Title of Report [omit “Audit of”]

February 2009 Report No. AUD-09-004 FDIC’s Controls Related to the Offsite Review List AUDIT REPORT Report No. AUD-09-004 February 2009 FDIC’s Controls Related to the Offsite Review List Audit Results Federal Deposit Insurance Corporation DSC has established internal controls for performing offsite monitoring of insured financial Why We Did The Audit institutions. Specifically, each institution on the ORL must have an offsite review completed and approved within 3½ months after the end of each quarter. We sampled 60 of the 577 The FDIC insures about 8,500 financial institutions on the December 31, 2007 ORL and found that DSC had completed offsite reviews institutions with assets totaling over $13 trillion for each sampled institution, developed supervisory strategies, and documented the reviews in and domestic deposits totaling over $6.9 trillion. accordance with DSC policies and procedures. The federal banking agencies (the agencies), which include the FDIC, have developed a Additionally, DSC has initiated a process for periodically evaluating its offsite monitoring number of tools for monitoring the health of systems in response to a February 2007 GAO recommendation to evaluate and monitor these individual institutions and the industry as a systems. DSC plans to evaluate, on a rotational basis, its offsite monitoring ...