Compliance reviews performed by an independent third party unbiased by internal corporate pressures are an excellent means of identifying potential compliance risk and avoiding the consequences of a compliance failure.
ICS will perform a compliance review of any business activity, product or service engaged in or provided by a client to verify its compliance with applicable regulations. ICS review will be focused on identifying actual and potential issues and will include recommended remedial actions.
An ICS compliance review can be conducted based on the checklists and procedures used by federal bank examiners, on the client's own review procedures, or using procedures specially developed for the particular review. A compliance
review typically includes: |
- Identification and analysis of the components of the business activity, product or service being reviewed
- A review of relevant documentation, including marketing materials, policies, procedures, disclosures, and contracts
- Interviews with key staff and management involved in conducting or delivering the business activity, product or service
- A review of prior examination or audit reports addressing the business activity, product or service
- A review of existing controls
- Development of a regulatory applicability matrix showing which regulations apply to the business activity, product or
- Testing, as appropriate, of transactions, procedures and controls
- Preparation of a written report detailing strengths, weaknesses and compliance failures, and identifying recommended corrective actions
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At the client's request, ICS will also assist in implementing any recommended corrective actions. |
