Trust and Wealth Management Training: Trust Department Fundamentals: Bridging Operations and Compliance

Which of the following is not a benefit of having clear policies, procedures, and controls?

A. Helping the trust department run smoothly

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B. Making sure the laws and regulations are followed

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C. Removing the need for senior management oversight

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D. Reducing losses

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A. Board oversight, strong marketing, employee incentives

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B. Skilled staff, keeping track of risks, good information system, and policies proportional to fiduciary activities

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C. Large budgets, new technology, and hiring outside help

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D. Only focusing on high-level strategy

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Which of these actions does the Trust Committee need to review, approve and document?

A. Only the opening of new trust accounts

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B. Only the purchase of trust assets

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C. Opening new accounts, all purchases and sales of trust assets, changes in trust assets, and closing of accounts

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D. Only the closing of accounts

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Quiz for Trust and Wealth Management Training: Trust Department Fundamentals: Bridging Operations and Compliance