FDICIA- Federal Deposit Insurance Corporation's Improvement Act of 1991 ("FDICIA") Compliance

• Governance standards, including internal control guidelines, were set for the banking industry by the FDICIA and the Financial Institutions Reform, Recovery, and Enforcement Act.

• Larger and smaller banks should ensure they have adequately documented financial and compliance risks with adequate internal controls to effectively manage risks.

•Failure of banks to maintain compliance with FDICIA regulations may result in financial risk, regulatory penalties, and damage to their reputations.

• Resources within public companies and private companies are being re-directed to ensure successful compliance due to increasing sensitivity to regulatory compliance such as Sarbanes-Oxley, the PATRIOT Act and FDICIA.

Compliance Services cover:
• implementation of a full-scale compliance program
• assistance enhancing an existing program
• proven risk-based approach
• Sarbanes-Oxley
• PATRIOT Act
• FDICIA
• BSA
• GLBA

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FDICIA -- Federal Deposit Insurance Corporation's Improvement Act of 1991 ("FDICIA") Compliance

Managing risk and gaining consumer confidence through effective controls

The Federal Deposit Insurance Corporation's Improvement Act ("FDICIA") of 1991 and its predecessor, the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, set governance standards, including internal control guidelines, for the banking industry.

Although only compulsory for banks with assets in excess of $500 million, FDICIA guidelines are also considered "best practices" for smaller institutions. Larger and smaller banks alike should ensure that they have adequately identified and documented financial and compliance related risks and that adequate internal controls exist to effectively manage those risks.

Failure of banks to maintain compliance with FDICIA regulations may result in financial risk, regulatory penalties including stringent regulatory restrictions and requirements, and damage to their reputations. Using a top-down and risk-based approach, Amper professionals assist clients in designing audit programs that help them achieve compliance with critical industry regulations.

Contact: John Pennett


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