The Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) was enacted in 1991 to implement regulatory changes that assist in ensuring safety and soundness of financial institutions.
Bankers should understand the requirements if their institution is approaching the $500 million or $1 billion thresholds considering crucial planning and realistic timelines. We’ll cover the key facts about FDICIA including auditing and enhanced reporting requirements as well as audit committee responsibilities.
Next we’ll look at the steps to take in order to successfully implement FDICIA to satisfy audit and regulatory guidelines including:
Monitoring and preparing for implementation
Reviewing internal controls and devising an action plan
Establishing key controls and determining a testing methodology
Obtaining the necessary skills and resources for implementation
Anticipating the costs and budgeting for FDICIA Compliance
Engaging your audit committee in fraud prevention
Determining the correct technology to assist with compliance.
|Wednesday, April 20||
|9:00 a.m. - 10:20 a.m.
Preparing for FDICIA across all asset sizes – Obtaining a FDICIA understanding and detailing the requirements for $500 million and $1 billion thresholds
10:20 a.m. – 10:30 a.m.
10:30 a.m. – 11:30 a.m.
Monitoring and preparing for implementation, obtaining the necessary skills and resources for implementation, and devising an action plan
11:30 a.m. – Noon
Phase 1 of Implementation – Scoping/Materiality
Noon – 12:30 p.m.
12:30 p.m.– 1:30 p.m.
CASE STUDY/Scoping and Materiality Example
1:30 p.m. – 2:30 p.m.
Phase 2 of Implementation – Documentation of Design: Identification of controls and walkthroughs
2:30 p.m. – 2:45 p.m.
2:45 p.m. – 4:30 p.m.
Phase 2 of Implementation (continued) - identifying control deficiencies, developing a deficiency (gap) tracker, determining key controls
|Thursday, April 21||
|9:00 a.m. –10:20 a.m.
Phase 3 of Implementation – Execute Effectiveness Testing
10:20 a.m. –10:30 a.m.
10:30 a.m. –11:00 a.m.
Engaging employees, management, and governance in the testing process
11:00 a.m. –Noon
Determining the correct technology to assist with compliance and anticipating the costs and budgeting for FDICIA compliance
ICBA Member Early-Bird: $595
ICBA Member after March 18, 2022: $695
Bank Director Program ICBA Member: $495
Bank Director Program Non-Member: $595
NOTE: Registration fee is valid for one connection, only for the individual registered. Full payment is required prior to attendance. For more information, call 800-422-7285.