Our goal is to ensure the services we provide continue to optimize our client’s risk and compliance management systems. To reach this goal we make sure we understand our client’s needs by ensuring agreement on the scope and objectives for each engagement, clarifying the parameters the client must work within, working with client management to structure final deliverables, and meeting expectations of key stakeholders. We understand that while financial products and services may be similar across organizations, the business strategies, systems, processes, people, and culture is different. Successful outcomes involve good upfront planning, clarity of expectations, regular communications, and excellent execution.
Client Need – We work closely with each client to determine its specific objectives and to scope each engagement. Based on the agreed upon scope, we will send a list of the information and data required. Should objectives and/or scope change during the engagement, the plan and effort required to complete the engagement will be modified and communicated to meet the client’s needs.
Planning - Upon receipt of the information requested, we will work with management to schedule the engagement and to confirm the engagement expectations and scope. Quality assurance is maintained throughout all phases of the engagement and includes supervision, work paper and report review, status meetings with client management, and additional correspondence as needed.
Execution - Through review of policies and procedures, interviews of key personnel, and observation, we will assess the completeness and effectiveness of existing procedures and controls in mitigating related risks. Substantive testing will be performed to verify that procedures and controls are operating as intended. Preliminary results, findings, and recommendations are discussed with management throughout the process to ensure our results are accurate and recommendations are practical and appropriate. We will communicate progress and interim results to management throughout the course of the engagement. This will include a periodic dashboard outlining key activities and an indication of whether tasks are on target.
Closing - At the end of the engagement, we will meet with management to review findings and recommendations. At engagement completion, the client will receive a draft report summarizing the scope, objectives, results, and recommendations for improvement. We highly endorse incorporation of management responses within the final report to ensure the client has documentation and a clear understanding of management actions.
Report - The final report will be issued and reviewed with management in detail to confirm its accuracy and to obtain management’s responses, implementation dates, and persons responsible for inclusion in the final report.