Risk Assessments & Compliance Management
Manage risk effectively to meet your business objectives now and into the future
Prioritizing resources through a risk-based approach to balance risk and reward.
A7’s experienced approach to compliance management allows you to meet your business objectives while managing risk through risk-based approaches that balance efficiency with program effectiveness.
A risk-based approach requires a risk assessment that:
- Considers your size, maturity, and complexity
- Prioritizes highest risk issues
- Allows you to resource effectively within budget
- Matures controls over time
- Documents the good things you already do
A well-documented risk assessment can make compliance more efficient and reduce civil, criminal, and reputational risk while increasing revenue for your business.
Our
Approach
The Compliance Management System (CMS) is a risk-based approach to complex compliance requirements, which include:
- Board and management oversight
- Shared commitment
- Tone at the top
- Policies and procedures
- Risk-based training
- Ongoing monitoring and audit
- Risk-based controls testing
- Risk-based audit schedule
- Consumer complaint response review
- Root causes
- Severity
- Duration
- Pervasiveness
Our
Approach
Our
Services
During the risk assessment process, A7 will:
- Create a Methodology
- Inherent risk ratings
- Quality of control ratings
- Control framework maturity
- Create a risk assessment matrix
- Create targeted risk assessments on highest risk issue(s)
- NYDFS Part 504
- Cannabis banking
- FinTech entry and exits points
- Reliance agreements
- Create a risk profile analysis
- Create a roadmap for enhancement
- Create targeted risk assessments on highest risk issue(s)
During the CMS review process, A7 will:
- Create a compliance risk assessment methodology
- Create a risk assessment matrix
- Create a risk-based compliance program
Through Fractional Compliance, A7 will:
- Create and Execute a Monitoring and Testing schedule based on the risk assessment
- Execute CMS Procedures based on the following regulators’ standards: IRS, OCC, FDIC, Federal Reserve, CFPB, FTC, State Banking Authorities, and State Gaming Authorities.
- Provide Board and Management Reporting
- Advise compliance, BSA, and Lending committees
- Report out compliance metrics for the Board of Directors