Trust Examiner School eBook

those with the holding company, affiliates or subsidiaries. If the service provider is an affiliate, include discussion of compliance with the transaction with affiliate regulation.

[Type Management Response Here]

14. Describe your due diligence process for selecting a third-party service provider and the ongoing management oversight process for assessing the providers performance. Discuss monitoring the financial condition, operations, and internal control environment and evaluating the quality and level of service and support received.

[Type Management Response Here]

15. A copy of insurance policies (e.g. errors and omissions and directors’ and officers’ liability). Provide the date of the Boards last review and approval. Include coverage for real estate properties held in trust accounts.

[Type Management Response Here]

16. Any compliance reports prepared since the last examination. Describe the compliance reporting and accountability relationship within your organization. Also, describe the level of trust specific experience and training of the compliance staff.

[Type Management Response Here]

17. A list of customer complaints filed since the previous examination. Indicate the status of each complaint. Have access to customer complaint file available to examiners if needed.

[Type Management Response Here]

18. A copy of your pipeline (new business) report. Describe the process management uses to track potential accounts added to its pipeline report. Also, describe the requirement to remove accounts from this report and document control for unapproved accounts.

[Type Management Response Here]

19. A list of all new fiduciary products or services introduced after the end of the last examination.

[Type Management Response Here]

Operations

20. Describe the process used to ensure that account assets are physically segregated from the assets of the institution and that account assets are maintained under an effective system of dual custody and control.