OCC Detecting Red Flags

Question 1

What are board’s responsibilities?

Answer 1

Keeping informed of operating environment, hiring and retaining competent management, maintaining appropriate board structure, establishing strategic plans, monitoring operations, overseeing business performance, reviewing and approving major corporate actions

• ensuring the bank serves the community’s credit needs

Establish policies in major areas, hold mgt accountable to them

• ensure risks are properly managed

Question 2

When was guide published?

Answer 2

February 2004, reprint November 2010