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Nov 20, 2013 (3 years and 10 months ago)

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Balance Between Audit/Compliance and
Risk Management

Best Practices


FIRMA 21
st

National Training Conference

Michael Coyne

Risk & Regulatory Oversight

PNC Wealth Management & Institutional Investments

The PNC Financial Services Group, Inc.

Pittsburgh, Pennsylvania




2

Background


The PNC Financial Services Group, Inc.



PNC is one of the largest diversified financial services
companies in the United States based on assets,
operating businesses engaged in retail banking,
corporate and institutional banking, asset management,
and global fund processing services. We provide many
of our products and services nationally and others in
our primary geographic markets located in
Pennsylvania; New Jersey; the greater Washington, DC
area, including Maryland and Virginia; Ohio; Kentucky
and Delaware. We also provide certain global fund
processing services internationally.


3

Structure and Relationship Overview


PNC Wealth Management & Institutional
Investments


Risk Management Structure


Business Risk & Regulatory Oversight


Fiduciary Legal team with Investments, ERISA
expertise


Corporate Fiduciary Compliance team with segment
responsibilities


Corporate Risk Management


Fiduciary & Investment Risk Management


Operating Risk Management


Other Functional Risk Management support (Credit,
Market, Technology)


Internal Audit


Fiduciary and Investments audit team

4

Communication and Teamwork
-

Forums


Business Risk Management, Investments and
Fiduciary Committee


Key business issues and segment reporting


Exception reporting, Compliance reporting, Legal
issues, Audit issues and schedule


Rotating segment reporting



Product Development & Oversight Committee


Review and approve new products or significant
changes to existing products


Participation by Corporate Risk Management,
Compliance, product managers







5

Communication and Teamwork
-

Forums


Risk Roundtable Forum


Key risk issues and emerging risks in informal setting


Participation from Corporate Risk, Business
Management, Audit, Legal, Compliance, AML Risk
Management



Policies and Procedures Committee


Review and approve new or amended policies and
procedures


Participation by Corporate Risk Management,
Compliance, Legal, Business Management, product
managers







6

Challenges and Areas of Focus


Potential overlap in issues review/resolution; “too many
cooks…”


Potential for conflicting charters between groups;
“monitoring v. testing”


Potential for differing interpretations of regulatory
expectations


Differing viewpoints on issue “scaling” or rating
criteria


Importance of connection between business
management and Corporate Risk Initiatives


Ensuring appropriate Compliance/Risk/Audit
participation in key business initiatives (e.g.,
acquisitions, system enhancements, etc.)