Article
PodcastBanking
Financial institutions, lenders and other companies in banking services face significant public and regulatory pressures. Their customers expect a high degree of integrity and dedication to managing risk. As banks grow to $1 billion in assets, audit requirements increase and must consider the effectiveness of internal controls over financial reporting.
There are cybersecurity concerns that threaten the privacy and data protection of financial institutions and their customers. As financial institutions expand with more ATMs and services nationwide, they need to manage those tax obligations to benefit from different state or property tax laws. Then with banks entering the world of digital assets, there are more controls, risks and technology assessments to consider.
As financial institutions and other companies in banking services look for ways to mitigate risks, maximize savings and comply with regulations, Weaver clients know where they can turn for help. With a team that has served financial institutions for over 25 years, Weaver understands what it takes to be compliant, maintain public trust and maintain efficient internal controls.
Weaver understands the practical, day-to-day realities involved in managing banks, credit unions, mortgage companies, finance companies, non-bank lenders and collection agencies. Clients rely on our in-depth industry knowledge and broad skills that extend beyond financial statement audits and tax compliance, ranging from risk assessment, internal audit and IT audit and security assessment services to the more specialized requirements of SOX, FDICIA and other regulatory requirements.
Let's Get StartedRisk Advisory Services
- Sarbanes-Oxley (SOX) compliance
- FDICIA readiness and compliance
- Internal audits covering all financial and operational areas
- Independent asset and liability management reviews to cover interest rate risk and liquidity risk and to satisfy requirements established by the Joint Agency Policy Statement on Interest Rate Risk and the Interagency Policy Statement on Funding and Liquidity Risk Management
- Policies and procedures
- Due diligence
- Modeling process and backtesting
- ALCO and Board of Directors oversight
- Funding sources
- Liquidity risk measurement and monitoring systems
- Regulatory compliance audit, reviews and preparedness to satisfy:
- Lending, deposit and other consumer regulatory compliance
- Bank Secrecy Act and Anti-Money Laundering (BSA/AML) compliance
- Fair Lending compliance
- Consumer Financial Protection Bureau (CFPB) evaluation and readiness
- Risk assessment and Enterprise Risk Management (ERM) implementation
- GAP assessments to identify risk areas for improvement
- Digital assets consulting to advise on internal controls to manage the operational risks, cybersecurity concerns and third-party integrations
- Project support using experienced Weaver staff to augment client teams on policy development, reconciliations, internal audits, compliance and other finance and operational assignments
IT Advisory Services
- Cybersecurity risk assessments, tools and programs to protect the financial institution and customers
- Federal Financial Institutions Examination Council Information Technology assessments
- Gramm-Leach-Bliley Act (GLBA) compliance
- IT controls and security assessments
- System and Organization Controls (SOC) Reporting to assess internal controls over the bank’s online payment platforms and other internal operations
- IT internal audit to identify technology risks that could impact operations
- SOX compliance and documenting how technology risks and controls support financial reporting processes
- FDICIA compliance around IT risks and controls
Valuation and Transaction Advisory Services
- Valuation and pricing services to support banking and lending transactions such as:
- Collateral for loans including real estate and shares of closely-held companies
- Conversions from a C-corporation to an S-corporations
- Business combinations
- Employee Stock Ownership Plans (ESOPs)
- Due diligence on M&A transactions
- Fairness Opinions
Forensics and Litigation Support Services
- Forensic accounting and investigations
- Anticorruption compliance programs
- Assistance with complex claims including bankruptcy matters, commercial disputes, employment disputes and insurance-related claims
Assurance Services
- Financial statement audits, required for financial institutions at $500 million or above in assets
- Audits of internal controls, required for financial institutions at $1 billion or more in assets
- Independent assessment and assurance over internal controls to help CFOs and smaller banks meet expectations and prepare for future regulatory compliance
- Employee benefit plan audits, especially for financial institutions with over 100 plan participants
Tax Compliance and Planning Services
- Federal tax planning, preparation and compliance
- Current and deferred tax calculations for banks as required by GAAP
- State and Local Tax (SALT) services for regional, state and national banks to:
- Meet all state and local tax filing and license requirements for all tax types
- Full state and local tax return outsourcing services
- Assess, evaluate, recover and correct any sales and use tax overpayments
- Minimize property tax liabilities and manage reporting requirements
- Assist with meeting your Unclaimed Property reporting obligations
- Audit Defense and Controversy Services