FOCUSED ON COMMUNITY BANKS Whitlock, Selim & Keehn, LLP (WSK) works with many community banks in the Midwest, and several of them have been clients for more than 20 years. The firm is active in the Missouri banking community as an associate member of the Missouri Bankers Association and the Missouri Independent Bankers Association. WSK also publishes a quarterly print and online newsletter, Financial Lending Notes, written especially for commercial lenders and bank executives. Past articles from Financial Lending Notes include "Steps for Dealing with Problem Loans," "Professional Development Tips for Lenders," and "A Proactive Approach to Loan Agreements." Click on the newsletter icon to view articles from the most current issue. Services WSK Provides to Financial Institutions: NEW! Bank Secrecy Act compliance audits Audits, director's examinations and trust examinations Tax preparation and planning Internal auditing, featuring WSK's "Internal Audit A La Carte" program Information technology reviews, including: Penetration testing IT audits, including control and application reviews and business continuity planning IT policy development Vulnerability/risk assessments Strategic planning Loan review Budgeting Holding company applications and regulatory reporting Mergers and acquisitions Business valuations Employee benefit plan administration and consulting WSK can help community banks with analyzing and implementing an S Corporation election and many other business issues. Two of the most requested services that WSK offers are internal audit outsourcing and information technology examinations. More information on these services plus our new Bank Secrecy Act compliance audit is provided below. Bank Secrecy Act Compliance Audits With the requirements of the Bank Secrecy Act such an important aspect of community bank's compliance, WSK has hired a specialist in this area to assist its current and potential financial institution clients. Our specialist, Nick Spinelli, has worked in banking for more than 12 years, most recently as a large community bank's compliance and Bank Secrecy Act officer, so he can offer a perspective different from most other compliance auditors who come from the FDIC or examiner side of compliance. Please email Partner or phone (417) 881-0145 for more information on our Bank Secrecy Act audit, independent testing, and compliance services. Internal Audit A La Carte Regulators hold bank management and directors responsible for internal audit, and directors examination procedures haven't been updated in more than a decade. In addition, the Sarbanes-Oxley Act of 2002 emphasizes auditor independence. Community banks may be putting themselves at risk by: Not performing an internal audit, Conducting internal audit with bank employees who may not be truly independent, or Not basing internal audit procedures on the greatest and most timely risks for the bank. WSK has been conducting comprehensive internal audit programs for nearly all of its financial institution clients for several years. The firm's experienced industry professionals have developed Internal Audit A La Carte so community banks can customize their internal audit programs to address the areas most at risk. Community banks choose from these main selections: The lending function Deposit operations Cash and due from banks Finance and treasury Corporate-wide activities Information technology Compliance Please email Partner or call (417) 881-0145 for more information and a copy of WSK's Internal Audit A La Carte Menu. Information Technology Reviews Another area of focus by bank examiners is information technology security. The Federal Financial Institutions Examination Council (FFIEC) continually updates its requirements in the areas of IT audit, business continuity planning, E-banking, FedLine, and information security. Examiners continue to hold banks to increasingly higher standards. According to the FFIEC, updates are necessary due to advances in technology, changes in business practices, the Gramm-Leach-Bliley Act, and increased concerns over terrorism. When developing an IT examination program or choosing an external IT auditor, one of the most important factors to consider is whether auditors are meeting current requirements. WSK is happy to discuss the requirements in detail to help you make the best IT examination decision. Email Partner , IT security specialist , or phone (417) 881-0145 for more information. To Top (menu)