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Course Details

Developing a Risk-Based Compliance Audit Program

Webinar: ID# 1000857
Date: Recorded
Developing a Risk-Based Compliance Audit Program
About This Course:
This fast-paced seminar provides practical guidance to develop and maintain a risk-based compliance audit program. The CFPB has issued a "Readiness Questionnaire" for the sweeping mortgage changes.

One of the questions asks "Have you updated your risk assessment to reflect the regulatory changes?" Your regulator will be asking this question in the next compliance exam. Have you been watching the amounts of recent civil money penalties for compliance violations? Two examples were a $135,000 penalty for flood insurance and $60,000 for HMDA violations. Could an effective audit program have prevented these fines?

Whether your bank is a small community bank or a large regional institution, this webinar will review the components of an effective audit program. Participants will be guided through completing a risk assessment, defining the audit scope, completing the audit and reporting the results. This webinar also will provide tools and guidance to help you successfully manage the compliance audit function.What You'll Learn:
  • What are the benefits to using a risk-based compliance audit program?
  • How do you complete a compliance risk assessment?
  • Five steps for a successful risk-based audit program
  • How do you determine the audit scope and frequency?
  • What are the eight elements of an audit program?
  • Template for writing an audit report
  • What does the Board need to know about the audit results?
  • What type of corrective action is required when you find a compliance deficiency?
  • Pros and cons of an internal audit function versus outsourcing an audit
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Developing a Risk-Based Compliance Audit Program
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