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Moving from a Paper Checklist World to a Software Based Transaction Review Environment

Answered by: 
Don Blaine
Matt Evans
BOL Learning Connect

Question: 
I’m a small community bank and frankly don’t know where to get started. Our audit department conducts an annual compliance audit of the primary suspects, regulations E, DD, CC, D, etc. but during our last examination we were told we needed to improve our compliance monitoring system. I have a desk full of written checklists that I use for each regulation and pull these out on a periodic basis and start checking the Yes or No boxes after I have grabbed a handful of recent periodic statements, initial disclosures, excessive transaction reports, etc. to review. This is very time consuming and I wind up with a lot of checklists with the Yes and No boxes checked but don’t know where to go from here. Any thoughts on my next step?
Answer: 

This has happened to us all at some point, particularly when we are first starting our compliance monitoring program or if we are a 1-(wo)man department with few resources. One of the keys is to find good software that will allow you to pull a representative sample that will make your examiners happy followed by use of spreadsheets, electronic checklists, work programs, etc. that will allow you to document the key aspects of the transaction being reviewed and, at some point in time, to roll up all of your findings into a consolidation report which can then easily be analyzed and provided to management in summary form.

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Learn more about Don Blaine and Matt Evan’s webinar
Deposit Compliance Auditing and Monitoring Programs

First published on 05/14/2017

Filed under: 
Compliance
Filed under compliance as: 
Compliance/Compliance Management
Operations

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