Case-Studies

Internal Audit

The Problem The bank, over $1 billion in total assets operating in New York City, was experiencing declining service quality, and increasing staff turnover from its long-standing provider of Internal Audit services. The bank had also observed that the professional staff being assigned were younger and failed to...

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IT and Cybersecurity Risk Assessments

The Problem A $400 million bank used the Cybersecurity Assessment Tool (“CAT”) to evaluate its cybersecurity risks and assessed its Information Technology (“IT”) and Information Security (“IS”) risks documenting separate IT and IS Risk Assessments. The bank, understandably, believed that these risk assessments appropriately documented cybersecurity and technology...

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Model Risk Management

The Problem At a $2.6 billion bank, the governance and internal controls related to the Anti-Money Laundering (“AML”) system, and their prior independent model validation, were deemed to be inadequate by the bank regulators. The overall model risk management process came under criticism and the regulators challenged the...

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General Ledger and Chart of Accounts

The Problem A bank in New York, after the acquisition of another bank in the same region, had absorbed the General Ledger (“GL”) and chart of accounts of the acquired bank. The GL consolidation, however, resulted in problems with legacy account information and memo balances, which turned out...

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