Internal Audit Program

A growing community institution requested CrossCheck to develop and implement an internal audit program. We developed the program based on an initial assessment of the risks and controls within the institution. This assessment was the basis for a three-year risk-based internal audit plan that was presented to the audit committee of the board of directors for approval. We executed the first year’s plan and provided recommendations to management that helped them strengthen their organization and ensure the proper controls were in place and function in their operations as they continue to grow. Many community organizations prefer the outsourced internal audit option as it allows them to manage their cost while providing expertise that they may not have within the organization.

Fraud Awareness Training

A major regional bank requested us to customize and deliver a fraud awareness training program for its mortgage lending operations. We developed a training program that covered various types of mortgage fraud, current and emerging fraud schemes, and “red flags” to watch for when underwriting a mortgage file. We provided the training to over 90 bank employees.

Mortgage Operations Health Check

A major financial institution requested us to perform an assessment (health check) of their mortgage and home equity operations. This independent review provided the client with an unbiased evaluation to strengthen its operations and reduce its overall risk exposure. The scope and objective of this review included:

• Assessment of compliance with governmental regulations
• Evaluation of internal controls
• Determination of adherence to and effectiveness of the bank’s policies and procedures
• Assessment of the use of automated tools
• Comparison to industry standards and best practices
• Verification and test of selected procedures and transactions
• Review of integration of recently acquired operations

Management found value in the recommendations addressing internal control and compliance issues, as well as improvements in the operations. In addition, areas were identified where a deeper analysis and/or further testing was requested by management.

Anti-Money Laundering/Bank Secrecy Act Independent Audit

We have assisted community institutions with an independent review of their anti-money laundering/Bank Secrecy Act (BSA) program to ensure compliance with the FFIEC BSA Examination Procedures. Our consultants are intimately familiar with these requirements and have assisted institutions of all sizes with improvements to their BSA compliance programs. Our review includes the institution’s BSA risk assessment, program administration, training, and monitoring programs.