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Audit & Technical Reviews

Sydel’s consultants are uniquely prepared to offer audit and review services for businesses that require detailed technical reviews.

Expertise:

  • Compliance Automation
  • Watch List Automation
  • Watch List Look Backs
  • Vendor Management

Each of our professionals has a minimum of ten years of experience and the specialized skills to help meet the specific auditing needs. We can either manage or supplement the internal audit function with specialized reviews that determine if the systems are working as promised. Our wide selection of services includes:

Compliance Automation Technical Review
– Financial Institution Compliance Automation Audits are comprehensive reviews of an organization’s adherence to regulatory guidelines via the automation selected and implemented. Sydel Corporation’s independent accounting, security and IT consultants evaluate the strength and thoroughness of compliance preparations while reviewing security polices, user access controls and risk management procedures. A comprehensive, independent audit of the compliance automation process is necessary and should include the following highlights:

  • System Administration
  • Multiple System Synchronization and Reconciliation
  • Accounts, Customers and Designated Customers
  • Transactions
  • Watch List Verifications
  • Name Testing via Multiple Processes
  • FinCEN 314(a) Testing
  • Report Writing

Watch List Look Back Review – Financial institutions use the watch list from the Office of Foreign Asset Control (OFAC) and other lists developed internally or from third parties to validate the names of customers and transactions. If the watch list is not updated or if all the fields in a transaction are not scrubbed, the risk is so serious that it has forced financial institutions to close their doors.
In a watch list “look back” audit the financial institution’s historical transactions previously investigated and possibly reported are reviewed and reexamined. Utilizing proprietary software that is installed and utilized for the duration of the engagement the financial institution sets match parameters, historical transaction date ranges and watch lists to examine. The application simply runs the process to search for possible matches of both names and data strings. The results of the audit are then worked by compliance and audit to determine if there were legitimate differences from the first investigation and document the reasons why discrepancies exist.

Vendor Compliance Audits – Vendor Management has taking front stage with examiners, regardless of industry. The only way to know whether your organization is at risk or in compliance is by undertaking a vendor compliance audit. Sydel consultants offer this audit service that reviews the following key items:

  • Financial Institution Overall Policy
  • Documentation Library and Templates with Standard Language
  • Vendor Management and Compliance Automation
  • Vendor Risk Rating Methodology
  • Vendor List and Supporting Documentation
  • Contract Terms and Conditions for Critical Vendors
  • Vendor Disaster Recovery Plan
  • Watch List Reviews of Vendor Names

Areas of Expertise

  • Compliance Automation
  • Watch List Automation
  • Watch List Look Backs
  • Vendor Management