Asset Management: Updated Comptroller’s Handbook Booklet and Rescissions

The Office of the Comptroller of the Currency (OCC) has published a revised ‚Asset Management‘ booklet. This booklet focuses on identifying and analyzing risks of (covered) institutions associated with various types of asset management, including retail investment brokerage, custodial services, bank trust, and investment company services. It subsequently provides methods to assess the quality of institution’s risk management practices in relation to asset management by supervisory staff. The revised version mainly
(1) provides clarifications as to the meaning of „significant fiduciary activities“;
(2) provides clarifications as to the OCC’s expectations with respect to „the frequency of audits under a continuous audit system“;
(3) adds guidance with respect to the following key fiduciary and audit issues – as quoted:
– oversight;
– independence;
– planning;
– risk assessment; and
– reporting;
(4) clarifies the responsibilities of audit committees and how to go about determining the scope and coverage of an audit; and
(5) defines „a robust, well-documented, risk assessment that supports significant fiduciary activities and development of a meaningful audit plan“.
For more information, please see attached file or follow above noted link. With the publication of this new booklet, any old versions are being rescinded.