Leveling Up One Florida Bank’s IT Audit Maturity
Wolf assisted the $1.4 billion Florida bank with developing and executing a robust information technology (IT) audit program that better reflected the increasing challenges posed by their own growth, the regulatory environment, and external risk factors. We executed a much more thorough scope than they had previously experienced, delivering detailed recommendations to management and the board for ongoing enhancements to their security and risk management posture.
Challenge
One Florida Bank of Orlando, FL has grown rapidly from an asset size of $50 million in January 2019 to approximately $1.4 billion in December 2021. With this growth comes increasing expectations from regulatory agencies surrounding governance and audit functions within the organization. One Florida had outgrown their past audit process and coverage, and needed assistance to keep up with these expectations.
Solution
One Florida engaged Wolf’s IT audit experts to plan and conduct a thorough review of high-risk areas within the bank’s information security environment. Working together with the bank’s internal audit department, Wolf also identified opportunities to enhance the IT audit plan with more detailed coverage of specific information security and cybersecurity areas that were key to the bank’s strategic goals.
Throughout the course of the engagement, Wolf personnel worked closely with One Florida’s business unit management teams to discuss our testing approach, gain a comprehensive understanding of the processes, controls, and risks within the audit areas, and reach an agreement on findings and recommendations that would enhance the bank’s risk posture.
Finally, with the learnings from our first year of audit and security assessments with One Florida, we jointly mapped out a detailed, multi-year audit plan that will ensure the bank can effectively manage its risks and demonstrate appropriate governance and oversight going forward.
Wolf's in-depth IT audit and cyber expertise assisted the bank in taking the necessary next steps in improving our overall IT audit plan and security posture. That, coupled with Wolf's extensive financial institution experience, made for a great audit, and we look forward to a long-term relationship with Wolf.
Eric Nadeau
CFO/COO
One Florida Bank
Result
Wolf’s industry experience and technical expertise improved the execution of One Florida Bank’s IT audit and cybersecurity testing, as well the quality of the output.
We produced an appropriately detailed IT audit plan that addressed current and projected IT risks in line with the bank’s needs and regulatory expectations.
Specific technological and operational control enhancements were identified and implemented to reduce risk exposures.
Wolf provided the bank’s board and senior management with plain-English, business-focused context around the identified issues, aiding in their evaluation of the control environment and our recommendations.
