We will review compliance monitoring and testing as second line of defense. We will discuss:

The Essential Elements of an Effective Compliance Monitoring Program
When to Include Additional Monitoring Reviews
Compliance Monitoring as Framework for Adherence to Regulatory Requirements
Risk-Based Compliance Monitoring
Value of Performing a Compliance Risk Assessment
Mapping Work Process Flows
Transaction Testing
Use of Exception Tracking Worksheet
Communication of Findings
Documenting Corrective Action
Communication with Audit Committee or Board of Directors