Financial Services Consulting

Drive Growth While Protecting Operations

Few industries are regulated as aggressively as financial services. To confidently navigate the regulatory landscape while proactively identifying opportunities to grow, financial organizations must pursue strategic opportunities matched with technical expertise.

Discover how our services can help you focus on what matters most: maintaining the financial health of your organization and its customers.

Featured Resources

Make stronger business decisions and stay informed on the latest industry trends and developments with our articles, guides, and other resources.

Regulatory Compliance

Develop a compliance approach and internal audit plan that suits your risk environment, adheres to regulatory guidance, and can help implement strategic practices and improve efficiencies.

Improve compliance strategies and avoid the consequences of noncompliance by evaluating compliance risk and testing compliance programs, with our professionals providing insight to:

  • Deposit and lending regulations
  • Programs and controls monitoring
  • Compliance management systems
  • Fair lending
  • Community Reinvestment Act
  • Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) and appraisals
  • Vendor management

Internal Audit and Operational Audits

Promote stakeholder confidence by addressing risk with an internal audit. Establish internal control structures, improve your internal audit function, or maintain regulatory compliance to clear a path to achieve your organization’s goals and improve bottom-line results.

We can help you develop a plan based on your institution’s unique risk environment with frequencies tied to the inherent and operating risks associated with your operations.

Risk Services:

  • Internal audit risk assessment and internal audit plan development
  • Enterprise risk management strategies

Operations and Audit Services:

  • Lending and deposit operations
  • Human resources, payroll, and benefits
  • Branch operations
  • Accounting and finance
  • Investment portfolios
  • Asset liability management and interest rate risk (ALM/IRR) reviews
  • Regulatory reporting
  • Quality assurance reviews
  • Corporate governance
  • Internal audit department staffing
  • Model validations

Electronic Banking Services:

  • Online banking and electronic banking
  • Automated clearing house (ACH)
  • Wire transfer operations
  • Remote deposit capture

Bank Secrecy Act and Anti-Money Laundering

Federal regulations and the Financial Crimes Enforcement Network’s focus on detecting and reporting suspicious activity create unique challenges.

Focus on the most relevant risks with our Certified Anti-Money Laundering Specialists® who can help you refine your policies and procedures and gain greater efficiency through:

  • Risk assessment consultation
  • Bank Secrecy Act (BSA) program and Office of Foreign Assets Control (OFAC) independent testing
  • BSA department staffing support and staff augmentation
  • Model validations

IT Risk Management

Nearly all business and financial operations are driven by technology, making IT systems central to your organization’s sustainability. Effective data security is critical as cyberthreats become more common and damaging.

New cloud solutions and mobile banking innovations present major opportunities to deliver better service to your members, but your business and clients are both vulnerable if you’re not properly protecting data.

Develop customized solutions that can evolve to address new threats and regulatory guidance while delivering peace of mind to you and your customers.

IT Compliance

Determine how your company stacks up in meeting statutory requirements such as SOC 1,2,3; PCI DSS; and HIPAA & HITRUST; adhering to strategic practices in corporate governance; or reducing reputational risk with security assessments and audits.

Review IT General Controls

Safeguard member information against Federal Financial Institutions Examination Council (FFIEC) guideline requirements based on evaluations of your main computer system, network security, and ancillary systems.

Test Network Vulnerabilities

Determine the strength of your network through controlled penetration tests that simulate attacks against known weak points in your system—approaching the system through a hacker’s viewpoint.

PIN Encryption and Key Management Audits

Test your procedures and controls for governing PIN and encryption key management requirements in accordance with the ATM Systems Operating Rules and Guidelines.

Evaluate Employee Safety Precautions

Review Vendor Management

Evaluate your vendor management program against current regulatory requirements.

Reviews help:

  • Address your institution’s processes for due diligence and contracts prior to closing
  • Verify that contracts appropriately address critical security, compliance, and service topics
  • Assess how you monitor service provider relationships

Credit Risk Management and Loan Review

Credit risk management of troubled assets can become an all-consuming task for financial institutions, pulling energy and resources away from opportunities for growth while draining customer and board confidence.

Identify weaknesses in your institution’s underwriting or documentation and develop strategic improvements to reduce systemic risk, monitor loans and activity, and identify problem loans early on with our guidance.

Credit Risk Management

Deploy risk management strategies that focus on strategic sample selection, applying techniques and practices employed by federal and state banking agencies, and ongoing feedback regarding strategic portfolio management practices.

Our approach includes:

  • Evaluation of your institution’s underwriting policies
  • Assessment of application of those policies across a variety of credit types
  • Review of governance and reporting
  • Assessment of compliance with regulatory guidance and internal policies

Loan Reviews

Supplement your organization’s credit risk management activities and identify weaknesses in underwriting or documentation by developing a loan review program.

