Best Practices for Tracking and Implementing Regulatory Changes
In today’s regulatory environment, change is accelerating. Financial institutions and fintech companies face an evolving patchwork of rules from federal and state regulators, each with its own expectations, timelines, and interpretations. From new consumer protection...
5 Tools and Services that Are Reshaping Compliance
In today’s fast-paced regulatory environment, staying compliant includes building an ecosystem of tools and partnerships that support scalable, efficient, and audit-ready operations. As financial institutions and fintech companies navigate evolving expectations from...
Building a Risk-Based Audit Plan: Maximize Efficiency, Minimize Disruption
Audit programs shouldn’t be driven by tradition - they should be driven by risk. Many organizations still follow fixed audit cycles that allocate the same level of scrutiny to every department or function, regardless of risk level. While this approach may seem...
5 Practical Steps to Boost Internal Audit Efficiency
Internal audit efficiency are essential for maintaining compliance, identifying risk, and strengthening internal controls - but too often, they become time-consuming, disruptive, and resource-draining. Between tracking down documentation, managing cross-departmental...
How Leveraging the Right Audit Firm Can Save You Time, Money, and Stress
Audits are a critical part of maintaining a strong compliance program, but for many organizations, they can feel overwhelming, time-consuming, and costly. From gathering documentation to managing internal disruptions, a poorly executed audit can quickly spiral into a...
The Importance of Ongoing Due Diligence: What Triggers It and How to Respond
In today’s evolving risk environment, customer due diligence doesn’t end once an account is opened. Regulatory expectations—and practical risk management—require organizations to perform ongoing due diligence to monitor customer activity over time and respond to...
What Makes an Effective Independent BSA/AML Audit?
Whether you're a financial institution or a fintech company, regulators expect your BSA/AML audit to go beyond the basics and provide a comprehensive, risk-based evaluation of your program's effectiveness. Yet not all audits are created equal. A generic checklist or...
The Ultimate Guide to Building a Strong BSA/AML Compliance Program: Core Components Every Organization Needs
Financial institutions and fintechs are under increasing pressure from regulators to implement effective systems that detect and prevent money laundering, terrorist financing, and other illicit activities. A single breakdown in compliance can result in significant...
The Importance of Risk Assessments in a Comprehensive Risk Management Strategy
Risks are everywhere - cyber threats, regulatory challenges, operational inefficiencies, and market fluctuations. Each of these risks, if left unaddressed, can lead to severe consequences, from financial losses to reputational damage. But how can organizations...
Top Risk Management Trends in 2025
As the risk landscape evolves, organizations face increasing challenges in managing threats that are becoming more complex, diverse, and difficult to predict. From regulatory changes to cybersecurity threats, the stakes are higher than ever before. Staying ahead...
14 Ways to Enhance Risk Management Processes in 2025
Risk management is the backbone of any successful organization. With regulatory landscapes constantly evolving, emerging threats like cybersecurity breaches and fraud, and heightened scrutiny from regulators, having a robust risk management process is essential. Yet,...
Top Audit Priorities for Community Banks in 2025
Community banks are the backbone of local economies, providing essential financial services to individuals, families, and small businesses. However, their pivotal role comes with unique challenges, including increasing regulatory scrutiny, evolving compliance...
Internal Audit Tips to Start 2025 Off Right
If you're looking for proven internal audit tips to start the year with a bang, then you're at the right place. As we enter 2025, financial institutions are navigating an increasingly complex regulatory landscape. With heightened scrutiny from regulators and evolving...
The Ultimate Checklist for Selecting an Internal Audit Firm
Selecting an internal audit firm, especially the right one - is one of the most critical decisions a financial institution or fintech company can make. A strong audit partner doesn’t just check boxes for compliance—they provide the insights and strategies needed to...
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Top Audit Pitfalls to Avoid in 2025 [+ Practical Strategies to Overcome Them]
As we step into 2025, financial institutions are facing an ever-evolving regulatory landscape that demands proactive preparation and a laser focus on compliance. Audits are a critical tool for identifying risks, ensuring adherence to regulations, and maintaining...
Top Audit Trends for 2025: How to Stay Ahead of Regulatory Expectations
The financial services and fintech sectors are evolving at a rapid pace, and with that evolution comes heightened regulatory scrutiny and new compliance challenges. As we look ahead to 2025, internal auditors face a landscape shaped by emerging risks, technological...
Brian Montes to Take Reins as CEO of RADD LLC
Rancho Santa Margarita, CA, September 19, 2024 – RADD LLC, is a boutique, compliance and internal audit consulting firm, focusing on Advisory as a Service®, has named Brian Montes as CEO, while Founder Radhika Lipton is stepping into an advisory role at the firm. Montes has been a consultant with RADD since 2019 and running operations and people management full-time for the last 18 months.
