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Representative Engagements

Anti-Money Laundering/Bank Secrecy Act

CrossCheck performs Anti-Money Laundering/Bank Secrecy Act independent audits for the various client segments it serves. Our approach is based on the examination guidelines published by the Federal Financial Institutions Examination Council (FFIEC) and FinCEN requirements. An independent audit provides management with an unbiased assessment of compliance with the anti-money laundering requirements and raises the state of regulatory compliance within the institution. The recommendations we provide help improve operational and compliance controls.

Client Type

Mortgage Banking – Originator

Mortgage Banking – Servicer

Intermediate Banks ($1 – $10 billion in assets)

Community Banks (<$1 billion in assets)

 

Service Type

Independent Audit


Audit Co-Source

Continued growth and increased regulatory scrutiny prompted a client to have CrossCheck assist them with the implementation of an internal audit function. After developing an audit charter, performing an audit risk assessment, and providing a multi-year internal audit plan, we assigned experienced internal audit consultants to complete the audit plan. The goal of an internal audit is to identify areas for improvement in the institution’s control environment, policies, procedures and practices, and to provide practical, sustainable recommendations that address the root cause of issues identified. Each internal audit consultant assigned to the engagement was equipped with the knowledge and experience needed to fully understand the functional area being audited and make value added recommendations. In addition to completing the audit plan each year, we regularly provide reports to the Audit Committee of the Board of Directors, and provide ongoing consultation to the institution as needed.

Client Type

Mortgage Banking – Originator

Mortgage Banking – Servicer

Intermediate Banks – ($1 – $10 billion in assets)

Community Banks (<$1 billion in assets)

Credit Unions

Service Type

Audit Function Development


Loan and Credit Risk Process Review

A credit union experiencing rapid growth of its member business loan portfolio requested an independent review of its business loan portfolio and related loan policies and procedures to ensure adherence to safety and soundness expectations. While overall policies and procedures were satisfactory, recommendations were made to enhance loan review procedures and compliance with the Flood Disaster Protection Act and implementing regulations. Our review facilitated a stronger business loan risk management process and attendant flood compliance procedures to help avoid potential monetary penalties.

Client Type

Credit Union ($1 – $10 billion in assets)

Service Type

Member Business Loan Review and Policy and Procedures Review