Our reviews include recommendations for procedural improvements to help reduce systemic risk and identify problem loans early, providing time so action plans can be established to prevent future losses.

Loans are specifically evaluated for:

  • Risk ratings to assess overall credit quality
  • Files reviewed for appropriate information, documentation, evidence of servicing, monitoring, and organizational quality
  • Compliance with internal policies and procedures
  • Opportunities for best practices based on regulatory and industry practices

Review Allowance for Loan and Lease Losses (ALLL) Methodologies

Receive an independent, unbiased view of your ALLL methodology, as well as actions that might enhance current practices with a detailed review of your policies and procedures for complying with interagency guidance and generally accepted accounting principles (GAAP).

For information regarding the Current Expected Credit Losses (CECL) standard and guidance on the implementation process, review our CECL Implementation Consulting solutions.

Acquisition Due Diligence Support

Receive a comprehensive review of credit risk management activities and portfolio management of targets through dedicated loan reviews.

Procedures and System Audit Testing

Commercial loans, especially secured loans with time-sensitive items, require ongoing monitoring to meet all obligations.

Evaluate your institution’s tickler systems and sample a variety of loans to determine whether data is entered and tracked according to defined procedure.

Reviews cover key areas such as:

  • Monitoring borrower and guarantor financial information
  • Monitoring loan covenants or other early warning variables
  • Monitoring financial health of lead lenders, loan participants, or key suppliers’ insurance, both by date and amount
  • Collateral, including Uniform Commercial Code (UCC) perfection and renewal, property tax payments, appraisal updates, and property inspection updates
  • Loan repricing

FDICIA Compliance

Move forward with confidence knowing your internal controls over financial reporting are strong and meet Federal Deposit Insurance Corporation Improvement Act (FDICIA) requirements—whether you’re managing implementation, internal costs of compliance, or available personnel hours.

Private depository financial institutions must comply with FDICIA. For institutions with over $500 million in assets, timely compliance with annual independent audits and reporting requirements isn’t an option—it’s a necessity.

Execute a five-phase assurance process to prepare for audits as needed—you’ll receive deliverables with insight on strategic practices, sample testing templates, and collection and documentation of data during each phase of our FDICIA consulting process.

Assess Financial Statement Risk

Develop and execute a risk assessment designed to identify areas of significant risk of financial reporting using the Committee of Sponsoring Organizations (COSO) 2013 Internal Control—Integrated Framework.

Risk assessments address:

  • Financial statement mapping
  • Consideration of business segments
  • Consideration of branch specific risks and controls

Document Internal Controls

Prepare to demonstrate the effectiveness of your controls by reviewing your internal control narratives and supporting documentation for reasonableness and adherence to the internal control framework.

Identify Key Controls

Verify that the key controls described in your institution’s control narratives have been properly identified and are described with sufficient detail for effectiveness testing to facilitate development and execution of detailed control testing plans. 

Test Controls

Evaluate the effectiveness of your controls either for management’s assertions or prior to an audit.

Conduct Remediation Testing

Correct any lingering issues should any of your internal controls need remediation after initial testing.

Trust & Fiduciary Services

Operate more efficiently and effectively by verifying your organization’s compliance with trust and fiduciary regulatory requirements—whether you’re navigating regulations, dealing with pressure to reduce fees, or juggling the increasing complexities of managing your clients’ accounts.

We provide support for:

  • Trust departments operating within a financial institution
  • Stand-alone trust companies
  • Directed custodians

Guide Trust Administration

Verify your organization’s adherence with applicable trust laws and regulations through a detailed test of new, closed, and existing trust accounts.

Considerations of the examination include adherence to the governing account instrument, needs of account beneficiaries, prudence in asset administration, avoidance of conflicts of interest, appropriateness of your organization’s fees, and more.

Manage Fiduciary Investments

Meet investment-related fiduciary standards by reviewing the decision-making process used for the selection, retention, and preservation of discretionary assets.

Assess whether financial risks embedded in account portfolios are appropriate, the timing and completeness of annual account reviews, and monitor your fiduciary assets for trends and related risk exposures.

Support Trust Operations

Verify compliance with related fiduciary requirements through reviews and tests of operational controls over vault contents; segregation of duties; distributions; disbursements and income processing; reconciliation; and monitoring of custodial accounts, irregular income, and worthless securities.

Manage Trust Real Estate

Verify the real estate your organization owns is handled in accordance with governing instruments by reviewing assets for appropriate titling and documentation of security interest, appropriate inspection and appraisal, and adherence to the governing instrument.

Determine agency agreements and appropriate monitoring is in place in cases where property is managed by others.

Insights

Primary Contact