North Dakota § 6-13-01 - Definitions

§ 6-13-01. Definitions

In this chapter, unless the context or subject matter otherwise requires: 1. "Commissioner" means the commissioner of financial institutions. 2. "Compliance audit" means a voluntary, internal evaluation, review, assessment, audit, or investigation for the purpose of identifying or preventing noncompliance with, or promoting compliance with, laws, regulations, orders, or industry or professional standards, which is conducted by or on behalf of a financial institution. 3. "Compliance self-critical analysis audit document" means a document prepared as a result of or in connection with a financial institution's compliance audit. A compliance self-critical analysis audit document may include a written response to the findings of a compliance audit. A compliance self-critical analysis audit document may include, as applicable, field notes and records of observations, workpapers, findings, opinions, suggestions, conclusions, drafts, memoranda, drawings, photographs, exhibits, computer-generated or electronically recorded information, telephone records, maps, charts, graphs, and surveys, provided this supporting information is collected or developed for the primary purpose and in the course of a compliance audit. A compliance self-critical analysis audit document also includes: a. A compliance audit report prepared by an auditor, who may be an employee of the financial institution or an independent contractor, which may include the scope of the audit, the information gained in the audit, and conclusions and recommendations, with exhibits and appendices; b. Memoranda and documents analyzing portions or all of the compliance audit report and discussing potential implementation issues; c. An implementation plan that addresses correcting past noncompliance, improving current compliance, and preventing future noncompliance; or d. Analytic data generated in the course of conducting the compliance audit. 4. "Financial institution" means any organization authorized to do business under state and federal laws relating to financial institutions, including a bank, the Bank of North Dakota, a savings bank, a trust company, a savings and loan association, or a credit union.