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.
Make stronger business decisions and stay informed on the latest industry trends and developments with our articles, guides, and other resources.
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:
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.
Operations and Audit Services:
Electronic Banking Services:
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:
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.
Protect your sensitive corporate information and the personal information of your employees and customers with effective security and IT systems.
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.
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.
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.
Test your procedures and controls for governing PIN and encryption key management requirements in accordance with the ATM Systems Operating Rules and Guidelines.
Mitigate the risk of your employees mistakenly revealing confidential information through an evaluation of the training they receive.
Evaluate your vendor management program against current regulatory requirements.
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.
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:
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:
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.
Receive a comprehensive review of credit risk management activities and portfolio management of targets through dedicated loan reviews.
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:
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.
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:
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.
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.
Evaluate the effectiveness of your controls either for management’s assertions or prior to an audit.
Correct any lingering issues should any of your internal controls need remediation after initial testing.
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:
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.
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.
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.
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.
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