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Demands of Risk Management and Regulatory Compliance
As the burden of regulation continues to increase, most every function and employee is affected by regulatory compliance. In addition, financial institutions are required by various regulatory agencies to maintain stringent internal controls, as evidenced by the results of internal audit procedures. While management is ultimately responsible for these functions, oftentimes institutions do not have adequate time, resources or expertise to devote to these critical areas. Outsourcing these functions may be the best solution.
The Cadence Value
Proposition
The Cadence Group has experienced risk management professionals who have spent many years working in the financial services industry. We understand the unique environment of a regulated institution and can provide an efficient approach that adds new perspective and value to your institution.
Our flexibility allows you to depend on us for the entire compliance or internal audit function or for individual aspects or components of these functions. We will work with you to understand your specific needs, timing, budgetary constraints and desired results to develop a solution that is right for your institution.
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Solutions for Financial Institutions
Financial Institutions are faced with an increasing abundance of regulatory and compliance requirements. To assist in your efforts to meet these demands, we will customize an approach for your institution by first leveraging your available resources and supplementing these resources with our expertise. We have outlined some examples of our service offerings below:
1.
Regulatory Compliance - A
successful regulatory compliance function requires having a quality compliance management system that ensures that an institution understands its compliance responsibilities, ensures that requirements are incorporated into business processes, reviews operations to ensure responsibilities are carried out and requirements are met and takes corrective action to address deficiencies. This is accomplished through appropriate board and management oversight, a formal compliance program based on sound policies and procedures, training, monitoring and response to consumer complaints, and an independent compliance audit.
Cadence's
Capabilities: We will assist you in the development or the strengthening of the components of your compliance program. We will also perform a compliance audit which provides an independent review of your institution’s compliance with laws and regulations and adherence to internal policies and procedures.
2.
Internal Audit - The profile of internal audit functions within financial institutions increases with escalating demands from management, audit committees and regulators. Internal audit is a key monitoring component for effective risk management. As such, the ability to have the breadth and depth to effectively assess all of the strategic, operating, reporting and compliance risks within your organization continues to challenge internal audit departments.
Cadence's
Capabilities: For companies with existing internal audit functions, we can supplement your core audit resources during peak periods to help manage your internal audit plans or with technical expertise for complicated audits in the role of a subject matter expert. Alternatively, if you are in the process of maturing your risk management function, we have the ability to create and develop an internal audit function within your organization through creating an internal audit charter and coordinating with your board of directors or audit committee. We have the ability and expertise to be your internal audit function.
Click the following link for additional information about Internal Audit Services.
3. IT Risk Management - IT risk management continues to challenge financial institutions of all sizes. Common problems include the reputational damage from privacy breaches, the frustrations of inconsistent or inaccurate data and budget overruns with system implementations. Practical recommendations and cost-effective solutions are paramount to avoid IT pitfalls.
Cadence's
Capabilities: Our IT risk management professionals can supply or enhance your IT audit and information security resources. Our skills range from network vulnerability assessments to IT project management reviews. Not only do we have the technical skill set to assess your IT risks, but also the business experience to effectively communicate your risk exposure in understandable way.
Click the following link for additional information about IT Risk Management.
4.
Other - As compliance and risk management needs are different for each organization, so are the solutions to meet those needs. Your financial institution may be faced with challenges, but not have the resources or the experience to accomplish your objectives.
Cadence's
Capabilities: Whether you are a commercial or community bank, credit union, loan servicing company or an industrial bank, we can help you meet your needs by assisting with several management functions. Examples of these services include asset liability modeling review, business continuity planning, call report review, FDICIA reporting, financial projections, loan review and policy development.
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