Federal Register - November 2, 2021
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Source: Federal Register
Federal Register / Vol. 86, No. 209 / Tuesday, November 2, 2021 / Notices FRM 12 to Chief Financial Risk Officer to accurately refer to the corporate title of the person authorized therein.
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Collateral Risk Management Policy OCC proposes to remove from its Collateral Risk Management Policy a redundant use of the document title, the owner listed in the header as well as the related policies and standards, related procedures, and revision history sections. The policy owner and revision history do not constitute a rule and will continue to be reflected in an internal system of record that OCC uses to manage its policy governance. OCC
believes maintaining this information in a single system of record is appropriate, efficient and will reduce the potential for confusion that could arise from maintaining this information in both the system of record and the policy. Lists of related policies, procedures and standards do not constitute a rule and eliminating this information from the Collateral Risk Management Policy will encourage OCC staff to use OCCs internal system of record to identify the policies and procedures that are related to the specific purpose or function that they are performing rather than relying on a list that may be outdated or under inclusive. Accordingly, OCC does not believe lists of related policies, standards and procedures need to be maintained separately within the Collateral Risk Management Policy.
Default Management Policy OCC proposes to remove from its Default Management Policy a redundant use of the document title, the owner listed in the header as well as the related policies and standards, related procedures, and revision history sections. The policy owner and revision history do not constitute a rule and will continue to be reflected in an internal system of record that OCC uses to manage its policy governance. OCC
believes maintaining this information in a single system of record is appropriate, efficient and will reduce the potential for confusion that could arise from maintaining this information in both the system of record and the policy. Lists of related policies, procedures and standards do not constitute a rule and eliminating this information from the Default Management Policy will encourage OCC staff to use OCCs internal system of record to identify the policies and procedures that are related to the specific purpose or function that 12 EVP means Executive Vice President and FRM
means OCCs Financial Risk Management Department.
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they are performing rather than relying on a list that may be outdated or under inclusive. Accordingly, OCC does not believe a list of related policies, standards and procedures need to be maintained separately within the Default Management Policy.
In addition, OCC proposes adding a header to separately identify existing language describing the applicability and scope of the Default Management Policy. The proposal also includes several non-substances changes intended to correct typographical errors and clarify certain aspects of the policy.
OCC also proposes updating one reference to Executive Vice President Financial Risk Management EVP
FRM to Chief Financial Risk Officer CFRO in the definition of Designated Officer and deleting a redundant definition of Designated Officer. Finally, OCC proposes updating all uses of EVPFRM within the Default Management Policy to CFRO.
Liquidity Risk Management Framework OCC proposes to remove from its Liquidity Risk Management Framework a redundant use of the document title, the owner listed in the header as well as the revision history section. The policy owner and revision history do not constitute a rule and will continue to be reflected in an internal system of record that OCC uses to manage its policy governance. OCC believes maintaining this information in a single system of record is appropriate, efficient and will reduce the potential for confusion that could arise from maintaining this information in both the system of record and the policy.
OCC also proposes updating one reference to EVPFRM to Chief Financial Risk Officer and simplifying a reference to the FRM vice president that chairs the STWG 13 to the chair of the STWG.
Margin Policy OCC proposes to remove from its Margin Policy the owner, rule-filed designation and version number listed in the header as well as the related policies and standards, related procedures, and revision history sections. The policy owner, rule-filed designation, version number and revision history do not constitute a rule and will continue to be reflected in an internal system of record that OCC uses to manage its policy governance. OCC
believes maintaining this information in a single system of record is appropriate, efficient and will reduce the potential 13 Defined in the Default Management Policy as Stress Test Working Group.
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for confusion that could arise from maintaining this information in both the system of record and the policy. Lists of related policies, procedures and standards do not constitute a rule and eliminating this information from the Margin Policy will encourage OCC staff to use OCCs internal system of record to identify the policies and procedures that are related to the specific purpose or function that they are performing rather than relying on a list that may be outdated or under inclusive.
Accordingly, OCC does not believe the list of related documents needs to be maintained separately within the Margin Policy.
OCC also proposes updating one reference to Executive Vice President EVPFRM to Chief Financial Risk Officer CFRO. Consistent with the change in acronym from EVPFRM to CFRO, OCC proposes updating all uses of EVPFRM within the Margin Policy to CFRO. Finally, OCC
proposes updating three references to the Vice President title within the document to Executive Director.
Model Risk Management Policy OCC proposes to remove from its Model Risk Management Policy a redundant use of the document title, the owner listed in the header as well as the related policies and standards, related procedures, and revision history sections. The policy owner and revision history do not constitute a rule and will continue to be reflected in an internal system of record that OCC uses to manage its policy governance. OCC
believes maintaining this information in a single system of record is appropriate, efficient and will reduce the potential for confusion that could arise from maintaining this information in both the system of record and the policy. Lists of related policies, procedures and standards do not constitute a rule and eliminating this information from the Model Risk Management Policy will encourage OCC staff to use OCCs internal system of record to identify the policies and procedures that are related to the specific purpose or function that they are performing rather than relying on a list that may be outdated or under inclusive. Accordingly, OCC does not believe lists of related policies, standards and procedures need to be maintained separately within the Model Risk Management Policy.
OCC also proposes updating one reference to Executive Vice President, Financial Risk Management EVP
FRM within the Model Risk Management Policy to Chief Financial Risk Officer CFRO. Consistent with the change in acronym from EVP
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