We reviewed the policy and procedures and found the materials great. We did find a couple of ‘grammar’ type corrections needed. We like the format of the Risk Assessment and plan to implement for all policies. Currently, we attach a memo stating the reason why have the policy and any changes/revisions since last approval; however, we like this format and the inclusion of the Risk Assessment.
Procedures:
On page 3 under Control, first sentence. The first sentence has two ‘a’s’. Believe it should be ‘an’. Also, the word ‘sue’ should be ‘due’. [Insert appropriate party] reviews, on an [insert frequency] basis, a sample of new open-end loans to determine the percentage of the total amount of fees due at account opening, fees due …..
Page 3, under Control, last sentence. Place a comma after 25%.
Page 3, under Audit, second bullet. Remove one of the ‘periods’.
Policy: A period is needed at the end of the first paragraph.
Thanks.