Crossing $1 billion in assets? Our team of professionals can help! New doesn’t have to be overwhelming. We have the knowledge and experience to help you implement and meet the requirements of the Federal Deposit Insurance Corporation Improvement Act (FDICIA) Part 363.
Four-Step Implementation Approach
Phase 1: Planning & Management Education
The first phase of FDICIA implementation is all about setting priorities. We listen to your needs and establish expectations for how the process will work. We also coordinate with your organization’s leadership team to determine roles and foster effective cooperation.
Phase 2: Internal Control Documentation
The second phase of implementation focuses on documenting and evaluating risk associated with financial statement line items. We use an established framework to help you design and implement effective controls. This helps prep for testing and recommendations.
Phase 3: Testing
Testing is the third phase of FDICIA implementation and will be based on the strategy developed working together with your team. Our advisors will take a deeper look into any potential weaknesses and then retest them after revisions have been made.
Phase 4: Reporting
The fourth phase of implementation involves reporting the results of our analyses. Our trusted and experienced professionals at FORVIS will step back, create a holistic picture of your process, and then provide you with clear and actionable recommendations.
Our four-step approach to FDICIA implementation is tailor-made to help your institution tackle everyday challenges. We can assist with documenting your control environment, selecting key controls over financial reporting, and testing to assess whether controls work properly. We also can help test whether internal control over financial reporting (ICFR) is being followed consistently. You can rely on our advisors to recommend strategies to help improve efficiency in certain areas of operation. Whether you are just getting started or quickly adjusting due to rapidly evolving regulations, FORVIS can help shoulder the load.
If you have further questions about the FDICIA process or need help with your implementation, please reach out to Stephanie Rocco.