Knowledge and Insights: Newsletters
Banking on Fintech: Key Considerations for Banking as a Service (BaaS)
Over the last several years, technological advancements have transformed our lives, revolutionizing the way we connect, work and live. We leverage many applications on our phones and other devices to perform everyday tasks, including financial transactions. These apps may be utilized to send money quickly to others, purchase and sell products/services through electronic marketplaces, load…
The Importance of Royalty & Contract Compliance
In the intricate world of business, royalty and contract compliance is not just a legal requirement; it’s fundamental to long-term success. As a critical aspect of your operations, contract compliance is not something that can be overlooked. You need to have confidence in your royalty agreements and contracts, for several different reasons, which we’ll explore…
Benefits of Performance Auditing
Recipients of federal and/or state aid funding are accountable for carrying out the programmatic objectives and outcomes as reflected in in applicable laws, regulations, policies, grant agreements, and contracts. Audits of this funding frequently require that these audits be conducted in accordance with Government Auditing Standards as promulgated by the United States Government Accountability Office.…
Nonprofit Succession Planning: Secure Continuity & Drive Growth
Succession planning is a critical component of organizational management and sustainability, especially for nonprofits. It involves identifying and developing individuals within an organization to take on key leadership roles when the current leaders transition out. But nonprofit succession planning isn’t just limited to key internal leadership roles. It also involves identifying and developing your governing…
Lessons Learned for Nonprofits: Reflecting on the Lease Accounting Standard
ASC Topic 842, the accounting standard for leases, has brought significant changes for nonprofit organizations in their financial reporting. Over the past several years, these organizations have reassessed and reevaluated their lease agreements, determining the impact on their financial statements and disclosure requirements. Let’s explore some of the key lessons learned from the ASC Topic…
Model Governance: How to Formalize the Program
As a small financial institution, you may not have formalized a comprehensive model risk governance program. Model governance refers to the framework and structure an institution establishes to oversee and manage its models effectively. Such a program is to be in accordance with the Office of the Comptroller of the Currency and Federal Reserve Bank…
Buy-Side vs. Sell-Side Due Diligence: Benefits & Concerns
Buying or selling a business is no easy task. One of the most critical steps in that process is performing adequate due diligence, no matter what side of the transaction you are on. In this article, we’ll review buy-side vs. sell-side due diligence – how they work, benefits of each, and things to consider during…
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, the ACFE found that a single case of occupational fraud costs the victim organization an average of more than a whopping $1.5 million. Clearly,…
The Importance of Long-Term Strategic Planning
Strategic planning is an important, often overlooked facet of business growth. You see, business leaders who spend too much time working in the business forget to work on the business. The day-to-day pays the bills, after all. But if you want your business to stand the test of time, it’s important to step back and…
5 Tips for Managing Risk at Your Organization
You have heard the phrase “risk management” over and over again, but have you taken the time recently to step back and really think about what that means to your organization? Speaking as a board member of an organization for a moment, it’s my job to understand how my organization thinks about and manages risk. …