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The Federal Reserve issued enhanced guidance for the consolidated supervision of bank holding companies and the combined
The guidance on compliance risk management describes how Federal Reserve staff develops an understanding and assessment of the consolidated operations of a bank holding company and the U.S. operations of an FBO through continuous monitoring activities, discovery reviews, and testing activities, as well as through interaction with, and reliance to the fullest extent possible on, other relevant supervisors and functional regulators.
The separate compliance risk management guidance endorses the principles set forth in the April 2005 paper issued by the Basel Committee on Banking Supervision entitled Compliance and the compliance function in banks. This guidance clarifies certain Federal Reserve supervisory policies regarding compliance risk management programs and oversight at large banking organizations with complex compliance profiles.
SR Letter 08-8/CA Letter 08-11 (compliance risk management)
SR Letter 08-9/CA Letter 08-12 (consolidated supervision)