Trust Examiner School eBook

Internal Use Only

Internal Use Only

Key Takeaways Operations of the trust department must be completely separate than every other department within the bank. The Board should provide for adequate internal controls including appropriate controls over trust assets. The Board should provide for an adequate audit (by internal or external auditors or a combination thereof) of all fiduciary activities, annually. Trust Departments generally follow the call report requirements through the bank using form FFIEC 031, FFIEC 041, or FFIEC 051 for quarterly filing.