Cherry Bekaert: Risk & Cybersecurity

In the latest episode of our Risk & Accounting Advisory podcast, the second of a two-part series, Nate Regimbal, Digital Advisory New Practices & Solutions Leader, joins Sam Halaby, Senior Manager in Risk Advisory, and Dan Gallagher, from the Firm’s Information Assurance & Cybersecurity practice, to discuss Anti-Money Laundering Model (AML) Testing & Monitoring best practices. Their conversation provides insight into conducting model testing, the importance of ongoing monitoring and how to perform ongoing monitoring. This episode provides an outline of the AML Validation components a financial institution should review to ensure the accuracy of the AML data and alerts, and compliance with regulatory requirements.

Listeners will learn about:

• What to focus on during set-up and validation of model-testing and the aspects of each testing area
• Why ongoing testing is important and how to perform periodic testing
• The key limitations of Anti-Money Laundering Models 

Related Resources 

• Anti-Money Laundering (AML) Model – Part 1
• Podcast: Data Management Best Practices for Financial Institutions
• Regulatory Compliance Digest | September 2023 

Questions? Contact Us 

View All Podcasts from this Series

In the latest episode of our Risk & Accounting Advisory podcast, Neal Beggan, Risk Advisory Leader, and key leaders from Cherry Bekaert’s Risk Advisory SOX practice, Yani Diaz and Peyton Black, discuss SOX “hot buttons” to look out for as 2023 comes to an end. Their conversation delves into auditor reliance, Public Company Accounting Oversight Board (PCAOB) audit standards and changes in SOX regulatory compliance.  

Listeners will learn about:

• How PCAOB regulations and auditor reliance testing affect your business
• How new SEC regulations and ESG reporting overlap with SOX
• What companies can do to prepare for coming SOX & PCAOB changes

Related Resources 

• Podcast: Data Management Best Practices for Financial Institutions
• Podcast: “SOX Lite” Compliance Services
• Examining the Differences Between SOX 404a and 404b

Button: Questions? Contact Us

View All Podcasts from this Series

The latest episode of our Risk & Accounting Advisory podcast begins the first of a two-part series where Nate Regimbal, Digital Advisory New Practices & Solutions Leader, joins Alan Swan, Digital Advisory Managing Director, along with Audrey Magennis and Dan Gallagher from the Firm’s Information Assurance & Cybersecurity practice, to discuss Anti-Money Laundering Model (AML) Validation and Optimization best practices. Their conversation illuminates the importance of using a methodology, data capture and execution within the context of AML optimization and Validation. This episode provides an outline of the AML Validation components a financial institution should review to ensure the accuracy of the AML data and alerts and compliance with regulatory requirements.

Listeners will learn about:

• The importance of establishing validation and optimization methodologies for Anti-Money Laundering Models
• How to create, document and execute an effective validation framework
• Current regulatory guidance and State level requirements for Anti-Money Laundering Model validation

Related Resources 

• Podcast: Data Management Best Practices for Financial Institutions
• Regulatory Compliance Digest | September 2023
• Regulatory Compliance Digest | August 2023

Questions? Contact Us

View All Podcasts from this Series

In the latest episode of our Risk & Accounting Advisory podcast, Neal Beggan, Risk Advisory Leader, and key leaders from Cherry Bekaert’s Risk Advisory SOX practice, Gareth Montague-Smith and Peyton Black, discuss the concept of SOX “Lite,” a controls diagnostic service for smaller or private companies that can help prepare companies to go public, help remediate material weaknesses or significant deficiencies, provide efficiencies for companies facing difficult audits and more. Their conversation analyzes what type of client would benefit from a SOX “Lite” program and how the service is performed.

Listeners will learn about:

• Why a company might need “SOX Lite” compliance services 
• How the service is implemented and how it differs from a traditional SOX program
• Potential benefits to the company

Other Relevant Guidance

• 2023 SOX Compliance Reporting: How to Prepare & Lessons Learned
• Examining the Differences Between SOX 404a and 404b
• Are You Ready for Enhanced Cybersecurity SEC Reporting Requirements?

View All Podcasts from this Series

In the latest episode of our Risk & Accounting Advisory podcast, Neal Beggan, Risk Advisory Leader, and key leaders from Cherry Bekaert’s Risk Advisory SOX practice, Gareth Montague-Smith and Peyton Black, discuss the concept of offshoring and some key considerations for companies evaluating whether to use the offshore ability of their service providers. Their conversation analyzes key considerations from both the client’s and service provider’s viewpoint.

Listeners will learn about:

• Key considerations for offshoring and potential benefits from both the service provider and the client’s perspective.
• Establishing a formalized process for reviewing deliverables, scheduling and training.
• Identifying the right projects and tasks (e.g., high volume and low-risk control testing) to offshore strategically, so that your onshore and offshore teams succeed.

Other Relevant Guidance

• 2023 SOX Compliance Reporting: How to Prepare & Lessons Learned
• Examining the Differences Between SOX 404a and 404b
• Driving SOX Compliance: Cannabis Licensed Operators Embarking on a SEC Compliance Journey
• Are You Ready for Enhanced Cybersecurity SEC Reporting Requirements?

