Compliance Audits for Financial Services Industry

Outsourcing benefit:

  • An audit team with more experience and additional specializations than most organizations generally can afford on staff full time
  • The team’s exposure to a broad variety of financial services and other organizational environments provides industry-wide knowledge and best practices

Service benefit:

  • Builds, supports and monitors risk management within an organization
  • Increases effectiveness of governance
  • Meets regulatory requirements for most companies
  • Serves as an early-warning system for financials or regulatory compliance going awry
  • Provides assurance to external stakeholders

Who’s most likely to benefit:

  • Banks
  • Other regulated financial institutions

Description:

An AGH audit team examines specified areas of a financial institution’s operations to determine if it is complying with the regulatory requirements of various laws and agencies, for example, the Bank Secrecy Act (BSA), Anti-Money Laundering (AML), Office of Foreign Assets Control (OFAC), Home Mortgage Disclosure (HMDA), TILA-RESPA Integrated Disclosures (TRID), and Vendor Management. Audit teams review documents such as Suspicious Activity Reports, Currency Transaction Reports, board minutes and policies related to compliance, customer complaints, types of products and services offered, the bank’s locations and markets, and the overall compliance management program. An audit report and any recommendations are issued.