Compliance, Banks, cybersecurity, Finance, Proactive Compliance

Current Gaps Lead To Need For Monitoring and Transactional Testing Service

November 18

In working with our financial institutions our experts are finding that examiners are focusing more heavily on risk assessments and policies and have been doing less and less transactional testing. We believe that transactional testing is important to catch any procedural errors that may require additional training or even potential policy changes that may need to be made. This gap creates a risk for your bank.


In response we have developed a managed service named Monitoring and Transactional Testing which is performed by our seasoned Regulatory Compliance team at IT Voice. During this engagement we work with you to identify potential errors and correct them before your external auditors or examiners do. We want you to succeed and believe in being a part of your team.


Monitoring and Transactional Testing is an ongoing review of your compliance environment rather than a one time audit. Here’s how it works. We start by conducting an informal compliance risk assessment to see what your biggest areas of concern are and from there we build a tentative monitoring schedule to break out what we will review and when throughout the year. For example, we might just need to review CRA or Privacy annually, but Flood needs to be reviewed semi-annually, and Reg E needs to be reviewed on a quarterly basis. When you are satisfied with the monitoring schedule, we will finalize that and begin work. Each month, based on the monitoring schedule, we will request certain items to review in that month. This is where we can really be of service to your institution. Once we have conducted our reviews, we will issue reports that you can provide to your Board and/or compliance committees. Generally, these are provided quarterly but we can certainly customize to your specific needs. We work remotely so you can save on travel costs and get a more efficient review.


Also customizable is the scope of the Monitoring and Transactional Testing. A full scope engagement will include reviews of BSA/AML/OFAC, Deposit Operations Compliance, and Lending Compliance, and Fair Lending. Some highlights of what we review within those previously mentioned include CTRs, SARs, Beneficial Ownership, CIP, Reg E, Reg CC, TISA, UDAAP, TILA, CRA, Reg B, and RESPA. If you don’t feel you need all four, you can pick and choose which items you feel you need assistance with. We want to make sure you are getting the right product for your environment.


At IT Voice we are compliance experts and we are excited to team up with you to help meet your needs.  If you are interested in learning more about Monitoring and Transactional Testing or any of our other service offerings, please reach out to our Compliance Sales Rep here