Most financial institutions have a Board Audit Committee that regularly meets and discusses all regulatory and compliance incidents and audit findings that have occurred in the bank. They are responsible for oversight of all cases at the corporate level, and must track and investigate the institution’s responses to audits as part of due diligence for the company. Their responsibility includes risk assessment and ultimately approval of corporate response to any situations that arise.
A comprehensive system of incident description, actions, associated communications and paperwork, and ultimately response, must be maintained by this committee. The AppForms Audit Incident Reporting Solution meets this need for bank Board Audit Committees.