Internal Audit Advisory
A strong internal audit function provides more than assurance – it offers insight, foresight, and a foundation for smarter risk management. At CNM, we take a risk-smart, insights-driven, and tech-enabled approach to internal audit, partnering with companies to build, enhance, and co-source programs that align with business objectives while addressing evolving regulatory, operational, and technology risks.
Our experienced professionals deliver practical, risk-based solutions that add value and drive continuous improvement.
Internal Audit Advisory
In today’s rapidly changing business climate, with unprecedented regulatory pressures and market expectations, many organizations face ongoing challenges to improve the effectiveness of their internal audit functions. An increasing number of these organizations find it hard to get the specialized skills needed for a high-performance, cost-effective internal audit function. Many organizations recognize the benefits of having a strategic partner that can assist with an existing internal audit function or provide a fully outsourced solution.
CNM can customize a solution depending on your specific internal audit needs. We will help you identify internal audit areas that represent key operational, compliance and strategic risks to your organization. We will work with you to find flexible, cost-effective solutions for achieving your company’s objectives.
The CNM Approach
Maximizing Internal Audit Value
Risk-Focused Addressing both current and emerging risks across operational, financial, compliance, and technology domains, tailored to your industry and organizational priorities.
Integrated Expertise Bringing together Business Process and IT Internal Audit professionals to deliver comprehensive, end-to-end assessments that span governance, controls, and technical risk areas.
Business-Aligned Translating audit findings – from process gaps to IT vulnerabilities – into practical, real-world recommendations that strengthen decision-making and align with your strategic objectives.
Experienced Team 100% senior practitioners with Big 4 and industry backgrounds – no entry-level auditors – ensuring engagements are led by proven professionals who understand both BP and IT environments.
Collaborative Delivery Partnering closely with your teams to promote efficiency, knowledge transfer, and sustainable improvements across both business and IT functions.
Proven Methodology Leveraging tested frameworks, tools, and accelerators to deliver timely, high-quality results while ensuring BP and IT risks are addressed in an integrated manner.
Internal Audit Advisory Services
Internal Audit (IA) Full Outsourcing, Co-source Models
We have provided a full range of Internal Audit services to our clients including fully outsourced or co-sourced internal audit functions in various industries.
We can assist your organization in establishing a new internal audit function and developing an internal audit approach focused on high-risk areas rather than the traditional compliance-based approach. We have the resources to conduct all the agreed-upon internal audit reviews throughout the year.
Under a co-sourcing arrangement, we will work directly with your internal audit department under our tried-and-true method of team integration: one team, one goal. We can provide specialized skills and subject matter experts on ad-hoc reviews and projects.
Establishment of a new IA function for both a private or newly public entity in accordance with IIA’s new Global Internal Audit Standards. IA’s ultimate goal should be to provide any organization with value-added IA services that help identify risk, provide valuable internal control and operational improvement opportunities, and actionable recommendations and solutions.
Integration of COSO’s 2013 internal control framework by designing and mapping your control environment to COSO’s seventeen principles, which represent the fundamental concepts of effective internal control.
Identification and assessment of enterprise-wide risks to the company including documentation of significant risks and how they threaten the achievement of strategic objectives. Based on the company’s internal audit risk assessment, development of the audit universe and proposed IA plan which consider risk, budget, timing, and resources.
Development of corporate policies and procedures governing areas such as finance and accounting, regulatory compliance, IT and HR. CNM can further assist with implementation and training of new policies.
CNM utilizes a structured methodology to optimize our clients’ business processes. Our approach is value-based, meaning we focus on functions experiencing significant operational inefficiencies, control gaps, inaccurate reporting, shifting market demands, or new regulatory requirements. This approach enables our team to focus on areas of highest importance to our clients when assessing gaps, providing value-add process-oriented recommendations, and implementing those recommendations in our clients’ environment. Typical deliverables of our services include the following:
- As-is Process-level Documentation
- Process-level Control Gap Assessment and Recommendations
- Future State Remediation Action Plans
- Implementation Roadmap
- Future State Process Documentation
To learn more about our Business Transformation practice, please visit our Business Transformation Advisory page.
CNM supports organizations in building strong ethical foundations and mitigating fraud risks through practical governance, policy, and compliance measures. Our services in this area include:
- Fraud Risk Assessment
- Establish & Maintain a Fraud & Ethics Hotline
- Draft & Implement a Code of Conduct
- Fraud Prevention Policies & Awareness Programs, including Foreign Corrupt Practices Act (FCPA), Bribery Act of 2010, Organization for Economic Cooperation & Development (OECD) Anti-Bribery Convention, and Bank Secrecy Act (BSA) / Anti-Money Laundering (AML)
CNM has a full-service cybersecurity and data privacy practice. To learn more about our Cybersecurity & Privacy Advisory services, visit our our Cybersecurity page.
Quality assurance reviews assess whether audit activities align with professional standards, internal policies, and regulatory expectations. These reviews help identify opportunities to enhance audit quality, consistency, and effectiveness. They also provide assurance to stakeholders that the internal audit function is operating with integrity and delivering value. CNM can deploy technical training to the internal audit team in response to any quality findings.
