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​Unclaimed pro​​​​​perty audits continue to ramp up, as more third-party audit firms jump into the marketplace. Audits are getting more in-depth and covering additional property types, affecting general ledger, securities, payroll, gift cards, and more. ​

Unclaimed property is a complex area and developing guidelines to ensure compliance is the key to identifying small challenges before they become substantial problems. Too often, companies only consider developing formal policies and procedures (or dusting off older, outdated versions) when faced with the prospect of an unclaimed property audit.

The FDIC examines banks using a risk-focused approach to assess safety and soundness and consumer protection, Community Reinvestment Act (CRA) performance, and adherence to laws and regulations. This process balances evaluating a bank’s condition at a certain point in time with assessing risk management and consumer protection processes for all phases of the economic cycle, including the ability to respond to changing market conditions.

Examinations are a key component of the supervisory process and help maintain stability and public confidence in the nation's financial system. By identifying and understanding the cause and severity of problems at individual banks and identifying emerging risks in the financial-services industry, the FDIC is able to develop effective corrective measures for individual banks, and broader supervisory strategies for the industry.

Third parties can help financial institutions attain strategic objectives, access expertise, or improve efficiency for a particular activity. The use of third parties does not diminish the responsibility to ensure that the activity is conducted in a safe-and-sound manner.

The Council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB), and to make recommendations to promote uniformity in the supervision of financial institutions.