As part of our client’s business growth strategy, they opened a bank with $2.5 billion in client deposits. This required them to comply with many different regulatory requirements and to further develop their risk management capabilities. The client’s Operational Risk group reached out to us to request assistance in building out there infrastructure in the second line of defense, specifically focused on FDICIA compliance.
Working within the client’s established operational risk framework, we provided an experienced team with deep project management experience as well as specialized expertise in the specific areas of their business. Initially focusing on the Personal Trust group to document their processes and utilizing flow charts, we then developed Risk Matrices to be used in the self-assessment of the controls. While this was being worked on, the regulators and Internal Audit announced that they would be coming in to perform examinations of the department. As a result of this development, we suggested performing a mock audit to identify any potential issues. While performing the audit, we identified potential issues and assisted with remediation.
Clean internal audit and regulatory examination
Recommendations for new target operating model