IT Internal Audit
Technology underpins nearly every aspect of business today, and with it comes a complex set of risks. While traditional Internal Audit rightly focuses on financial controls, compliance, and process improvements, these areas can sometimes overlook critical IT exposures that have the potential to erode an organization’s market value.
CNM’s IT Internal Audit team brings together seasoned IA professionals and specialized IT expertise to help identify, assess, and mitigate technology risks. Working seamlessly with our Business Process Internal Audit team, we deliver coordinated, efficient engagements that address both business and technology risks in a unified approach.
We focus on both current and emerging threats, tailoring each engagement to your industry, regulatory environment, and IT landscape. Our team translates technical findings into actionable business insights, builds your organization’s understanding of IT risk, and enhances your ability to communicate these risks to executive stakeholders, the Audit Committee, and the Board. By leveraging proven tools, accelerators, and the experience of senior practitioners – never entry-level auditors – we ensure your Internal Audit function is equipped to navigate today’s complex IT environment and strengthen enterprise-wide risk mitigation.
We partner with Internal Audit to assess the company’s IT risk management processes and mitigation responses.
- IT Governance & Risk Assessment
- IT IA Strategy & Planning
- Data Governance
- AI Governance
We assist you in evaluating the IT building blocks of your company, how they interrelate, and risks presented by IT interdependencies.
- Information Security
- Cloud
- Cybersecurity
- Third Party Risk Management
- Digital/ERP Transformation
- Identity & Access Management
- Change Management
- Systems Development
- Asset Management & Configuration
- Business Continuity & Disaster Recovery Planning
- Internet of Things
We collaborate with you to assess compliance processes for efficiency and effectiveness, aligning with regulatory requirements and leading practices, while providing insights to leverage compliance as a competitive advantage.
- Privacy
- Regulatory
- Payments
- Crypto
- SOC Readiness
- User Access Review & Segregation of Duties
We assist Internal Audit in assessing the viability and health of critical projects, including IT initiatives and implementations, to maximize the value IA brings to your company’s accomplishment of its strategic objectives.
Enterprise Risk Management
Macroeconomic, strategic, operational, and compliance-based risks challenge corporate directors and senior management to effectively maneuver their companies to achieve objectives across the organization.
CNM has experienced risk advisory professionals in various industries that will work with you to define, execute, and monitor your risk management strategies and ensure they effectively mitigate risks to achieve enterprise-wide objectives.
Fully outsource or co-source your ERM function with CNM’s experienced professionals to integrate seamlessly with your governance infrastructure.
New implementation of a risk management framework (e.g., COSO ERM Framework) that provides foundations and organizational arrangements for designing, executing, monitoring, reviewing, and continually improving risk management throughout the organization.
Assessment of the client’s existing ERM function/framework against leading frameworks (e.g., COSO, ISO 31000) in order to provide value-add enhancements including structural/procedural recommendations and augmented reporting and automation.
Assess the client’s current governance operating model and provide value-add recommendations for the board and executive management to strengthen their governance framework and policies including a reassertion/clarification of their governance roles, establish board-level risk committees, or appoint chief risk officers (CROs).
Development and execution of a methodology to identify and assess the significance of entity-wide risks to the company and management’s corresponding activities in response .
Based on enterprise-wide risks, execute value-add monitoring audit reviews in accordance with the established ERM governance framework.
Regulatory Compliance
The complexity and changing nature of compliance requirements have caused companies to seek the expertise and resources to stay current. CNM’s professionals have the right skillset to assist with the regulatory compliance process end to end.
Assist organizations in the alignment of firm practices with industry requirements and regulatory guidelines, such as SR 08-08
Assist organizations with creating or enhancing an effective AML program in line with your organization’s AML risk profile, including deep experience performing independent testing requirements
Assist organizations with compliance with federal regulatory rules, regulations and guidelines, including FFIEC, OCC Standards, FRB, FDIC, FINRA
Assist organizations with the implementation of management’s actions to remediate Matters Requiring Attention or Matters Requiring Immediate Attention
Assist organizations with creating or enhancing its fiduciary compliance program in line with regulatory expectations
Assist organizations with services to combat the risk of fraud and managing the investigation and remediation process
Assist organizations with creating an effective monitoring program to detect and prevent deceptive acts
Assist organizations with creating or enhancing their overall compliance with banking specific regulations in line with regulatory expectations including:
- Lending Compliance – Samples include the TILA-RESPA Integrated Disclosure (“TRID”), Home Mortgage Disclosure Act (“HMDA”), Equal Credit Opportunity Act (“Reg B”)
- Fair Lending – Samples include monitoring for potential red lining and steering and prevention
- Deposit Compliance – Samples include Truth in Savings Act (“Reg DD”), and Expedited Funds Availability (“Reg CC”)
- Payments & Third-Party Services Including wire transfers, ACH, and SWIFT
- Affiliate Transactions (Regulation W)
- Corporate Treasury