Bank and Credit Union Internal Audit Services
Risk Assessment, Internal Audit Plan and Execution
Manning Consulting, LLC can help you develop and execute a risk-based internal audit plan including the completion of an interview and observation based risk assessment.
The risk assessment process begins with identification of the auditable entities, processes, and products through preliminary discussions with management. The process continues with interviews of key personnel, observations of processes, and review of relevant financial and process related documents. The assessment of risk concludes with assignment of ratings on an agreed upon set of factors and modifiers which provide an overall risk rating for each defined area/process. These ratings provide for the development of the internal audit plan. Risk assessment reports are documented in a formal report development with concurrence from management.
Whether Manning Consulting, LLC assists in completing your risk assessment and audit plan or you have a previously developed risk assessment and audit plan we can assist with the execution of the audit plan. Manning Consulting, LLC’s assistance can be in the form of a full outsourcing of your internal audit department or a co-sourcing arrangement where you the client direct what reviews you wish us to complete. We can also provide one-off reviews as needed and even staff augmentation with Manning Consulting, LLC providing an additional staff member to your team where you maintain management of the audit itself.
Examples of common auditable entities/areas include Accounting (accounts payable, budgeting, borrowing, expense reimbursement, fixed assets, etc.), Automated Clearing House (ACH) (NACHA), Bank Investments, Branch Operations, Commercial Cash Management (retail and risk components of ACH, RDC and Wires), Deposit Operations, Human Resources and Payroll, Lending/Loan Operations (including credit cards), Marketing, Retail Non-Deposit Investment Products (NDIP), Remote Deposit Capture (RDC), Trust and Fiduciary, and Wire Transfers.
Commercial Cash Management - Detail
Services such as ACH, RDC and web initiated wire transfers are often packaged together when actively growing a commercial loan portfolio. While these services are often separate, Manning Consulting, LLC offers a combined review incorporating a review of the retail facing aspect, combined risk ratings including that these products and their associated limits are included on loan presentations.
Trust and Fiduciary Review
Ethan Manning, owner Manning Consulting, LLC, is a certified fiduciary and investment risk specialist who specializes in trust departments and trust company’s required annual reviews as well assisting clients with compliance, documentation and process improvements. Manning Consulting, LLC’s review program consists of but is not limited to requirements detailed FDIC’s trust examination manual, the OCC’s comptroller’s asset management handbooks, 12 CFR 9, 12 CFR 10, 12 CFR 12, 12 USC 92a(h), 12 CFR 344, and Regulation R.
Our typical audit structure includes evaluating the management and oversight of the department or company, the trust accounting system used and the access provided to employees who use it, trust accounting operations and controls, compliance with the regulations detailed above as well as other areas requested such as OFAC, transaction based sample testing, and trust file administration testing of a sample of accounts. Please contact Manning Consulting, LLC for further details and request a sample scope for review.