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Establishment
of New Trust Department or Trust Company
The Revzon
Consulting Group is able to provide all or some of the following
services and material necessary to establish a State/FDIC or OCC
compliant, fully operational Trust Department or Trust Company.
These services and material consist of, but not be limited to:
Recognizing that
in a start up operation there is a good chance that Senior Management
does not have a Trust background, The Revzon Consulting Group will
fill that void by utilizing the 40 years of Trust knowledge in the
firm to ensure each requirement necessary to the establishment of a
fully compliant and operational Trust Department or Company is met.
During the
Planning Phase the following steps will be performed:
Meeting with Board
of Directors to outline implementation plan, respond to any
questions/concerns, and modify plan if necessary.
Assistance with
the development of a business plan that will include forecast of
expenses, income, new business, and regulatory costs for the first
three years. It will also contain suggested services and
products along with a recommended management structure. Input
from Senior Management will not only be solicited but will be
critical to plan development.
Preparatory work
will include face-to-face meetings with Senior Management to discuss
the business plan, anticipated volumes, and types of business.
The proposed Trust Department organizational structure will be
discussed and finalized. In addition, the current systems and
IT infrastructure will be reviewed to determine what parts can be
integrated into the Trust Department.
Implementation Phase
Assistance with
the completion of State and FDIC or OCC applications and paperwork
required for obtaining trust powers. Bank counsel will be needed for
this step.
State Trust
regulations will be reviewed to determine variances with FDIC Trust
requirements. Phone conversations and/or personal meetings will
be held with both State and FDIC or OCC regulators to flesh out any
concerns they may have in general as well as with the concept of outsourcing.
Polices will be
developed based on the findings from the previous step along with the
organizational structure. These policies will include Federal
consumer policies to the extent they are not already contained the
Bank's compliance manual. The policy manual is intended to be
compliant with both State Trust regulations and FDIC requirements;
however if upon the first regulatory examination changes are
requested by the examiner they will be made (at no additional cost)
to bring them into compliance.
A Risk Assessment
matrix and Risk Policy will be prepared to include all aspects of the
Trust Department. The matrix will also contain the steps taken
to mitigate the risk which will be factored into both the Policies
and the physical layout of the department.
Development of an
Internal Control document to ensure ongoing compliance with
regulations and appropriate audit standards.
Presentation by
The Revzon Consulting Group of the Policy Manual, Risk Assessment,
and Internal Control Document to Senior Management and Board of Directors.
A Disaster
Recovery Plan (required by the FDIC and OCC) that includes both
systems and business issues will be developed. This plan will
provide for major functions to be running with 24 hours of a disaster
and other functions within 48 hours. Prior to the completion of
this project a test of the plan will be conducted in order to comply
with FDIC and OCC requirements.
Day-to-Day
procedures for using and balancing the in-house trust system or
outsourced vendor system (selected by Management) will be
implemented. Training will also be provided to ensure staff competency.
Desk procedures
coupled with checklists for Trust Administrators and New Business
personnel will be developed and implemented to ensure a smooth workflow.
Job position
descriptions will be developed including appropriate levels of
experience. While it is not anticipated that staff will be
added, certain existing job descriptions will have to be modified to
incorporate required tasks.
All communications
with third party vendors such as trust back-office outsourcers, trust
systems, pricing, proxy, custodians, fiduciary services will be
handled by The Revzon Consulting Group. In addition, The Revzon
Consulting Group will ensure that the appropriate services are
contracted for Trust Department or are available from another part of
the organization.
Meeting with
Senior Management to develop products, services, and fees that can be
effectively and profitably serviced within the chosen structure.
The Revzon
Consulting Group has 40 years of hands-on experience with start up
and established Trust Departments and Trust Companies. This
experience ranges from Operations to Employee Benefit Plans at a
staff level to senior management. All of this experience is
brought to this effort to enable your firm to set up a Trust
Department or Trust Company with the least cost and in the shortest timeframe.
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