Internal Audit
Specializing in satisfying internal audit requirements for mortgage lenders.
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With Fannie Mae and the Consumer Financial Protection Bureau (CFPB) leading the charge, the GSEs have emphasized the need for approved sellers/servicers to have a comprehensive, written internal audit plan to evaluate and monitor the quality of their loan servicing and origination functions. While many lenders employ compliance officers and have a quality control plan in place, these alone do not fully satisfy the requirements of an independent internal audit function, free from operational influence.
With nearly 40 years of experience serving lenders across the country, Richey May has developed a suite of services to satisfy the independence requirements of the CFPB and GSEs. Whether through a co-sourcing collaboration with your existing internal audit team, or as your outsourced third-party internal auditors, our mortgage industry professionals provide the expert guidance you need to maintain compliance, reduce risk and improve efficiencies.
Firm Memberships
Richey May is a member of The Institute of Internal Auditors® (IIA®), the leading international professional association dedicated to setting the standard for excellence in the internal auditing profession. With more than 185,000 members worldwide, The IIA® provides comprehensive professional educational and development opportunities, standards and other professional practice guidance, certification programs and industry best practices to the profession.
Interested in learning more about internal audit requirements?
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The Process
Phase One
Comprehensive Risk Assessment Framework
Assist clients in developing their risk assessment framework
Phase Two
Audit Program Design
Consult on the design of policies and procedures, including the design of internal audit programs and testing procedures to ensure compliance with the CFPB and GSEs.
Phase Three
Ongoing Assessment and Testing
Perform ongoing tests and assessments as notated in the internal audit programs, report on the results to the audit committee and assist in the correction of issues identified.
MITIGATE RISK IN UNCERTAINTY
Our IT Audit services help organizations assess their IT internal controls, identify risks, and ensure compliance with applicable laws and regulations.
In today’s rapidly changing climate, identifying areas of weakness in your technology is more critical than ever. Our specialized IT Internal Audits help organizations understand and manage risks in their IT environment.
Moving beyond assessing the risks and testing the controls to mitigate them, Richey May’s team of experts creates substantive audits that provide meaningful insights and action plans to strengthen your internal controls and improve your IT security posture, accuracy, and processing abilities.
IT Internal Audit Services
At Richey May, we provide a full range of IT Internal Audit services to keep you up-to-date and in
compliance with the everchanging regulatory environment. Our services include:
IT Risk Assessments
We evaluate critical IT areas and applications in your organization to identify potential control weaknesses and develop actionable recommendations for improvement.
Compliance Reviews
We review existing policies, processes, and systems to ensure compliance with relevant laws, regulations, and other standards, such as GDPR & CFPB.
IT General Controls Testing
We test the design and operating effectiveness of your ITGC’s to ensure they are operating as intended and inline with best practices and industry standards.
Security Audits
We analyze the security of your systems and networks to identify potential vulnerabilities and recommend improvement solutions.
IT SOX
We partner with management to perform detailed IT SOx control testing and provide meaningful recommendations and identify critical weaknesses.
Co-Sourced IT Internal Audit
We partner with management and handle IT Internal Audit projects or needs, as well as provide staff augmentation to supplement costly resource constraints.
By conducting an annual IT Internal Audit, you can identify areas of weakness in IT operations, update and strengthen your controls and navigate the evolving threat landscape.
Richey May’s IT Internal Audit services are comprehensive and tailored to your needs. Our team of experienced IT Internal Audit professionals will work with you to develop a customized assessment tailored to your organization’s specific needs.