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Credit Risk Audit Program

Credit Risk Audit Program Template for Ireland

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Key Requirements PROMPT example:

Credit Risk Audit Program

"I need a Credit Risk Audit Program for a medium-sized commercial bank in Ireland, with particular focus on SME lending and compliance with the Central Bank of Ireland's 2025 enhanced credit risk management guidelines."

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Document background
The Credit Risk Audit Program is designed to provide financial institutions operating in Ireland with a structured approach to evaluating and monitoring credit risk management practices. This document becomes necessary when organizations need to establish or update their credit risk audit procedures to comply with Irish regulatory requirements and EU banking standards. The program includes detailed audit procedures, risk assessment methodologies, reporting templates, and compliance checklists specifically tailored to the Irish banking sector. It addresses the requirements set forth by the Central Bank of Ireland and incorporates elements from key legislation such as the Central Bank Act, European Union Capital Requirements Regulations, and relevant consumer protection laws. The document serves as both a policy framework and a practical guide for implementing effective credit risk audit procedures.
Suggested Sections

1. 1. Purpose and Scope: Defines the objectives of the credit risk audit program and its scope of application within the organization

2. 2. Regulatory Framework: Outlines the relevant laws, regulations, and supervisory requirements that govern credit risk management and auditing

3. 3. Roles and Responsibilities: Defines the roles of various stakeholders including audit team, management, credit committee, and board of directors

4. 4. Risk Assessment Methodology: Details the approach for identifying, assessing, and measuring credit risk across different portfolios

5. 5. Audit Planning and Frequency: Establishes the framework for planning credit risk audits and determining their frequency based on risk assessment

6. 6. Audit Procedures: Comprehensive procedures for conducting credit risk audits, including specific steps and methodologies

7. 7. Documentation Requirements: Specifies the documentation standards for audit working papers, evidence collection, and retention

8. 8. Reporting Framework: Defines the structure and content of audit reports, including rating systems and recommendation formats

9. 9. Follow-up Procedures: Establishes processes for monitoring the implementation of audit recommendations and corrective actions

10. 10. Quality Assurance: Outlines the quality control measures for ensuring the effectiveness of the audit program

Optional Sections

1. Portfolio-Specific Procedures: Detailed procedures for specific loan portfolios (include when institution has distinct lending segments)

2. Technology and Systems Review: Procedures for auditing credit risk management systems (include when automated systems are significant)

3. Third-Party Risk Assessment: Procedures for assessing credit risk related to third-party relationships (include when significant outsourcing exists)

4. Cross-Border Considerations: Special considerations for international lending (include when institution has cross-border operations)

5. Environmental Risk Factors: Procedures for assessing environmental and climate-related credit risks (include when relevant to lending portfolio)

Suggested Schedules

1. Appendix A: Risk Assessment Templates: Standardized templates for conducting credit risk assessments

2. Appendix B: Sampling Methodology: Detailed guidance on sampling techniques and sample size determination

3. Appendix C: Audit Programs: Detailed audit programs for different types of credit exposures

4. Appendix D: Reporting Templates: Standard templates for audit reports and recommendation tracking

5. Appendix E: Key Risk Indicators: List of key risk indicators and their measurement methodologies

6. Schedule 1: Regulatory Requirements Checklist: Comprehensive checklist of regulatory requirements and compliance points

7. Schedule 2: Document Review Checklist: Checklist for reviewing credit files and documentation

8. Schedule 3: Rating Criteria: Detailed criteria for risk rating and classification of credits

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



















































Clauses






























Relevant Industries

Banking

Financial Services

Credit Unions

Insurance

Investment Management

Lending Institutions

Fintech

Mortgage Providers

Asset Management

Commercial Banking

Relevant Teams

Internal Audit

Risk Management

Credit Analysis

Compliance

Credit Operations

Portfolio Management

Risk Control

Credit Review

Loan Administration

Quality Assurance

Relevant Roles

Chief Risk Officer

Internal Audit Director

Credit Risk Manager

Compliance Officer

Risk Audit Manager

Senior Credit Analyst

Credit Review Officer

Risk Assessment Specialist

Audit Committee Member

Credit Portfolio Manager

Chief Internal Auditor

Credit Operations Manager

Risk Control Officer

Banking Supervisor

Credit Risk Auditor

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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