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The principal objectives of an effective independent credit review system are as follows:
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To ensure the credits are appropriately classified;
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To ensure that credits with potential or well-defined weaknesses are identified promptly and that timely action is taken to minimize credit losses;
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To project relevant trends that affect the collectibility of the portfolio and to isolate potential problem areas;
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To review the adequacy of the allowance for credit losses;
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To assess the adequacy of and adherence to internal credit policies and administrative procedures and to monitor compliance with relevant laws and regulations;
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To evaluate the activities of credit personnel;
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To provide senior management, the Board of Directors and the Audit Committee with an objective and timely assessment of the overall quality of the credit portfolio; and,
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To ensure that management is provided with accurate and timely information related to credit quality that can be used for financial and regulatory reporting purposes.
For an effective achievement of the above objectives, financial institutions should operate an independent credit review system having regard to the size of the institution and the complexity of its operations.
