PROTECT BSA/AML/OFAC INTERNAL AUDIT ......Guidance on Internal Audit Function and Outsourcing (FFIEC...
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BSA/AML/OFAC INTERNAL AUDIT: OUTSOURCED/ C0-SOURCED ORGANIZATIONAL RESILIENCE PROTECT WWW.MAZARS USA .COM Mazars USA LLP is an independent member firm of Mazars Group. ORGANIZATIONAL RESILIENCE PROTECT MAZARS USA LLP PROTECT GOVERNANCE, RISK AND COMPLIANCE Managing your control environment OUR APPROACH As regulatory agencies continue to place emphasis on independent testing, a key BSA/AML pillar, financial institutions must ensure their independent testing function possesses the requisite knowledge and expertise to detect terrorist financing, drug trafficking and other criminal activities. UNDERSTANDING YOUR CHALLENGES Financial institutions continue to face regulatory scrutiny to ensure their internal audit function is effective at assessing the organization’s control environment and identifying emerging BSA/AML and OFAC risks. Too frequently, recent enforcement actions have cited independent testing of BSA/AML and OFAC internal controls to be inadequate to satisfy regulatory requirements. Our BSA/AML and OFAC audit scope and procedures are customized as a by-product of your unique risk assessment. We focus on your specific risk profile and include best practices derived from industry-specific BSA/AML and OFAC audit programs that are updated for all applicable regulatory changes. Our BSA/AML and OFAC audits are performed in accordance OUR EXPERTISE Our proven BSA/AML and OFAC internal audit methodology has been designed and continuously updated over the years and includes a comprehensive audit manual, risk assessment process, audit programs, and audit standards. Our approach is hands-on, with our senior professionals actively involved in the audit process, including the audit planning and scoping phase, quality control reviews and discussions with management and the audit committee. We will take into account your internal audit risk assessment, personnel, processes, technology, and controls, and will customize our audit scope accordingly. We will also consider best practices and the impact of applicable regulatory changes on your risk profile. • Those promulgated by the Institute of Internal Auditors (IIA) • The Federal Financial Institutions Examination Council (FFIEC) Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) Examination Manual • The requirements specified by the FFIEC Interagency Guidance on Internal Audit Function and Outsourcing (FFIEC Guidance) We have extensive experience conducting BSA/AML and OFAC internal audits of domestic and foreign financial institutions. We have deep relations with regulatory agencies and meet regularly with management, audit committees, and board of directors to discuss key BSA/ AML and OFAC issues. Our BSA/AML and OFAC training program enables our professionals to keep abreast of significant changes to BSA/AML and OFAC regulations. PROTECT GOVERNANCE, RISK AND COMPLIANCE BANKING
Transcript of PROTECT BSA/AML/OFAC INTERNAL AUDIT ......Guidance on Internal Audit Function and Outsourcing (FFIEC...
BSA/AML/OFAC INTERNAL AUDIT: OUTSOURCED/C0-SOURCED
ORGANIZATIONAL RESILIENCEPROTECT
WWW.MAZARSUSA.COM Mazars USA LLP is an independent member firm of Mazars Group.
ORGANIZATIONAL RESILIENCEPROTECT MAZARS USA LLPPROTECT GOVERNANCE, RISK AND COMPLIANCE
Managing your control environment
OUR APPROACH
As regulatory agencies continue to place emphasis on independent testing, a key BSA/AML pillar, financial institutions must ensure their independent testing function possesses the requisite knowledge and expertise to detect terrorist financing, drug trafficking and other criminal activities.
UNDERSTANDING YOUR CHALLENGESFinancial institutions continue to face regulatory scrutiny to ensure their internal audit function is effective at assessing the organization’s control environment and identifying emerging BSA/AML and OFAC risks. Too frequently, recent enforcement actions have cited independent testing of BSA/AML and OFAC internal controls to be inadequate to satisfy regulatory requirements.
