The risk-focused program provides examiners the flexibility to focus on areas exhibiting material current or potential risk. However, the three minimum requirements of each risk-focused examination include the following:
- Reviewing the accuracy of the 5300 Call Report data;
- Reviewing the supervisory committee audit; and
- Reviewing the credit union’s compliance with the Bank Secrecy Act (BSA).
Examiners must complete these minimum procedures during each examination. However, examiners should understand that, depending on the credit union, its risk characteristics, and the examiner’s familiarity with that credit union, they will perform more than the minimum procedures in most credit unions. Most credit unions will require other procedures for necessary identification and evaluation of existing and potential risk.