Credit Review Process
Critical to a firm’s control environment and its mitigation of risk resulting from loan and credit exposure is the Independent Loan Review function (ILR) and periodic independent validation of credits and their associated ratings.
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The objective of the ILR Audit is to assess the governance, resourcing, procedural effectiveness, and internal control of the firm’s ILR function and related activities in assessing and reporting the Bank’s compliance with the Bank’s Lending and Credit Policies.
Accordingly, the audit will also, include, but not be limited to independently assessing:
- On a sub-sample basis, reperforming the loan review process and evaluate whether the conclusions and rating derived are consistent with those reached by the ILR function; and,
- Evaluating the policies, procedures and/or practices with respect to Allowance for Loan and Lease Losses (ALLL).
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