In the latest episode of our Risk & Accounting Advisory podcast, National Technology Business Development Leader Marc Montoro, Leader is joined by Information Assurance & Cybersecurity Senior Managers Keith Jackson and Brian Kirk. Together, they discuss the basics of the HITRUST Framework, exploring its evolution from a healthcare focus to an industry-agnostic standard. Their conversation is packed with insights. From the foundational elements of High Trust to its benefits and strategic advantages, discover how this robust framework can set your business apart. Tune in to learn why HITRUST certification might be your next step in safeguarding sensitive information and achieving compliance across various sectors.

Listeners will learn:

• What is HITRUST CSF?
• The benefits of being HITRUST Certified
• The different types of HITRUST Certification and the pros and cons of each
• How to become HITRUST Certified

Related Insights

• CPE Webinar: HITRUST CSF: A Comprehensive Overview

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In the latest episode of Cherry Bekaert’s Risk & Accounting Advisory podcast series, Neal Beggan, is joined by Steven Ursillo and Dan Sembler, both partners in our Information Assurance & Cybersecurity practice. During this episode they discuss the many benefits of Service Organization Control (SOC) 2 reports, such as security insights, gaining customer trust and risk management, and how those benefits bring value to a company. Listeners will also discover how to prepare for SOC 2 and what to expect during a SOC 2 report, as well as the different types of SOC 2 reports.

Tune in to learn more about:

• The value of SOC 2 and potential benefits
• How a SOC 2 report differs from a SOC 1 examination
• The components of a SOC 2 report and how to prepare

Other Relevant Guidance

• A Comprehensive Guide to SOC 2 Reporting: Webinar Recording
• The Impact of a SOC 2 Report on Your Organization Value and Customer Relations
• A Guide to Understanding Service Organization Control (SOC) Reports

Questions? Contact Us

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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

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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

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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

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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?

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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

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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?

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