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Enhancing Internal Audit Testing and Regulatory Readiness

Enhancing Internal Audit Testing and Regulatory Readiness

A leading North American bank engaged SolomonEdwards to provide Internal Audit professionals with financial crimes expertise to support Financial Crimes risk management and compliance objectives. This 3rd Line of Defense (Internal Audit) engagement was performed to provide independent assurance over Financial Crimes controls and processes.

Challenge

A premier banking institution in North American faced increasing demands on its Internal Audit team and needed experienced professionals who could quickly integrate with existing teams, support complex audit activities, and help ensure regulatory and business-as-usual issues were properly assessed, documented, and validated. With ongoing regulatory expectations and a large volume of testing activities, the bank required specialized resources capable of operating effectively within a highly regulated environment.

Solution

SolomonEdwards deployed a team of senior-level Internal Audit professionals with financial crimes expertise to work under the direction of the bank’s Audit leadership. Our team supported a broad range of activities spanning the full end-to-end audit lifecycle – risk assessment, planning, control testing, issue identification and validation, root cause analysis, action plans and closure packages. The team collaborated closely with the bank’s Audit stakeholders to help ensure findings were properly evaluated and remediation efforts were effectively validated while maintaining consistency with the bank’s established audit methodology and governance standards.

Outcome

By augmenting the bank’s Internal Audit function with experienced financial crimes specialists, SolomonEdwards expanded testing capacity and supported the team in completing critical audit work on schedule. The engagement delivered flexible, senior-level resources that enabled the bank to work through elevated audit volumes without sacrificing quality or rigor. Through this staff augmentation partnership, the Internal Audit function maintained momentum across financial crimes testing, issue validation, and compliance oversight activities.

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