Compliance Department
marybee Offline
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I have the Scheshunoff Policy, Procedures, and IA on CD. Is this what you're talking about? Why did you say that you had two now? Is there something I don't know about with this manual?

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#415619 - 09/06/05 01:09 PM Re: IAProgram for the Compliance Department
RR Jen Offline
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RR Jen
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I have two different manuals that have internal audit programs/procedures. Sorry for the confusion!
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