Internal auditors, or equivalent functions at these banks, are testing to determine whether the risk management program is effective and are communicating the results to the board and audit committee. 2  2  Grant Thornton, LLP, Eleventh Annual Survey of Community Bank Executives (January 2004).
*  *  *  I would like to begin my remarks this morning by noting how deeply saddened I and my Federal Reserve colleagues are that so many talented and productive people from so many walks of life were lost or irreparably harmed last week.