The bank regulatory agencies decided in fourth quarter 1997 to review the country risk management processes used by U.S. banks to verify information and update examination guidance. In October 1997 and March 1998, Interagency Country Exposure Review Committee (ICERC) examiners from the OCC, Federal Reserve, and FDIC collected information informally on the country risk management processes employed by a sample of multinational, regional, and smaller banks involved in the ICERC country risk discussion process. A set of questions (Attachment) on various areas of country risk management was...