Internal Audit Co-sourcing Success Story

Top 10 bank in the US

Large Financial Institution sought out Jefferson Wells to provide internal audit co-sourcing support for validation and remediation of MRA issues.

three people sit at conference table

Business Issue

The bank, like many large financial institutions, has significant regulatory compliance requirements. Over the last two years, the Bank had to provide an independent validation of issues related to an MRA regarding retail banking and default mortgages. Jefferson Wells partnered with the client’s internal audit organization to provide a large team of auditors to support the issues validation initiatives. The auditors had to determine if root cause of control breakdowns were addressed, new controls were operating effectively, and that any customer-impacting issues were quantified and appropriately remediated.

Solution

Jefferson Wells was deployed to identify, qualify, and stand up a team of over 20 experienced auditors. The project included the benefits of single point coordination with Risk & Compliance practice director oversight. Jefferson Wells managed and maintained the team flexing with the project as required.

Results

Our solution saved the client significant time in the process and provided about a 30% cost improvement as compared to the previous Big 4 provider.  The experienced industry team, quality assurance performed by the practice director, along with the coordinated and consistent approach and methodology led to an overall improved control environment.