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Outsourced Internal Audit Solutions for Cybersecurity and Regulatory Compliance
NETBankAudit offers a full range of internal audit services, integrating seamlessly with your existing programs to ensure comprehensive evaluations and compliance.
Outsourced Internal Audit Solutions for Cybersecurity and Regulatory Compliance
NETBankAudit offers a full range of internal audit services, integrating seamlessly with your existing programs to ensure comprehensive evaluations and compliance.
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Internal AuditsExpertise to Fortify Operations, Reduce Risk, & Stay Compliant
Our foundation rests with understanding and addressing complex technology and regulatory environments, providing our clients with clear and usable gap analysis between industry best practices, regulatory guidelines, and internal controls. Our primary methodology is COBIT (Control Objectives for Information Technology) published by the Information Systems Audit and Control Association. We function as an extension of your internal audit function as defined by IIA standards, creating tailored programs to identify and address the unique needs of each client.
Our Internal Audit Services
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IT Audit Services for Financial Institutions & Beyond
NETBankAudit provides comprehensive IT Audit Services to increase operational efficiency and minimize security risks. Our certified, senior-level experts bring decades of cybersecurity and regulatory expertise to over 800 institutions across the USA. Whether you need a full-scale IT audit or specialized assistance in specific areas, we provide customized solutions to strengthen your IT infrastructure, enhance your security posture, and ensure your technology aligns with your business objectives.
General IT Controls
Evaluating and enhancing IT governance, management, operations, and security
Regulatory Compliance
Ensuring adherence to FFIEC, NIST, IT SOX, FDICIA, and GLBA requirements
Cybersecurity
Comprehensive controls evaluation and SANS Critical Controls Testing
Core Processing Systems
Auditing mainframe/midrange systems and crucial applications
Networking Technology
Assessing network infrastructure, virtualization, and cloud computing
We evaluate a wide range of systems and applications, including:
- Core data processing systems
- Network infrastructure
- Item processing and proof systems
- Digital banking platforms (Internet and Mobile)
- Telephone banking systems
- ATM, debit, and credit card systems
- Wire transfer and ACH systems
- Internal web-based applications
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Operational Audit Services for Financial Institutions
NETBankAudit's Operational Audits optimize efficiency, effectiveness, and compliance across key banking processes. We evaluate a wide range of critical areas, from loan and deposit operations to digital banking services and internal functions. Our expert team helps financial institutions identify risks, streamline workflows, and enhance performance, ensuring alignment with industry best practices and regulatory requirements.
NETBankAudit conducts thorough Operational Audits across key banking processes including:
- Loan Operations & Administration
- Deposit Operations & Administration
- Branch Administration
- Internet Banking
- Wire Transfer
- ACH (NACHA)
- Item Processing (Branch Capture, Remote Deposit Capture, Mobile Capture)
- IRR, Liquidity (ALM)
- Human Resources
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BSA / AML / CFT/ OFAC Audit Services for Financial Institutions
NETBankAudit offers comprehensive Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) Countering the Financing of Terrorism (CFT) audit services tailored to financial institutions' diverse needs. Our expert team evaluates BSA/AML/CFT/OFAC programs, validates risk assessment models, and ensures effective transaction monitoring. Using the latest regulatory guidance, we help identify vulnerabilities and provide actionable recommendations to strengthen compliance efforts across banks, credit unions, and other financial organizations.
BSA/AML/CFT/ OFAC Compliance Audit
Comprehensive review of your BSA/AML/CFT/OFAC program, assessing policies, procedures, and controls for regulatory compliance and best practices alignment.
BSA/AML/CFT Model Validation
Examination of risk assessment models' effectiveness and accuracy, ensuring proper BSA/AML/CFT risk identification and measurement.
BSA/AML/CFT Model Validation with Filter Analysis
Analysis of transaction monitoring system's filters and thresholds, optimizing alert generation and suspicious activity detection.
Our BSA/AML/OFAC audit services include:
- Risk assessment and governance evaluation
- Customer identification and due diligence review
- Suspicious activity and currency transaction reporting assessment
- OFAC compliance and information sharing procedures
- Specialized product, service, and high-risk customer reviews
- Training program and vendor management evaluation
Consumer Compliance Audits for Financial Institutions
NETBankAudit offers comprehensive Consumer Compliance Audit services designed to ensure financial institutions adhere to consumer protection laws and regulations. Our expert team evaluates key areas of consumer-facing operations, helping to identify potential compliance gaps, mitigate risks, and enhance overall regulatory performance. We tailor our audits to each institution's specific needs, offering insights that align with both regulatory expectations and industry best practices.
