The cost for a financial institution to maintain an effective and efficient in-house internal audit department is great. You would need to maintain a staff that has vast knowledge of all the regulations and the integral policies, procedures, and internal controls implemented to protect your institution's safety and soundness. The ever-changing regulatory environment also increases your costs through ongoing staff training. Additionally, it is difficult for an in-house internal audit department to remain up to date on the current focus and emphasis of federal and state regulators. The time commitment to remain active in various associations, organizations, and groups to achieve this knowledge often is cost prohibitive.
That's where Mercadien comes in. We offer fully outsourced internal audit services for the banking industry that are customized to your institution. Our top-down, risk-based approach offers you a cost efficient benefit and maintains the high quality you would expect from internal staff. The depth and experience of the professionals assigned to your institution as well as our turn-key process brings internal audit to a level which is difficult, if not impossible to replicate in-house.
Internal audit services include a full range of auditable activities that are included within our audit universe. Auditable activities are broken down into the following areas:
If your financial institution currently has an in-house internal audit department, Mercadien can still be of assistance. We will co-source with your internal audit department, which helps your financial institution's internal audit department leverage more complex audit areas such as BSA/AML Services
and Information Technology Audits
, as well as other audit areas which cannot be completed in-house due to time constraints or limited staff.