Client Profile

Issue

A quasi-government agency that facilitates higher education student loans underwent an FFIEC audit. Findings revealed significant deficiencies in the agency’s information technology (IT) controls. The agency’s internal controls staff did not have the expertise to monitor IT risks, and the agency had difficulty retaining qualified personnel, so it sought external assistance.

Solution

The client contracted with CBIZ to provide a full outsourcing of their IT Audit function. We established an end-to-end audit solution that consisted of a comprehensive enterprise risk assessment, a four-year cyclical audit plan and execution of a variety of high risk IT audits.Our audit activity covered all elements of the governance and infrastructure, including but not limited to, design and architecture, system development life cycle (SDLC), information classification and data management (including data analysis), logical and physical security, and operational effectiveness and efficiency. The success of our audit work led to additional advisory services related to several strategic initiatives and implementations, as well as requests to provide further strategic support to internal audit leadership.

Outcome

Our work with the client was recognized by the FFIEC as “high quality.” As a result, management expanded the support from CBIZ for future years. We identified multiple areas for efficiency and financial improvement, including the review of one specific IT system that yielded the agency more than $2 million in savings.

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CBIZ MHM is the brand name for CBIZ MHM, LLC, a national professional services company providing tax, financial advisory and consulting services to individuals, tax-exempt organizations and a wide range of publicly-traded and privately-held companies. CBIZ MHM, LLC is a fully owned subsidiary of CBIZ, Inc. (NYSE: CBZ).