Documenting 100+ Critical Trust Processes 
Under a Tight Audit Deadline 

Overview

‍F2 Strategy helped this mid-sized independent trust company document over 100 procedures to meet a targeted OCC audit on all account onboarding processes, including asset transfer. In order to prepare for the audit, we performed a comprehensive refresh of their procedures. This work specifically focused on risk-mitigating activities and documentation of controls, but also enabled the firm to implement changes to improve efficiency by leveraging existing technology.

Challenge

‍The trust company needed to complete procedure documentation for over 100 procedures within a six-month period to meet an audit and didn't have the skill sets to document linear, audit-friendly procedures, but even if they did, their resources were allocated to serving clients with little extra time.

Outcomes

1. Staffed up quickly. F2 quickly prioritized this project, assigning several experts to the team and maintaining close coordination with the trust company to complete the documentation, identify controls, and improve processes on a fast-track schedule that ultimately led to successfully passing the external audit.
2. Continued maintenance. We use the Process and Risk Governance (PRG) console that we built on Appian Technology to help the trust company evidence its reviews of documentation. Using the PRG Console, we supplemented their internal teams to manage ongoing reviews and meet future subsequent audits.
3. Ensure alignment of upstream and downstream processes. The application also engages stakeholders in reviews to make sure that upstream and downstream processes aren't negatively impacted by any process changes.
   ‍