Case Study Nine: Reconciliation, Remediation, & Control Stabilization - $11B Public Bank

Remediation / Regulatory

Details

A publicly traded bank with over $11 billion in assets experienced a breakdown in reconciliation procedures within outsourced transaction processing, resulting in control weaknesses, unreconciled balances, and regulatory scrutiny from state and FDIC examiners.

Engaged by the CFO, COO, and Controller’s Group to document processes, identify control gaps, implement remediation plans, and lead reconciliation of prior-period transaction discrepancies in coordination with operations and IT.

• Identified control weaknesses and implemented remediation plans, including automated reconciliation controls
• Documented end-to-end transaction flows and strengthened control environment
• Reconciled two years of out-of-balance transactions to meet audit and regulatory requirements
• Recovered significant amounts from other financial institutions
• Supported successful claim and settlement with outsourced vendor due to control failures
• Strengthened compliance posture with regulators, including FDIC and state examiners
• Extended engagement with ongoing project leadership, leading to permanent placement of a reconciliation team leader