Enhanced Internal Procedures for Financial Services Regulatory EngagementsBy: CrossCountry Consulting
McLean, VA – CrossCountry Consulting is pleased to announce further enhancements of its internal policies and procedures related to Financial Services regulatory engagements. These enhancements come on the heels of issues that have appeared in the media with regard to the efficacy and independence of consulting firms that have been hired in the past by Financial Institutions at the behest of a Financial Services regulator.
Firms that are engaged as independent consultants must actively safeguard that independence and proactively act in a manner that assures the integrity of their deliverables, particularly in cases where the consultant has been engaged at the behest of a regulatory agency.
CrossCountry Consulting Co-founder, Erik Linn said, “Although CrossCountry has never had any of the independence issues plaguing some of the firms that have been mentioned in the press recently and has always had strong internal procedures, we nonetheless felt this was an opportune time to differentiate ourselves within the industry as being one of the leading firms with regard to strict internal policies around Financial Services regulatory engagements.” The enhancements to CrossCountry’s internal procedures reflect recent guidance provided by the New York State Banking Regulator and include:
Engagement Letter Changes – Changes to the standard Engagement Letter for regulatory engagements delineating how client disagreements will be handled, procedures for deliverable reviews as well as ongoing regulator communication.
Project Onboarding Policy Updates – Updates reflecting the more comprehensive onboarding procedures for engagement teams involved in regulatory projects.
Regulatory Engagement Policies – Internal guidelines that engagement teams will follow for regulatory engagements including document and email handling and ongoing client and regulator communication.
Co-founder Dave Kay added, “While most of our consultants have ‘Big Four’ experience, the fact that the team is together now in a private firm, where no audit services are provided, allows us to avoid the independence issues that others face. That fact, combined with our rigorous internal controls and the Financial Services acumen of our team, places us in a good position to perform the independent oversight role that a Financial Services regulator is often looking for.
CrossCountry Consulting is an independent advisory firm providing finance, accounting, and operational consulting services to help leading organizations respond to opportunities, address complex change and improve operations. CrossCountry is comprised almost exclusively of former Big Four professionals with deep experience in finance/accounting, process and technology improvement projects, and internal control assessments. For more information, please visit us at www.CrossCountry-Consulting.com.