Ensuring you meet your fiduciary responsibilities under OCC Regulation 9
National banks and trust companies depend on our trust audits to help them comply with Regulation 9 which the Office of the Comptroller of the Currency (OCC) uses to spell out their fiduciary responsibilities and the other regulatory agencies use as their guidance.
In the same way, state banks depend on our trust audits to help them comply with their respective state laws, regulations, and codes concerning their fiduciary responsibilities.
They all have fiduciary responsibilities related to personal trusts, employee benefit trusts, corporate trusts, paying agent, and/or stock transfer.
Regulation 9 is the gold standard
There are some that say Regulation 9 is the gold standard in the asset management business and that banks guided by Regulation 9 that are audited every year have an advantage.
This is particularly true in this turbulent investment market. Scrutiny has increased. And compliance with Regulation 9 brings peace of mind to clients because it requires due diligence and decisions on asset selection and asset allocation must be performed and documented.
Internal Trust Audit Services
An effective internal audit process is essential in today’s rapidly paced banking environment. Management needs timely assurance regarding the quality of the institution’s ongoing operations and the effectiveness of the internal controls system. Likewise, the audit committee relies on this independent appraisal function in order to fulfill its oversight responsibilities. The internal audit function is uniquely positioned to asset management in the evaluation and documentation of risk management programs, as defined by regulatory agencies.
Our experienced team helps you outline the key areas in a trust department, and can help address any questions or issues that may arise. Find out if you are in compliance, and how to address any future issues.
Document your fiduciary responsibilities
As part of the required annual trust audit, we can work with your audit committee to make sure you have the documentation you need to prove you have met your fiduciary responsibilities.
We have experience working with trusts that range in asset size from $50 million to $3 billion. You will appreciate our experience and the continuity of our trust audit staff. Because of our award winning firm culture, we can promise you that you will see the same faces on your audit from one year to the next.
This continuity means that you won’t have to answer the same questions year after year. But we will keep your audit committee informed throughout the audit process.
Benchmark against industry guidelines
We will review your policies and procedures in the areas of administration, investments, operations, and management and we will benchmark them against current industry guidelines. If we see problems, we’ll suggest corrective measures.
The results of our trust audit should ensure the regulators and your clients that you are living up to your fiduciary responsibilities and have a quality operation with effective internal controls.