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Frequency of Compliance Audits

Question: 
How often do most banks perform deposit compliance audits and is there any preference among examiners as to frequency?
Answer: 

As with so many compliance related questions, monitoring and auditing should be driven by a risk basis. Most banks have an audit plan that will call for higher risk regulations, products and services to be included within its annual audit plan but there are a number of lower risk items such as garnishments, Regulation P, lobby disclosures, etc. that will only be audited every other year due to their low perception of risk to the bank. Additionally, the frequency of review by items in the audit plan could be driven by actions of the compliance monitoring team.
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Learn more about Don Blaine and Matt Evan’s webinar
Deposit Compliance Auditing and Monitoring Programs

First published on 06/11/2017

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