FRB SR 08-8 PDF

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As risks grow in complexity and intensity, financial institutions need compliance, analysis and review. As compliance risk continues to be a focal point for regulators, compliance officers in banks and other financial institutions are encouraged to take steps to ensure that compliance risk is adequately managed. Best practices for compliance management ensure that compliance risk is adequately managed.

On a periodic basis, management should identify and assess the primary compliance risk issues applicable to all business activities including the related control mechanisms utilized to identify, measure, monitor and control the relevant risks. Regulatory and standard setting bodies such as the Board of Governors of the Federal Reserve System and the Basel Committee continue to issue guidelines and standards regarding compliance functions in banks.

A compliance risk assessment should include the following three key components:. Additionally, the matrix will reflect at a summary level the results of each risk review, including inherent risk, control factor assessment s , residual risk and any recommended corrective action.

Compliance Risk Analysis — Provides a detailed analysis of the level of compliance risk inherent for each applicable law or regulation, including the effectiveness of the compliance risk control methods used to measure, monitor and control all identified risk s. The risk analysis will result in a calculated level of residual risk and will contain recommended corrective action s to reduce unacceptable residual risk to an acceptable level.

The Compliance Risk Assessment Framework provides the methodology for assessment of compliance risk and the assignment of risk ratings that best describe the level of compliance risk with respect to applicable laws, regulations, rules, standards or guidelines.

The processes for managing compliance risk should be formalized in a compliance program that establishes a framework for identifying, assessing, controlling, measuring, monitoring, and reporting compliance risks across the organization, and for providing compliance training throughout the organization.

Executive Summary As compliance risk continues to be a focal point for regulators, compliance officers in banks and other financial institutions are encouraged to take steps to ensure that compliance risk is adequately managed. Guidelines and Standards Best practices for compliance management ensure that compliance risk is adequately managed. Conclusion The Compliance Risk Assessment Framework provides the methodology for assessment of compliance risk and the assignment of risk ratings that best describe the level of compliance risk with respect to applicable laws, regulations, rules, standards or guidelines.

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As risks grow in complexity and intensity, financial institutions need compliance, analysis and review. As compliance risk continues to be a focal point for regulators, compliance officers in banks and other financial institutions are encouraged to take steps to ensure that compliance risk is adequately managed. Best practices for compliance management ensure that compliance risk is adequately managed. On a periodic basis, management should identify and assess the primary compliance risk issues applicable to all business activities including the related control mechanisms utilized to identify, measure, monitor and control the relevant risks.

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Developing a Compliance Risk Assessment Framework

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