| ICS will review financial institution business operations to identify potential compliance risks and develop and implement appropriate solutions and controls. These services are provided on a company-wide basis or for specific products, services, regulations, or lines of business. For example, some clients have requested assistance with the application of BSA/AML rules throughout their businesses, and others have requested such assistance with respect to selected activities such as private clients, call centers, or Internet banking. ICS's risk assessment program includes: |
- Evaluation of the current compliance program and organization
- Identification of the specific compliance requirements associated with the bank's products, services and business activities
- Review of existing compliance policies, procedures and other documentation
- Testing of transactions in selected operating departments to ensure the effectiveness of existing processes
- Interview of staff involved in activities that are subject to compliance risk to assess their familiarity with key compliance concerns and controls
- Ascertainment of the adequacy of compliance systems and controls
- Evaluation of compliance training activities and materials
- Review of prior examination and audit findings to determine whether they have been appropriately addressed
- Development of a comprehensive compliance risk profile
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Compliance risk assessments can be tailored to fit a client's particular needs.
The results of an assessment will be used to recommend adjustments to key policies, procedures, processes and controls, and to ensure that appropriate resources are deployed to the areas presenting the greatest compliance risk. |
