Regulatory Alerts2020-11-10
Operations, Internal Controls & Auditing Ratings
This document establishes the regulatory framework for rating an institution's fiduciary operating systems, internal controls, and audit functions relative to their business volume and risk profile. It details specific evaluation factors including staff adequacy, transaction controls, reconciliation processes, and the independence and quality of audit activities. The text defines a five-point rating scale ranging from strong operational integrity to critically deficient practices that threaten asset safety and business continuity.
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