Fair Lending Audit
Evaluating compliance with Regulation B, HMDA, and Fair Housing Act
Loan Compliance Audit
Assessing adherence to Truth-in-Lending, RESPA, HOEPA, and other lending regulations
Deposit Compliance Audit
Reviewing compliance with Truth-in-Savings, Funds Availability, and Electronic Funds Transfer regulations
Privacy & Consumer Protection
Examining GLBA, FACTA, and other privacy-related and consumer-protection regulations
Community Reinvestment Act (CRA)
Assessing performance under applicable CRA tests based on size and complexity
Value-Add ConsultingLeveraging Decades of Industry Experience
Our Value-Add approach to auditing and compliance provides tailored, actionable advice drawn from our experts' practical industry experiences.
- Senior-level auditing team each bringing 10+ years of industry and regulatory experience.
- Our team has broad expertise with certifications from CISA, CISSP, CISM, CRISC and more.
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"NETBankAudit is more than just an audit firm. They take the time to truly understand your organization. By working as a partner they made recommendations that best fit our bank while helping us realize resources that were already at our disposal. The employees we work with are extremely knowledgeable and always available to assist"
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"We were very satisfied with the model validation of our Verafin System. The NETBankAudit team was great to work with, very professional and kept us in the loop throughout the engagement. We will definitely consider working with them again for the annual validation"
"NETBankAudit provides us with top notch Information Security Professionals to allow us to continually improve our organizations security posture. Springs Valley is able to utilize them to stay abreast of the changing regulatory and cybersecurity landscape. It is great to have a reliable resource like them as a valued partner."
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"NETBankAudit has been a very reliable and knowledgeable firm for our outsourced IT audit services. Their understanding of not only the IT audit environment but also regulatory and examiner expectations has greatly benefited our organization. I would highly recommend them to financial institutions looking to outsource or currently looking for an alternate provider."
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Mitigate Risks with Comprehensive Audits & Assessments
FAQs
Our goal is to equip institutions with the knowledge needed to make informed decisions, strengthening your compliance, security, and operational efficiency.
Transaction monitoring systems are sometimes inadequately calibrated, resulting in too many false positives. This may impair the detection of potentially suspicious activity. Also, if a system is generating too few alerts, unusual activity may be undetected. A regularly scheduled review by an independent party and thorough analysis of filters and settings can ensure the transaction monitoring system is effective and performing as designed.
Change management in cloud environments offers unique challenges over on-premises technology environments due to the underlying cloud platform changes. Organizations need to have a solid understanding of what aspects of the cloud environments are being used and a current inventory should be maintained. Monitoring notifications and alerts on changes from the cloud provider should be performed and assessed if the changes will impact the organization's services. When impactful changes are identified technical staff should communicate these to the end users and perform training as needed. Traditional change management procedures should also be performed such as documenting user access changes, obtaining authorization for adding new services, and routine review of services and removing inactive assets.
NETBankAudit is a specializes in cybersecurity and regulatory compliance. We offer audits, testing, and consulting services. We perform over 250 IT/Operations and Regulatory Compliance Audits per year. We perform over 700 external and internal network vulnerability assessments with penetration testing per year. Our consulting primarily consists of risk assessment facilitation, model validations, program development, and Project Management/SDLC oversight.
NETBankAudit was formed in 2000 by a team of IT bank executives and regulatory specialists. Convinced that advancements in information technology would significantly affect the future of banking, particularly in the movement of money and data through electronic channels, the team resolved to help bankers adjust to this changing environment. Since then, we have expanded to service over 800 institutions across 38 states.
Yes, NETBankAudit has been a virtual company since inception. We provided our first fully remote IT General Controls Audit in 2017 and validated our processes through the COVID Pandemic. Our remote audits are approved by all regulatory authorities.
NETBankAudit provides a value-add approach to our audit process to serve as a true audit partner. Every auditor on our team has senior/executive level banking, operational, and/or regulatory experience in addition to certified auditing expertise. This provides our auditors with an informed perspective to prioritize recommendations to increase effectiveness, efficiency, and compliance.
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