Jerome E. Furman CPA

Executive Internal Audit Consultant

Professional Experience

Over thirty years of professional internal audit experience ranging from performing detailed audits and risk assessments to managing and directing all facets of the internal audit function. Six years of public accounting experience. More than three years of experience in financial industry regulatory compliance and risk management functions.

Principal Areas of Practice

Internal audit specialist with strong skills in financial audit, compliance audit, COSO-based internal controls design and evaluation, and developing and reporting recommendations. Internal and external audit coordination to maximize efficiencies. Experience in developing risk management processes and related risk assessments.

Major Third-Party Consulting Projects 

Multiple assignments providing internal audit and compliance services to banks. These assignments have included: assisting with internal audits; tests related to compliance with FDICIA and SOX, identifying and documenting risk and controls; performing daily monitoring of cash truncations to ensure compliance with Bank Secrecy Act and related laws.

Risk Management for $17 Billion Multi-Bank Holding Company

  • Responsible for working with multiple management teams to develop and implement risk assessments related to bank regulatory expectations (Model Risk Management, Fair Lending, FACT Act) and developing supporting documentation for Board of Director approval.
  • Established a process to identify and measure risks related to internal and external models used in management decision-making.
  • Working with key members of the compliance function, developed a framework to assess the level of inherent risk, strength of control design and resulting residual risk for specific regulations. Based on the results of the assessment, management was expected to identify areas that required improvement in controls and implement the changes.

Chief Audit Executive for a $17 billion multi-bank holding company

  • Responsible for all facets of the internal audit program including hiring, directing, and developing a professional staff of 24. Reported results and recommendations to senior management, affiliate bank Boards of Directors and the Audit Committee of the holding company.
  • Developed annual risk-based internal audit plan to be responsive to Audit Committee expectations and business risk. The annual audit plan covered all business processes of the company and included coordination with external auditors.
  • Implemented a comprehensive risk assessment process that covered technology, regulatory compliance, financial and operational audit units and/or segments. The risk assessment was designed to provide sufficient coverage, over a three-year period, of all auditable units.
  • Determined required staffing levels and necessary expertise to complete the annual plan and implemented actions to hire staff or use co-sourced third part arrangements.
  • Designed approach to achieve audit efficiencies by incorporating testing required by Sarbanes-Oxley into the annual audit plan and considered external audit firm’s needs in order to enhance coordination.

Manager of Regional Internal Audit Outsourcing Provider

  • Responsible for managing the relationship with assigned clients (generally 7 to 9 community banks) including completion of an audit plan approved by client management and Board of Director. Managers were responsible for developing and presenting internal audit results to the Board of Directors. Responsible for identifying resource needs and managing those resources through a cost-effective audit process over the course of a year.
  • The major challenge during my tenure was to assist the clients in the documentation and assessment of internal controls over financial reporting as required by Sarbanes-Oxley. The process involved coordination of staff and testing at multiple clients in a condensed time frame, while developing a standardized approach to documentation of controls.

Other Significant Accomplishments

  • Developed initial corporate regulatory compliance function for regional multi-bank holding company.
  • Managed merger of acquired bank into parent bank – technology; operations; employee and customer facing processes.
  • Performed due diligence bank acquisitions responsible for identifying potential issues requiring repricing or termination of merger.


  • Pennsylvania State University –
    • BS Secondary Education
    • MS Business Administration – Accounting
  • ABA Stonier Graduate School of Banking
  • Ongoing professional education courses

Licensed as a CPA in Pennsylvania