Regulatory Compliance

We implement SOX and FDICIA internal control frameworks in accordance with COSO Standards for regulatory compliance purposes and to help entities gain efficiencies within the overall internal control environment. RGS services also include SOX or FDICIA flowchart and Narrative/Key-controls documentation, as well as a SOX or FDICIA health check for institutions with existing programs as it may be time to increase efficiencies, eliminate redundant controls and ensure that any process changes due to digitalization have appropriate controls. In addition, our team of professionals provide cost-effective quality testing of SOX and FDICIA controls based on our client’s control and testing frameworks.

RGS helps institutions prepare for upcoming regulatory examinations, highlighting likely issues that need immediate attention of the Board and Senior Management before the onset of the regulatory examination. Our senior leaders bring years of experience working with institutions and the regulatory examination process. Whether reviewing information requests or validating prior regulatory issues we understand regulatory expectations and the nuances associated with compliance. Our mock examinations are designed to identify potential issues ahead of time and help reduce the number of potential examination findings. Our mock examinations have been of great help to various institutions from De Novo (facing their first examination) to ones with significant or complex regulatory issues, or the ones that have changed their processes or services, etc.

RGS team provides experience, insights, and best practices to help establish or enhance regulatory compliance programs including policies and procedures. Our mission is to help establish effective, compliant and time-saving processes while optimizing the utilization of qualified resources. RGS’s seasoned specialists also evaluate the systems, reporting functions and quality of the data tracking methodologies being used. We are mindful of costs and therefore seek an effective and efficient solutions.

We deploy experienced and seasoned compliance professionals to perform an independent assessment of an institution’s compliance risk profile to establish or revamp the compliance monitoring and testing program. RGS uses a risk-based approach reviewing products, services, and the impact of applicable regulations so that monitoring and testing is appropriately risk-weighted. We also consider the governance, oversight, and reporting structure of the program to ensure that the framework for addressing issues and monitoring progress is adequate.

We perform, evaluate, and update Compliance Risk Assessments. RGS uses seasoned regulatory compliance specialists to perform the work. Our assessment ensures that the core compliance elements including new regulations, advisories and guidance is properly addressed. In addition, we determine that all key regulation risks associated with products, services, and customer base have been determined and appropriately rated. If required, we also separately suggest process enhancements that can improve the quality of controls and reduce the risks further and/or improve the quality of monitoring and reporting.

RGS offers training programs that are designed not only to address core Board training requirements but also includes industry developments, regulatory updates, and best practices. We create staff training programs tailored to specified needs. Our training programs include specialized areas such as HMDA, Fair Lending, CRA, Residential Mortgage regulations, Privacy, Cybersecurity, GLBA, UDAAP, etc. as applicable to the institution concerned.

Our team of regulatory compliance specialists are experienced at performing regulatory lookbacks and collaborating with the regulatory authorities, legal counsel, and all applicable stakeholders to derive the most cost-effective approach to addressing lookback requirements. Derived from the lookback, RGS identifies key takeaways that can be applied to process enhancements, training, and other underlying areas for improvement.

We establish and perform on-going compliance regulation monitoring and testing programs. These are risk-based and determined based on the products and services being offered. The monitoring and testing include all functional areas whose operations and services are impacted by consumer related compliance regulations. RGS also implements reporting and tracking protocols to ensure that identified issues are remediated within in stipulated timeframes and reported accordingly through the governance process.

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 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.

RGS provides staffing to support internal 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, 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 audit process to address gaps if noticed during the course of their audit work, thus providing value-added services.

We are available to support any regulatory compliance needs that may arise. Examples include, policies and procedures, project management, monitoring and testing, internal audit, regulatory remediation, management/Board presentations or training.