Our BSA/AML and OFAC audit scope and procedures are customized as a by-product of your unique risk assessment. We focus on your specific risk profile and include best practices derived from industry-specific BSA/AML and OFAC audit programs that are updated for all applicable regulatory changes.
Our BSA/AML and OFAC audits are performed in accordance
OUR EXPERTISE
Our proven BSA/AML and OFAC internal audit methodology has been designed and continuously updated over the years and includes a comprehensive audit manual, risk assessment process, audit programs, and audit standards.
Our approach is hands-on, with our senior professionals actively involved in the audit process, including the audit planning and scoping phase, quality control reviews and discussions with management and the audit committee. We will take into account your internal audit risk assessment, personnel, processes, technology, and controls, and will customize our audit scope accordingly. We will also consider best practices and the impact of applicable regulatory changes on your risk profile.
• Those promulgated by the Institute of Internal Auditors (IIA)
• The Federal Financial Institutions Examination Council (FFIEC) Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) Examination Manual
• The requirements specified by the FFIEC Interagency Guidance on Internal Audit Function and Outsourcing (FFIEC Guidance)
We have extensive experience conducting BSA/AML and OFAC internal audits of domestic and foreign financial institutions. We have deep relations with regulatory agencies and meet regularly with management, audit committees, and board of directors to discuss key BSA/AML and OFAC issues.
Our BSA/AML and OFAC training program enables our professionals to keep abreast of significant changes to BSA/AML and OFAC regulations.
PROTECT GOVERNANCE, RISK AND COMPLIANCE BANKING
ORGANIZATIONAL RESILIENCE MAZARS USA LLP
WWW.MAZARSUSA.COM Mazars USA LLP is an independent member firm of Mazars Group.
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VISIT www.MazarsUSA.com
A HISTORY OF EXCELLENCEABOUT MAZARS USA LLPMazars USA LLP is a high-performing accounting, tax and consulting firm with significant national presence in strategic US geographies. Since 1921, our dedicated professionals have leveraged technical industry expertise to develop customized solutions for clients, create value, and optimize their performance. We offer a broad array of industry specialists providing services to growth-oriented enterprises and individuals. As the independent US member firm of Mazars Group, we deliver seamless access to the expertise of 20,000 professionals in 86 countries. Visit www.mazarsusa.com.
MAZARS USA CONSULTINGMazars USA Consulting practice offers a powerful set of service offerings designed to help our clients Transform their business, Execute more effectively, and Protect their assets in a dynamic market and regulatory landscape. Our professionals provide a unique combination of foresight, experience, and hands-on execution to assist you in achieving your goals and deliver long-term success. Visit: www.mazarsusa.com/consulting.
Our BSA/AML and OFAC audit methodology is based upon FFIEC guidelines, other regulatory guidance and industry standards. Our internal audit experience is based upon providing similar services to hundreds of clients and tailoring our approach to meet your needs.
We utilize a risk-based BSA/AML and OFAC audit methodology, highlighting the relative risks associated with each business or function of your organization as follows:
HOW MAZARS CAN HELP
Transform:• Human Capital and Change Leadership• Target Operating Models• Operational Excellence
ExEcuTE:• Technology Enablement• Strategic Sourcing and Logistics• Data Quality and Business Intelligence
ProTEcT:• Governance, Risk and Compliance • Organizational Resilience• Cybersecurity and Data Privacy
CONTACT
Planning
• Understand the business
• Determine scope and approach
• Define testing and sampling strategy
• Conduct interviews/walkthroughs with key participants
Execution
• Complete audit program
• Confirm exceptions with stakeholders
• Document findings and conclusions
• Identify issues and determine disposition
Closure & Reporting
• Review draft report for factual accuracy
• Determine issue and audit report severity ratings
• Finalize report
PETER SCHABLIK, PARTNERGOVERNANCE, RISK AND COMPLIANCE
(O) 212.375.6658 | (C) 617.501.4195 (E) [email protected]
