Internal Audit Experts Serve Banks, Credit Unions and Insurers

Advanced diagnostics to ensure regulatory compliance, manage risk, protect consumer privacy, and much more

Across the United States, about 90 percent of the financial institutions are considered small to mid-sized. These banks, credit unions and insurance companies don’t qualify as “too big to fail,” so they are immediately accountable for any mistakes. Risky lending, imprudent investing, lax fiduciary practices, and inadequate process controls can spell ruin for smaller organizations that don’t have the massive resources to weather a financial storm. In addition, these organizations must comply with increasingly onerous regulations, necessitated by the reckless and unethical practices of their larger competitors. Yet unlike their large competitors, smaller companies cannot easily absorb these costs. At North American Forensic Accounting, we aim to assist smaller banks, credit unions and insurance companies of the heavy burden of compliance, while assuring their processes are more than sufficient to ensure stability and growth. Our team is comprised of experts with decades of experience as audit leaders, fraud investigators, business advisors, process examiners, and expert witnesses for civil and criminal litigation. We provide a deeper level of scrutiny to help financial institutions understand their vulnerabilities. We help our clients implement tighter controls and adopt transformative protocols that build a more ethical corporate culture.

Outsourcing and co-sourcing a range of compliance solutions

After the mortgage crisis of 2008 threatened to crash the U.S. economy, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Although smaller banks were exempted from many provisions, Dodd-Frank added another layer of compliance for institutions that were already struggling to meet requirements and suffering losses due to sanctions for noncompliance. The Federal Deposit Insurance Corporation, which enforces consumer protections within savings institutions, reports that the most frequently violated regulations include:

  • Truth in Lending Act
  • Flood Disaster Protection Act
  • Electronic Fund Transfers Act
  • Truth in Savings Act
  • Real Estate Settlement Procedures Act

According to BAI, a nonprofit that provides compliance training for the financial services industry, the most frequent compliance violations include:

  • Home Mortgage Disclosure Act (Regulation C)
  • Equal Credit Opportunity Act (Regulation B)
  • Unfair Deceptive Abusive Acts or Practices Act
  • Bank Secrecy Act

If you have been cited for noncompliance or worry that your fulfillment of requirements might not be as thorough as you’d like, our NAFA team is prepared to help. We offer consultancy, co-sourcing and outsourcing solutions, which include:

  • Sarbanes-Oxley testing & Internal Audit Department Support
  • Compliance audits
  • Risk assessments
  • Fraud risk assessments
  • Ethics and social responsibility

Our team is comprised of certified specialists with decades of experience. We offer invaluable expertise at an affordable rate, especially when you factor in the savings from added compliance and efficiency.

Helping lenders perform due diligence

Lenders must assess the risks and rewards of extending credit to businesses and individuals. When this process requires a detailed valuation of a business asset, or a reliable quality of earnings report, you can rely on NAFA.

Privacy control testing safeguards your sensitive data

Safeguarding your customers’ personally identifying information is not simply good stewardship. It also shields you from potentially ruinous liability and reputational loss. Our experts can assess your processes for maintaining data, locate vulnerabilities, and suggest improvements to better ensure privacy.

Proven techniques for detecting and deterring fraud

Any organization that exercises control over other people’s money must deal with the constant threat of fraud. When employees embezzle assets, financial institutions lose resources and are exposed to scandal that diminishes their reputation as responsible fiduciaries. Our team of certified fraud detection experts. We can assess your fraud risk, point out where and how to strengthen your controls to safeguard your customers and your organization. If fraud leads to civil or criminal litigation, we can serve as expert witnesses supporting your legal team.

Transforming your organization for a more ethical corporate culture

The threat of fraud is worse in organizations that do not actively promote an ethical company culture. Our NAFA experts have studied this issue extensively and have developed a proven approach that can transform an organization with lax ethics into a model of compliance. In addition to rooting out fraud, an ethical culture ensures that morale is higher, workers are more productive, and talent is easier to attract and retain.

Contact NAFA to enhance the efficiency of your financial institution

North American Forensic Accounting helps banks, credit unions, and insurance companies throughout the United States improve their business practices. To learn more, call us at 347-286-4860 or contact one of our offices online to schedule an appointment. NAFA serves clients from offices throughout the United States, including in Philadelphia, Pittsburgh, New York City, Atlanta, Charlotte, Miami, and the Tampa Bay Area.