Watch List Automation & Look Back Reviews
Financial institutions use the watch list from the Office of Foreign Asset Control (OFAC) and other lists developed internally or from third parties to validate the names of customers and transactions. If the watch list is not updated or if all the fields in a transaction are not scrubbed, the risk is so serious that it has forced financial institutions to close their doors.
In a watch list “look back” audit the financial institution’s historical transactions previously investigated and possibly reported are reviewed and reexamined. Utilizing proprietary software that is installed and utilized for the duration of the engagement the financial institution sets match parameters, historical transaction date ranges and watch lists to examine. The application simply runs the process to search for possible matches of both names and data strings. The results of the audit are then worked by compliance and audit to determine if there were legitimate differences from the first investigation and document the reasons why discrepancies exist.

Vendor Compliance Audits
Vendor Management has taking front stage with examiners, regardless of industry. The only way to know whether your organization is at risk or in compliance is by undertaking a vendor compliance audit. Sydel consultants offer this audit service that reviews the following key items: