OCC Heightened Standards (12 CFR Part 30, Appendix D)
II. Standards for the risk governance framework – OCC Heightened Standards (12 CFR Part 30, Appendix D)

OCC Heightened Standards (12 CFR Part 30, Appendix D) II.C.3.(c): Internal audit: Written reports with root cause to the audit committee

What does II.C.3.(c) require?

Internal audit, which in addition to Appendix A should ensure the framework complies with the Guidelines and suits the bank's size, complexity and risk profile, should report in writing to the audit committee its conclusions, material issues and recommendations, identifying the root cause of material issues, whether the root cause affects one or several organizational units, and how effectively front line units and IRM identify and resolve issues in time.

Maintained by Gerard BlokdykVerified against the published standard Control text last updated

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