Insights

What financial institutions need to know about their cloud tech’s shared responsibility model

As cloud technology becomes more and more widespread among financial institutions, security is a growing concern. And the COVID-19 pandemic has only spiked the amount of cyberattacks against financial institutions as employees continue to rely on cloud technology to work from home.

9/30/20
By: Austin W. Lentz
Industries: Financial Services

3 risks of going with the low-cost SOC audit provider

If you’ve started to research SOC audit providers, you’ve probably noticed right away that one of the biggest differences between them is price. Some SOC auditors are priced much lower than others. Why is that? Are higher-cost providers delivering things that low-cost providers aren’t? Are there risks to going with a low-cost provider?

9/23/20
By: Durward J. Ferland, Jr.
Services: Consulting, Governance & Risk, SOC Examinations

5 ways to improve your revenue cycle and limit denials

Hospitals are rethinking their revenue cycle management. From patient access, to accuracy of clinical documentation and coding, to proper reimbursement, hospitals understand that nothing represented on the UB-04 claim form is generated in the business office. They know it all emanates along the continuum prior to bill creation.

9/22/20
By: Mary Lopez
Industries: Healthcare

What is HITRUST, and why does it matter?

Among many security and compliance experts, HITRUST® has become a well-known name with a lot of weight behind it. And that’s for a very good reason. But before we get into why HITRUST is important, let’s talk about what, exactly, HITRUST is.

9/22/20
By: Jacqueline Cooper
Services: Consulting, Compliance, HITRUST CSF compliance & certification

Manufacturers, make your move!

In a recent article by ITR Economics Advisor for August (Itreconomics.com), in big bold letters, the author states "Make Your Move." This headline is followed by their reasoning: "Consider using today's low interest rates to upgrade your technology; this is one way to increase your capacity and efficiency without increasing headcount."

We’re often asked, "What do you think is going to happen the rest of this year and into next year for manufacturers?" While we’re not economists, based on our many interactions with manufacturers from different industries, we usually begin our answer with "it depends." Not as a cop out, but it really depends on what products and markets the client or prospect is in. It's not a one-sized answer that fits all.

9/21/20
By: Joe Girard
Industries: Manufacturing and Distribution
Services: Consulting, Tech Consulting

CECL adopters vs. non-adopters: Comparing ALLL to loans

In part two of our planned multi-part series, we continue to follow the migration of the allowance for loan and lease losses (ALLL) for banks that have adopted Accounting Standards Codification (ASC) 326 – Financial Instruments – Credit Losses (CECL) compared to non-adopters, as well as the impact of the COVID-19 pandemic on loan loss provisioning.

9/18/20
By: John Erwin
Industries: Financial Institutions

What triggering terms activate rules in financial institution advertising

With more people interacting with financial institutions online, there is an opportunity for more online advertising.

Online advertising can be an effective way to communicate quickly with current customers and members — and also potential customers and members. But financial institutions have to ensure their ads follow the applicable regulations, such as Regulation B, Regulation Z, Regulation DD, Fair Housing Act.

9/17/20
By: Amanda L. Knudsen
Industries: Financial Institutions

4 reasons why right now is the best time to gift your business

Gifting stock in a closely held business is often a good technique to transfer assets out of someone’s estate if they are concerned it will be subject to estate taxes in the future.

9/17/20
By: Audra M. Moncur
Services: Business Valuations, M&A and Transaction Support