Comptroller’s Handbook Asset Management

What Comptroller’s Handbook Asset Management requires

The Office of the Comptroller of the Currency (OCC) defines asset management as the business of providing financial products or services to a third party for a fee or commission. This guidance applies to the asset management activities of national banks, federal savings associations (FSA), and limited purpose trust banks. It provides an overview of the asset management business, its risks, and sound risk management processes, describing the OCC’s supervisory philosophy and processes. Asset management activities include traditional fiduciary services, retail brokerage, investment company services, and custody and security-holder services, which expose national banks to a broad range of operational, compliance, strategic, and reputation risks. The core obligation for these institutions is to maintain sound risk management processes. National banks must have the ability to effectively identify, measure, control, and monitor risks in their asset management businesses. Because most of these risks arise from off-balance-sheet activities, they are not easily identified using traditional financial reporting. Significant breaches of fiduciary and contractual responsibilities can result in financial losses, damage a bank’s reputation, and impair its ability to achieve its strategic goals. The board of directors and senior management are ultimately responsible for establishing and maintaining effective control functions commensurate with the institution’s goals, risk tolerance, and complexity of operations.

Pillar: Banking & Global Finance · Authority: Office of the Comptroller of the Currency (OCC) · Version: 1.0.0 · Last updated: 2023-06-01

Primary source: https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/asset-management/pub-ch-asset-management.pdf

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