Financial Institutions

Internal audit planning risk and assessment

We can assist you in developing a comprehensive internal audit risk assessment based on Federal Financial Institutions Examination Council (FFIEC) and Committee of Sponsoring Organizations (COSO) guidance. We’ll help you evaluate areas of risk unique to your institution, evaluate your current risk exposure, and assist you in developing an internal audit plan.

We are also experienced in assisting you in fulfilling your institution’s risk management responsibilities for internal audit testing and reporting as part of your risk mitigation strategies. We will provide practical suggestions for improving your internal controls and your efficiency which are tailored specifically to your institution.

Our staff is proficient in providing services from a single outsourced project to providing a fully outsourced internal audit solution for your Institution. Please see the full listing of our internal audit specialized services.

Case Histories

A de novo bank engaged us just prior to opening to assist in establishing methodology for assessing the bank’s risks and performing internal audit work. We provided a framework for completing a risk assessment, provided management advice in completing their own risk assessments, and helped the audit committee develop an internal audit plan.
A rural community bank engaged us to assist in enhancing its risk assessment process and establishing a focused internal audit program. We helped management and the audit committee in developing a risk assessment to document risk levels associated with all services and products, as well as regulatory banking compliance areas. Based on the client’s final risk assessment, we established a 36-month internal audit plan.
A business bank in a major financial center engaged us to complete a comprehensive risk assessment, identifying in detail all products, processes, personnel and representative risks inherent in each of the bank’s control cycles. We developed our assessment based on interviews with key personnel, prior audit reporting and results of internal audits, understanding of economic and market risks and risks unique to the bank’s product offerings and client base. The result was a 45-page plan profiling the bank’s risks in detail, a 36-month projected internal audit plan, and detailed analysis of internal audit work to be performed in each area.