IT Audit Guide for Ohio Sports Gaming: Rule 3775-16-2

Ohio Rule 3775-16-20 mandates that all sports gaming proprietors in the state must contract with an independent third party to perform an IT audit. This audit is crucial for ensuring the integrity, security, and compliance of the sports gaming system. The cybersecurity team at Clark Schaefer Consulting is already assisting new sports books in completing […]

Strengthening Cybersecurity for Financial Data Protection

cybersecurity checklist

Recent polling indicates that cyber adversaries are increasingly targeting accounting and financial data of businesses. Moreover, nearly half of the executives surveyed expected such events to increase in the coming year. These findings underscore the need for businesses to take proactive measures to safeguard their financial information. Unfortunately, accounting and finance teams rarely work closely […]

Fair Lending Compliance: What You Need to Know

In the realm of fair lending compliance, three key regulations hold utmost importance: Regulation B, Regulation C, and the Community Reinvestment Act (CRA). Together these regulations form a comprehensive framework for fair lending practices. To navigate this complex compliance landscape, Clark Schaefer Consulting partners with financial institutions, providing specialized internal controls and compliance advisory services. […]

Review Your Security Status With Our CMMC Readiness Checklist

CMMC Checklist Security

The Cybersecurity Maturity Model Certification (CMMC) has emerged as a critical framework for organizations operating within the defense industrial base (DIB). Developed by the U.S. Department of Defense (DoD), the CMMC provides a standardized set of cybersecurity requirements that contractors must meet to protect sensitive information and ensure the integrity of the defense supply chain. […]

GLBA Safeguards Rule Compliance Checklist for Higher Education

PPP revisions smallest businesses

The Gramm-Leach-Bliley Act (GLBA) , enacted in 1999, is designed to protect the privacy of consumers’ financial information and to ensure the security of that information. The GLBA applies to a wide range of institutions, including banks, credit unions, securities firms, and insurance companies. Colleges and universities that administer student financial aid associated with Title […]

Are You Ready for New Regulations Impacting Financial Institutions?

2022 presented financial regulators with a variety of new things to consider. With high inflation, interest rate hikes, the conflict in Ukraine, lingering effects of the pandemic, stock and bond market volatility, and events in the crypto asset markets there are many factors at play. New rules and regulations are being introduced, and existing ones […]

Risk-Based Auditing: Evaluate Today for a Safer Tomorrow

IT risk assessment video thumbnail

In today’s business environment, it is more important than ever for businesses and financial institutions to have a strong risk management program in place. A risk management program helps organizations identify, assess, and mitigate risks to their operations, finances, and reputation. One of the most important components of a risk management program is risk-based auditing. […]

Beneficial Ownership Regulatory Requirements

K2 and K3 Filing Requirements

How Does This Apply to My Organization? Beneficial Ownership Requirements for Non-Exempt Reporting Companies On September 29, 2022, the Financial Crimes Enforcement Network (“FinCEN”) issued a final rule (31 U.S.C. §5336) implementing the Corporate Transparency Act’s (“CTA”) beneficial ownership information (“BOI”) reporting regulation. This updated rule, effective January 1, 2024, will enhance the ability of […]

Clark Schaefer Consulting Adds Managing Director, Robbie Chitwood

Managing Director Robbie Chitwood

Experienced executive to expand consulting firm’s presence in the Kentucky market Clark Schaefer Consulting (CSC), a division of Clark Schaefer Hackett Business Advisors, has hired Robbie Chitwood as Managing Director. Chitwood will be focused on building and managing CSC’s presence in the Kentucky market. Chitwood, a Kentucky native, will be able to leverage her deep […]

How to end the headaches of SLFRF reporting

ARPA SLFRF Reporting Software

There are a lot of challenges surrounding the reporting of the State and Local Fiscal Relief Funds (SLFRF) received as part of the American Rescue Plan Act (ARPA). The various entities who received funds from you likely have vastly different methods of tracking how the funds were used. They may not even know what information […]