PYA’s experts regularly perform internal regulatory compliance testing to assist management in identifying and managing risk and correcting deficiencies in advance of regulatory compliance examinations. We have helped numerous financial institutions in identifying corrective remediation needed ahead of regulatory examinations. Our team also advises financial institutions on compliance strategies in response to legislative and regulatory changes.
Start with the institution’s products, services, customer base, transaction volume, delivery channels, regulatory obligations, complaints, prior findings, and recent changes. Rank risks based on likelihood and potential impact, then define the testing objective, population, method, frequency, owner, and reporting path for each area. The plan should be updated when products, laws, controls, or risk conditions change.
The review may include policies, marketing, application intake, underwriting, pricing, exceptions, denials, servicing, complaints, and relevant data. Apparent differences should be tested for data quality, legitimate explanatory factors, inconsistent treatment, and control failures. The scope should reflect the institution’s products and markets, and legal conclusions should be coordinated with qualified counsel.
Testing should be tailored to the institution’s risk profile and may address the risk assessment, customer identification and due diligence, transaction monitoring, alert and case handling, required reporting processes, training, governance, and prior corrective actions. Reviewers should test whether written procedures match actual practice and whether identified issues are escalated and resolved.
Confirm the examination scope and information request, organize current policies and evidence, review prior findings and remediation, and identify responsible subject matter experts. Management should perform a focused readiness assessment rather than attempting last-minute cosmetic changes. Open issues should be documented accurately, with clear owners, status, supporting evidence, and a plan for any remaining corrective work.
The plan should identify the root cause, specific corrective action, accountable owner, target date, required resources, and evidence of completion. Management should test whether the revised process or control operates consistently and determine whether the issue affects other products, locations, or regulations. Significant or overdue items should be reported through the appropriate management and board governance channels.
Over our 40-year history, PYA has consistently delivered high-value advisory services to our national client base. Our team is deployed to develop custom plans using proven approaches and work plans.
Private ownership means we answer only to our clients, not to third-party investors, giving us the freedom to be thorough and thoughtful in our work. We judge our success by our clients’ success.
We value long-term relationships and work hard to maintain them. Our commitment to client relationships and the communities we serve remains constant.
PYA has a reputation among clients for responsiveness. PYA's goal is to respond to calls and emails within 24 hours when possible.
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