Banking rules and regulations are constantly evolving and an institution’s policies and procedures must be kept up-to-date. FinPro’s policy development and review service provide a banking institution with the expertise of former banking regulators to ensure all policies are kept current.
POLICY REVIEW & ENHANCEMENT
- Boards must ensure that policies are reviewed and approved at least annually, and that such policies incorporate key regulatory changes. FinPro will review a list of policies and recommend any new policies or procedures that are needed.
- Boards must review and approve appropriate policies, procedures and internal controls, including appropriate limits and methods for monitoring and controlling risk to ensure safe and sound operations. Policies are the documentation of these established controls.
- FinPro will review major policies and procedures, and make specific recommendations pursuant to the standards of the banking agencies as it pertains to each policy.
- Boards should have policies to address concentration risk. Such policies must have a granular approach by homogeneous risk factors. FinPro can assist boards and management with robust concentration policies.
- The process by which policies and procedures are reviewed and approved by the board of directors will be analyzed and recommendations will be made for improvement.