We received some solid feedback to our recent article Compliance Review/Audit Considerations for 2014. Several readers thanked us for the article. Two reported that the 2014 review/audit was headed for “business as usual” until they inquired about the scope of the proposed review/audit and discovered Dodd-Frank was not included. One of the bankers is switching to another company for their 2014 and future reviews, reporting, “We have lost confidence in … (the name of their previous provider is redacted).”
I had a good conversation with Matt Evans, President/CEO of Bankers Service Corporation (BSC). Matt’s company provides compliance audits and other services to community banks. Our conversation focused mainly on two points from the original article. I encouraged you to make sure that the scope of your regular compliance review/audit is expanded to include the expanded requirements resulting from Dodd-Frank and to consider a special targeted review/audit that focuses on Dodd-Frank issues.
A subsequent review of the BSC website revealed a focus on both points. BSC offers a targeted Dodd-Frank Check-up and their webpage lists the scope of the special review. If you are looking for a list of what should be included in the scope of a targeted Dodd-Frank review/audit this is a good one.
To quote myself, ” Compliance audits for 2014 are not business as usual.” Don’t assume you will get the review/audit you need for 2014. Demand it.