The OCC released the results of a review of the agency's enhanced efforts to regulate large banks.
The results noted key improvements such as enhancing the National Risk Committee process through the establishment of new committees and processes for more efficient identification and mitigation of systemic risk. Other improvements noted were the strengthening of the enterprise-wide quality assurance program and the role and resources of the lead experts that expands the horizontal and system-wide view of the federal banking system, as well as the establishment of an enterprise risk management function headed by a chief risk officer.
“The review team believes that large and midsize bank supervision at the OCC is more effective now than three years ago," part of the results of the review read.
The review — conducted by senior regulators from Australia, Canada and Singapore, and former IMF staff — was done to assess the OCC's implementation of recommendations from the 2013 International Peer Review of the agency's approach to supervising large and midsize institutions.