Internal Audit

Surprise Audits Can Stop Fraud in its Tracks

Over the years, the Association of Certified Fraud Examiners (ACFE) has consistently estimated that occupational fraud costs the typical organization 5% of its revenue annually. In its most recent biennial report on occupational fraud, the ACFE found that the median loss caused by fraud was a whopping $145,000. Clearly, no organization can afford to ignore…

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Combating Insider Abuse: An Ethical Epidemic

Unfortunately for financial institutions, there are universal business truths that do not go away with time, trends or wishful thinking. Insider abuse is one of those truths, as it is a topic that many banks have dealt with in the past or may deal with in the future. The Federal Bureau of Investigation estimates that…

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The Evolution of Internal Audit and Impact of Activist Investors

In a fast-changing business environment, it is imperative that an organization’s internal audit department adapt and evolve in order to stay relevant to key stakeholders. In recent years, there have been major changes in corporate directors’ and managements’ expectations of internal audit — they are demanding far more from the function. There is no doubt…

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NJ Banker Magazine Features Article on Internal Audit by Salvatore Zerilli

Internal audit, when properly implemented, is an essential element to assist your financial institution in discovering control weaknesses, regulatory and policy violations, and operational inefficiencies. Such self-scrutiny provides an institution with the ability to take timely, corrective action when needed to maintain its safety, soundness, profitability and integrity. Risk Assessment Proper implementation of an effective…

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Data Analytics: A Valuable Investigative Tool

“Time is money” is an age-old expression deeply rooted in the lexicon of most individuals and businesses, especially those that derive their income by providing a service to others. In forensic and litigation support engagements, some of the most daunting tasks involve the procurement and analysis of large, disparate datasets. The ability to efficiently combine…

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Salvatore Zerilli on Navigating the Maze of Bank Regulations

Ever wonder why the name of your bank has changed eight times since you opened an account? With all the bank mergers taking place, it can be hard to remember what your bank is called. By the time you go through a checkbook, it might have merged twice. The bankers may not necessarily like this…

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