Risk Based Compliance Audit Program: Risk Assessment Checklists and Related Requirements

The regulators expect you to be able to identify and rate the areas in which you have risk exposure. Risk-Based Compliance Audit Program consists of individual checklists with risk ratings — organized by specific products and services — that you can use to conduct compliance reviews for federal consumer laws and regulations, including security, privacy, electronic banking, disclosures and insurance roles. This manual shows how to improve your institution's efficiency and compliance.

This helpful manual provides:
•  Compliance checklists organized by individual products and services
•  A risk assessment matrix helps you easily access and record your institution's specific level of risk for the various compliance requirements, as they become effective
•  The assessments allow you to assign a risk rating, thus prioritizing your institution's needs and maximizing your resources
•  A compliance calendar gives you a quick reference for changing requirements

Risk assessment is an essential part of your risk-based compliance audit for all of your products, services, and activities. To satisfy the regulators, you need to consistently and constantly weight risks against benefits, and make decisions accordingly.