Questions? Contact Us

View All Podcasts from this Series

In today’s digital age, it’s imperative to manage your organization’s data for policies, procedures and best practices to maintain the system integrity and performance. On this episode of the Risk & Accounting Advisory podcast, join Neal Beggan, Partner and Cherry Bekaert’s Risk Advisory Practice Leader, and Alan Swan, Managing Director and Risk & Data Management Leader, as they dive into data management and emerging technologies, their institutional impacts and how banks provide a unique customer experience, while remaining competitive in the marketplace. They explore how digitization impacts the Financial Services industry, and how small and mid-sized institutions can leverage data to:

• Generate revenue,
• Improve business performance,
• Elevate business processes and 
• Create an environment for digital transformation.

Neal and Alan expand on how to remain competitive by outlining the foundations to strong data governance, including establishing the right process, selecting a vendor, implementing solutions and identifying the right resources to manage your organization’s data. Finally, they look at regulatory requirements and how data assets can assist in more robust and effective reporting. 

Cherry Bekaert’s Risk Advisory practice is focused on helping the Financial Services industry protect value, power performance and build resilience with mature internal controls, data governance and risk management services. We do this by leveraging technology to alleviate financial, operational and compliance risks using purpose-built risk management solutions that cost effectively diagnose, mitigate, and monitor risk.

Additional Resources:

• Article: How to Introduce Data Analytics into Your Organization
• Podcast: How to Build a Data-Driven Culture in Your Organization
• Article: Identifying Anomalies Through Risk Analytics: What is Your “Normal”?
• Podcast: What is Risk Analytics and Why is it Important? 

View All Podcasts from this Series

As SEC filers prepare for the 2023 SOX compliance reporting season, public companies must evaluate their organization’s internal controls, policies and procedures, and IT systems, including user access reviews. Another common issue surrounds significant and unusual transactions, understanding the risks, and designing and testing controls to offset those potential risks.

On this episode of the Risk & Accounting Advisory podcast, Neal Beggan, Partner and Risk & Accounting Advisory Leader, welcomes two of the practice’s Managing Directors, Gareth Montague-Smith and Peyton Black. Together, they look back on hot button topics and lessons learned from the 2022 year-end SOX engagements. 

For more information on SOX compliance or how your company can prepare, assess overall trends and benchmarking in the SOX regulatory landscape, and stay in compliance and proactively tackle any current or prior year issues, reach out to our Risk & Accounting Advisory SOX practitioners today.

View All Podcasts from this Series

Following a previous Risk In Review podcast episode on Sustainability in Business and the Future of ESG, Neal Beggan, Leader of the Firm’s Risk Advisory practice, and Ved Gupta, our Risk Advisory guest, outline considerations if you are starting the corporate sustainability journey and establishing a long-term ESG program. Together they identify where to start in the ESG program, define its purpose, explain the components of a well-designed ESG program and finally highlight key pillars to ensure an ESG program is fully integrated within an organization’s business strategy.  

If you have questions about corporate sustainability or want to evaluate an ESG program for your organization, consult your Cherry Bekaert advisor or contact our professionals in Cherry Bekaert’s Risk Advisory practice.

Related Guidance

• Sustainability in Business and the Future of ESG
• Most Frequently Asked Questions About the Growing Movement of Environmental, Social, and Governance (ESG) in the Corporate Sphere

View All Podcasts from this Series

On this episode of the Risk & Accounting Advisory podcast, we continue the Risk In Review series as we explore internal audit plans and a few common mistakes that often occur during the development of the annual internal audit plan.  Establishing a sound audit plan and internal controls framework can ensure your organization is protecting against fraud and misuse, creating organizational efficiency, financial stability, integrity, and meeting any regulatory compliance requirements. Our risk professionals examine all aspects of internal audit planning including when to start planning, carry over audits to be considered, incidents that require special projects or reporting, inclusion of senior management in the audit planning process, linking your audit plan to your organization’s strategic plan and goals and finally, utilizing a risk assessment. 

Cherry Bekaert’s Risk Advisory practice is focused on helping our clients protect value, power performance, and build resilience with mature internal controls and risk management practices. 

If you need assistance with your internal audit function, developing a comprehensive internal audit plan, or having a risk assessment conducted, please reach out to our risk advisors.

View All Podcasts from this Series

On a recent episode of the Risk & Accounting Advisory’s Risk-in-Review podcast, our risk leaders cover the very important topic of sustainability and Environmental, Social, and Governance (ESG). The term ESG is a relatively new corporate governance approach that many organizations have adopted or are evaluating over the past few years in response to external and internal forces like regulators, investors, employees, third party vendors, and other stakeholders to meet profitability goals, and advance diversity and inclusion and environmental initiatives within the organization.

The discussion covers the following to luminate the importance of this initiative:

•  Defining sustainability and how it impacts the ecosystem
• Benefits and barriers to implementing ESG
• Regulatory guidance on ESG
• Next steps and where to go from here in your ESG journey

Related Podcasts in the Risk in Review Series

•  SOX 404b versus 404b
• 2022 SOX Section 404 Considerations & Summer Planning
• Third-Party Risk Management and How It Can Add Value and Drive Success Within Your Organization
• What is Risk Analytics and Why Is It Important?
• Taking a Closer Look at the New SEC Cybersecurity Proposed Rule Changes and its Potential Impact on Companies 

View All Podcasts from this Series