In mid-2010, the OCC communicated a range of heightened
expectations for its member banks, taking into account lessons
drawn from the financial crisis. These heightened expectations in-
cluded specific requirements for banks to establish and maintain
"strong" audit and risk management functions. The OCC has out-
lined characteristics for "strong" audit covering: Stature, Compe-
tence/Talent, Accountability/Effecting Change, and Scope and
Frequency. Similarly, the OCC defined characteristics for "strong"
risk management which included an appropriate risk management
infrastructure, an independent reporting structure, and risk meas-
urement and monitoring systems to ensure organizations operate
within appropriate risk tolerances. FIRMA has assembled a panel of regulatory, risk management and
internal audit leaders to facilitate a discussion of heightened
expectations. Our panel includes Jay Gallagher from the OCC who
will discuss and provide an overview of the OCC’s Large Bank
Heightened Expectations. David Bilko, CRO for StellarOne Corp.,
along with Mark Sparano, CAE for U.S. Bancorp, will provide their
perspective on key strategies as well as specific actions taken to
fully understand and, in turn, satisfy requirements for "strong" risk
management and internal audit functions. Apply the lessons
learned from large and small banks and help your organization get
to "Strong."