I have searched for clarity on this question with no luck, so thought I would ask for opinions. Currently I report SARS to the Board at the "next regularly scheduled monthly meeting" - for example if I filed a SAR today and the meeting was Monday I would include the SAR I filed today in a report to be distributed to the Board at Monday's meeting.
In the interest of efficiency, I would like to start reporting SARS filed on a "monthly" basis, i.e. all SARS filed in the month of February would be reported at the March Board meeting, with my cutoff being SARS filed through February 29th. This would give the Board more time to review and my report would be able to be included in the rest of their reports which they receive a few days prior to the meeting.
Any feedback on how you all are doing this and if you have received any critisism from your auditors or examiners?
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I use to think I was a smart cookie before I started working in Compliance. Now, I have mastered the art of the blank stare!