Outsourced Internal Audit

Many financial institutions spend too much time and money on internal audit. A relatively new phenomenon of outsourcing or co-sourcing the internal audit function may provide the perfect solution. Not only can outsourcing internal audit provide expertise that the bank may not have internally, outsourcing or co-sourcing can actually save an organization time and dollars.

Understanding and Establishing Outsourced Internal Audits

At the beginning of an outsourced internal audit relationship, Brintech’s consultants work with clients to establish a clear understanding of the organization’s existing risks and related controls, including board and executive organizational structure, policies and procedures, planning processes, existing internal audit and compliance functions, and the technology and security environments.

Based on the initial assessment, Brintech’s consultants will establish an internal audit schedule that can include

• Cash and due from banks
• Investments
• Fixed Assets
• Demand and time deposits
• Commercial, consumer, and mortgage loans
• Payables and receivables
• Prepaid and miscellaneous assets / liabilities
• Branch Operations
• Human resources and payroll
• BSA / AML programs
• Compliance monitoring processes
• Technology and security

Request a proposal today!