What to Expect in Your Final Internal Audit Report
In this blog, we’ve highlighted the critical components of a comprehensive internal audit report and underscored the importance of thorough, insightful auditing for effective risk management and compliance. From risk ratings and identified issues to actionable remediation recommendations and follow-up plans, a well-crafted audit report is essential for driving strategic improvements within your organization.
Understanding FinCEN’s New AML/CFT Program Rule: A Modern Approach to Compliance
The new FinCEN AML/CFT rule represents a significant shift for financial institutions, requiring them to modernize their compliance programs and align closely with FinCEN’s national priorities. Proactive compliance is no longer optional; it’s essential to protect against emerging threats and to meet evolving regulatory expectations. Financial institutions must begin preparing now by enhancing risk assessments, updating policies, and integrating advanced technologies to ensure they are fully compliant with the new requirements.
The 3 Stages of Money Laundering and Strategies to Combat Fraud
In an era where money laundering and fraud are becoming increasingly sophisticated, financial institutions must take proactive measures to protect themselves and their customers. By understanding the three stages of money laundering—placement, layering, and integration—and implementing effective strategies to combat fraud at each stage, institutions can significantly reduce their risks and ensure compliance with regulatory requirements.
Securing Your Transactions: How to Prevent Wire Transfer Fraud and Minimize Risks
Wire transfer fraud poses significant risks, but with proactive measures, your organization can protect itself from substantial losses. By understanding common fraud schemes, implementing strong internal controls, educating employees and clients, leveraging advanced technology, and preparing a robust response plan, you can minimize the risk and impact of wire transfer fraud.
Understanding the Federal Reserve’s Top Supervisory Concerns and Findings for 2024
In 2024, the Federal Reserve’s focus on credit risk, market and liquidity risk, and the adequacy of risk management infrastructures highlights the critical need for financial institutions to strengthen their risk management and compliance frameworks. The supervisory findings have revealed significant gaps in areas like IT and operational risks, internal controls, audits, and BSA/AML compliance, underscoring the urgency for institutions to address these issues.
The Importance of Internal Audits in Financial Institutions: Ensuring Compliance and Risk Management
Internal audits are indispensable for financial institutions, serving as a critical mechanism for maintaining compliance, managing risks, and enhancing overall business operations. By systematically evaluating and improving internal controls, internal audits help institutions navigate the complexities of the regulatory environment, protect against potential risks, and support strategic decision-making. In an industry where the stakes are high, regular and effective internal audits are not just a regulatory requirement—they are a cornerstone of sound governance and long-term success.
Internal Audits and Fraud Detection: How Auditors Can Uncover Fraudulent Activities
Internal audits are indispensable in the fight against fraud within financial institutions and fintech companies. They provide a critical check on the effectiveness of internal controls, offer insights into potential vulnerabilities, and play a key role in uncovering fraudulent activities that can otherwise go unnoticed. By conducting thorough risk assessments, evaluating internal controls, and employing advanced techniques like data analysis and transaction testing, internal auditors help organizations not only detect fraud but also strengthen their overall defense against it.
Navigating Regulatory Changes Through Internal Audits: Keeping Your Institution Compliant
As the regulatory landscape continues to shift, financial institutions must proactively adapt to stay compliant. Internal audits are a vital tool in this effort, helping to identify regulatory gaps, strengthen internal controls, and enhance risk management. By embracing emerging trends and leveraging technology, institutions can future-proof their compliance strategies and effectively navigate the complexities of global regulations.
Ensuring Effective BSA/AML Management: Key Resources and Strategies for Compliance Success
Effective BSA/AML management is essential for compliance and protecting against financial crimes. Adequate resources, including skilled staff, advanced technology, and strong internal controls, are crucial. However, these must be supported by a proactive approach and a culture of compliance to truly be effective.
Choosing the Right Audit Firm What to Look for in an Effective Audit Program
Selecting the right audit firm is a pivotal decision that can significantly impact your organization’s ability to manage risks, comply with regulations, and achieve operational excellence. The right firm brings industry-specific expertise, a tailored approach, proven methodologies, and a commitment to continuous improvement—ensuring that your audit program is not only effective but also a strategic asset to your organization.
Internal Audit Services: How to Craft a Winning Request for Proposal
Crafting a winning RFP is a critical step in ensuring a successful internal audit process, but it’s just the beginning. A well-crafted RFP can help you attract the right audit firm, but partnering with a trusted and experienced provider is what truly drives value for your organization. At RADD, we specialize in delivering tailored internal audit services that address the unique needs of financial institutions and fintech companies.
Counterfeit Check Fraud in Banking
Counterfeit check fraud remains a significant threat in banking, even as technology and security measures advance. Fraudsters use sophisticated techniques to create fake checks that closely resemble legitimate ones, making detection challenging. This type of fraud can...
How to Craft an Effective Internal Audit Risk Assessment
In today’s rapidly evolving business landscape, the importance of a robust internal audit function cannot be overstated. At the heart of every successful internal audit lies a well-crafted risk assessment, a critical process that helps organizations identify,...