Many smaller institutions outsource both internal and compliance audits and find it cost effective versus trying to find, retain and train staff internally to perform the functions and also keep that staff independent from the areas being audited.
At $1B, this avenue is still probably just as cost effective in some areas, however you still will need someone on board to manage your FDICIA internal control assessment process. While some firms claim they can handle this for you, even I who has been doing this type of work for years, would not be comfortable relying on the entire process being outsourced.
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