NETBankAudit – Why Compliance?

By David Hart, President

HART,DavideditedAs president of NETBankAudit, I often get questions regarding our compliance offerings and they usually start along these lines, “I know you guys are great with IT, but I didn’t know you all did compliance as well…”

Actually, we started providing Fair Lending Audits in 2007 and quickly expanded our Consumer Compliance Audit and Review offerings to Loan Compliance, Deposit Compliance, Consumer Protection and Privacy, and CRA.  We performed these audits at the behest of our clients and because we already had the regulatory talent in-house.  Our client base knew what we could do on the regulatory side of IT and had not been able to find a partner of this caliber on the consumer compliance side.  It was a natural fit and evolution for us. We were glad to be there for our loyal clients, earnestly served since 2000 with IT auditing and testing.

In 2010, the regulatory agencies implemented enhanced Bank Secrecy Act (BSA) Compliance requirements regarding Management Information Systems (MIS) verification.  Given that very few audit firms had the regulatory and IT experience and expertise necessary to perform such reviews, NETBankAudit went to the forefront in completing such engagements. Accordingly, we currently have practical and detailed knowledge of all major BSA/AML automated systems (Bankers Toolbox, FCRM-AML Manager, Patriot Officer, Verafin, Yellow Hammer, etc.).  Naturally, our superior performance in executing best in class BSA MIS verifications, spring boarded our BSA Compliance Audit and MIS Filter Optimization offerings.

NETBankAudit did not enter the compliance arena lightly.  We vetted the opportunities and only performed reviews when we knew that the quality and depth of such assessments were on par with our existing products and services.  To date, compliance equates approximately 15% of our total engagements and we perform approximately 30 compliance engagements per year. For compliance, we are looking for partners that value “real-world” regulatory oversight. We are a firm that thoroughly understands the “black and white” of compliance but also offers valuable, hard-to-find expertise in the “grey” areas.

To answer my original self observed question concisely, however, NETBankAudit has been performing compliance audits for over 10 years and we do them well.