Other Consultancy

We develop and update policies and procedures and facilitate implementing a program to ensure that policies and procedures are kept up to date timely and systematically. Our team is familiar with developing, documenting and implementing customizing programs that suit and support an institution’s needs based on the systems and technologies being used including third- party vendors. We also focus on enhancing policies and procedures to ensure the accurate alignment with regulatory requirements and capture of the key controls and procedures being performed.

We perform, evaluate, and update Information Technology (IT), Information Security (IS), Privacy, Vendor Management, Cybersecurity, BSA/AML, OFAC, ACH and EFT risk assessments not only to comply with regulations but also to ensure that risks are reflective of the business products and practices unique to each institution. RGS deploys seasoned professionals with the expertise to evaluate risks based on the products and services, systems and technologies being used including third-party vendors. We also identify opportunities for process and control enhancement. Key factors evaluated as part of our approach include:

• Known and emerging risks
• Regulatory changes and priorities
• Strategic initiatives
• Prior audit or regulatory issues
• Resource planning and skill requirements

We help institutions develop, renew and/or enhance Strategic Plans and /or Business Plans (the “Plan”). RGS experienced leadership team works with management to evaluate the options which will derive the optimal use of capital considering both short- and long-term growth assumptions. RGS approach focuses on the macro-economic environment and reviews the assumptions embedded in the Plan for relevance, alignment, consistency, and accuracy. Key segments to the Plan include:

• Risk appetite
• Growth plans
• Capital adequacy
• Profitability (KPIs and KRIs)
• Resource and succession planning
• Risk management
• Technology initiatives
• Marketing
• Social media, website and internet

We perform business process reviews seeking efficiencies, process enhancements, and eliminating redundancies or duplication of efforts. The assessment could be required due to system changes, resource constraints, internal control failures of fraudulent activities. Our approach assesses the process end-to-end and evaluates each process step or control based on risk and impact so that steps with little value can be enhanced by opportunities for consolidation and improved outcomes. RGS seasoned professionals are assigned based on the experience and skills required for a particular process or product driven solution.

RGS can help with or execute project management programs to support projects such as system upgrades, system conversions, new product and delivery channel launches, alert clearing backlogs, regulatory remediations, policy and procedures updates, etc. Our team are hands-on, experienced and are assigned according to the technical expertise required for a successful and timely project completion.

RGS assists clients in designing and implementing ERM solutions that, while considering risk management strategically from an enterprise-wide perspective, leverages and integrates ‘silo’ risk assessments already documented within the organization, removing inconsistencies as we go along implementing the project. RGS adopts a holistic approach in developing the ERM framework and implementing it with identifying, addressing, and managing the institution’s risks. If required, we provide training for the institution to manage the program inhouse going forward. We can also develop the framework, implement the risk assessment for a few areas and provide training to in-house staff for managing and completing the project inhouse. Some areas of focus in the ERM project implemented by RGS include:

• ERM Governance Framework – review governance policies and procedures, reporting protocols, content, relevance, and timing.
• Risk Appetite Statement – evaluate the risk appetite statement ensuring its relevance, alignment to strategic plan, products and services, and goals related to growth, capital, and profitability.
• Risk Identification & Assessment Methodology Development & Implementation – develop or update the ERM framework and methodology used to determine, measure and document risks.
• Align Strategic Objectives – update metrics to better report risks associated with strategic initiatives to stakeholders such as, investors, banks, and regulatory agencies. In addition, strategic investments in new products, services, and systems are risk rated to ensure alignment with risk appetite limits.

We perform assessments of credit risk management practices including the efficacy and effectiveness of monitoring, and the reporting of KPIs and other quantitative and qualitative performance measures such as the analysis of portfolio concentrations. RGS also performs reviews of credit policies and procedures with a focus on Identifying gaps and opportunities for process streamlining, improving controls, and enhancing reporting. Other features of our CRM services include:

• Stress Testing Model Validation – independently assess the results of stress testing models including data integrity, assumption support and documentation and overall outcomes.
• Assessment of CRM Practices – review CRM practices including program design, policies and procedures, organization structure, monitoring and reporting with a view to process enhancement, stronger controls, and improved reporting of key metrics.
• Documenting/Enhancing Credit Policies and Procedures – targeted review designed to develop and/or update policies and procedures ensuring proper alignment to loan products and risk.
• CECL Assessment and Model Validation – perform independent reviews of CECL models to test the accuracy of data, confirm assumptions and the methodology applied.
• Loan Review – We perform independent loan reviews. We also review loan review programs to assess the adequacy of loan selection and loan type coverage, frequency, and reporting framework.

RGS provides professional staff to assist with the implementation of programs whether these relate to Regulatory Compliance, BSA/AML, Technology, Risk Management, Internal Audit or operational functions. We map project management goals and forms of measurement to facilitate progress monitoring and to ensure the ultimate success in implementation, applying our expertise in quality implementation.

RGS provides staffing to support IT/IS, BSA/AML/OFAC, Regulatory Compliance and audit functions to resolve short term resource needs. Our available resources augment needs from core internal audit skills to specialized areas such as Compliance, AML, IS/Cybersecurity and Information Technology. RGS resources, under this model, perform work according to client’s internal protocols and program, suggesting enhancements for consideration regarding the process to address gaps if noticed during the course of their work, thus providing value-added services.

RGS specializes in helping institutions ensure that corrective actions implemented to address audit or regulatory examination issues are appropriate and fully addresses the issues and their root-cause. The RGS validation process is thorough, well documented, and clear in demonstrating whether an issue has been properly remediated. Our team is experienced in working with the institution’s management and board, as well as regulatory authorities. Our work ensures a comprehensive evaluation and clear conclusion whether regulatory matters requiring attention, or consent order actions are fully remediated, with a clear understanding of the root cause, and the remediations set the stage for regulatory acceptance of the comprehensiveness and adequacy of corrective actions, setting the stage for removal of the supervisory action and lifting of restrictions on business, if any.

RGS undertakes management studies required to be performed in response to regulatory orders, or in response to an initiative of the Board of Directors. Our assessment reviews strategic plans, risk assessments, regulatory issues, and organization structure including succession planning, resource needs, and management experience and qualifications. We provide a comprehensive report of observations and practical recommendations which in conjunction with Management and the Board are designed to provide solutions to the issues requiring remediation.