Compliance: FFIEC issues update to Exam Modernization Project
The Federal Financial Institutions Examination Council (FFIEC) released its second update on its Examination Modernization Project this week, following one from March of this year. According to the FFIEC, further action and additional updates may be needed as the project progresses.
The most recent update provides common risk tailoring principles and practices used by federal regulators, NCUA, Federal Reserve Board, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency, as well as FFIEC’s State Liaison Committee when risk tailoring examinations.
Common risk tailoring principles and practices include:
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