The Federal Financial Institutions Examination Council (FFIEC) is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB), and to make recommendations to promote uniformity in the supervision of financial institutions. These agencies prescribe regulations and best practices for financial institutions.
Topical areas include:
We begin our assessment by working closely with you to understand the current state of your organization in relation to the audit topic. We review previous audit results, examiner comments/ratings and interview management. We then review policies and procedures in relation to the examination guidance from the FFIEC. From there we will dig deeper into the actual business practices and controls related to the audit topic at hand. After this analysis we provide a detailed report outlining considerations such as current gaps and detailed recommendations to close those gaps.
What makes the Schneider Downs process so effective is that our FFIEC compliance assessments are aligned with the FFIEC examiner audit protocol. Through our deep understanding of FFIEC audit protocol we can perform a detailed review of your information technology operations. Our ultimate goal is to assess your organization’s compliance with the FFIEC guidelines, identify gaps and provide you with detailed recommendations to effectively close those gaps and ultimately protect customer information.
Schneider Downs’ team of experienced risk advisory professionals focus on collaborating with your organization to identify and effectively mitigate risks. Our goal is to understand not only the risks related to potential loss to the organization, but to drive solutions that add value to your organization and advise on opportunities to ensure minimal disruption to your business.
To learn more, visit our dedicated IT Risk Advisory page.
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Schneider Downs is a Top 60 independent Certified Public Accounting (CPA) firm providing accounting, tax, audit and business advisory services to public and private companies, not-for-profit organizations and global companies. We also offer Internal Audit; Technology Consulting; Software Solutions; Personal Financial Services; Retirement Plan Solutions and Corporate Finance Services. Schneider Downs is the 13th largest accounting firm in the Mid-Atlantic region and serves individuals and companies in Pennsylvania (PA), Ohio (OH), West Virginia (WV), New York (NY), Maryland (MD), and additional states in the United States with offices in Pittsburgh, PA, Columbus, OH, and McLean, VA.
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