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Recipients of Compliance Audit and Monitoring Reports

Question: 
Which parties within the bank receive the audit report and which receive the compliance monitoring report?
Answer: 

The compliance audit report is prepared for the Board of Directs and the report typically lists the Audit Committee as its recipient. The compliance monitoring report recipients can vary somewhat between banks based on asset size and infrastructure but such reports are typically sent to the business unit impacted by the findings and to the bank’s compliance department. For banks with a Compliance Committee, the compliance monitoring results will also be shared with this committee.

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Learn more about Don Blaine and Matt Evan’s webinar
Deposit Compliance Auditing and Monitoring Programs

First published on 06/04/2017

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