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Enterprise Wide Regulatory Compliance
The Enterprise Wide Compliance Assessment engagement is tailored to a financial
institution’s size, product mix, geographic boundaries, and expectations of its
federal regulatory agencies. These assessments, which culminate with a written report
and meeting with your bank’s management, will be led by a seasoned compliance veteran
with 25+ years experience as a federal banking compliance regulator, compliance
auditor or chief compliance officer. Therefore, as a result of the engagement and
its specific findings, we will assess your institution’s compliance management program
through a variety of perspectives. Specific suggestions regarding how best to mitigate
compliance risk through improvement to your bank’s compliance management program
are provided orally during the on-site visit and in our written report. The engagement
will identify, assess, and communicate the current state of your financial institution’s
compliance and AML policies and procedures, internal controls, infrastructure, employee
training, and accountabilities in relationship to both the expectations of your
federal banking regulatory agency as well as industry best practices for your banking
peers.
The Assessment Report will determine whether any formal or informal compliance monitoring
programs currently in use by your bank adequately identify key compliance requirements
on a risk basis and provide key metrics and a reporting mechanism to your bank’s
senior management. The report will also provide applicable recommendations for improvement
to your monitoring program where warranted. All workpapers, checklists, and related
documentation utilized by Vitex in the preparation of our Assessment Report will
be provided to the bank and can be utilized to satisfy your financial regulators
encouragement to proactively perform a risk-based periodic assessment of your compliance
management system. Additionally, we will determine whether your compliance mechanisms
and technology systems are economically efficient and provide suggestions related
to cost containment and improvement where applicable. For De Novo institutions or
those who do not have a mature monitoring program, we also specialize in the development
and implementation of compliance monitoring programs designed to both identify key
compliance metrics from a risk perspective and which readily lend themselves to
management reporting for both trending analysis and corrective action. Your Assessment
Report is handcrafted to the institution’s level and direction of compliance risk
in comparison with your bank management’s compliance risk appetite.
Our typical engagement ensures the compliance engagement is transparent to the bank
and its employees by minimizing on-site time through our external review process.
The on-site portion of our review will devote the majority of its time to discussing
key findings and issues with senior management and ensuring that actual practices
match written compliance policies and procedures.
Vitex differentiates itself from others in the industry by opining on the adequacy
of human and technological compliance resources and providing real-time suggestions
for immediate improvement to your compliance management program and we provide a
list of all noted compliance deficiencies while suggesting and assisting in the
corrective action process. We also evaluate any compliance work performed by internal
or external auditors.
In addition to our Compliance Assessment program, we also provide transactional
review services in areas such as AML, Lending Laws, and Regulations (Regulations
B and Z, RESPA, HMDA, and Flood to name a few) as well as CRA and deposit-related
laws and regulations. Finally, training institution personnel and, when needed,
assisting with examination preparation or other regulatory enforcement matters such
as restitution or examination responses are among our specialties.
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