Financial services
Banks, credit unions, lenders, insurers, wealth managers and payment companies carry cost areas that differ from most other businesses. Much of the spend is tied to regulated operations, outside technology and many service providers.
This page describes those areas in general terms and shows where a partner firm review may apply. Fairview Audit connects you with partner firms. Fairview does not perform reviews itself.
Where costs build up in financial services
Financial institutions tend to buy a lot from outside vendors. Core processing, data feeds, market information, cloud hosting, security tools, compliance software, printing, courier services and branch facilities all arrive as recurring invoices. Many of these run on multi-year contracts with price schedules, usage tiers and renewal terms.
Branch networks add another layer. Leases for retail branches, operations centers and offices come with their own charges, and the same goes for maintenance, cleaning, security and utilities at each site.
Contracts signed in a hurry may not get the same follow-up as ones signed in a planned cycle.
Common cost areas worth a closer look
The list below is general. Your own mix will depend on whether you lend, insure, advise, process payments or hold deposits.
- Vendor payments across many suppliers, where duplicate invoices, missed credits and prices that differ from the contract can slip through.
- Technology and data contracts with usage tiers, seat counts and automatic renewals.
- Branch and office leases, including operating expense charges and rent adjustments.
- Utilities, facility services and maintenance at multiple sites.
- Assurance reporting that customers and partners ask you to provide.
- Payment and card processing costs, which combine fees paid to several parties, if your business accepts payments.
[CONFIRM: partner industry detail]
Review areas that fit this sector
Two review areas are most often discussed for financial organizations. The first is a payables review. A partner firm compares what you paid with what you agreed to pay. This matters when you have a large vendor base and many invoices flowing through shared services or an operations team. The page on accounts payable audit for financial services explains what that review looks at and what to have ready.
The second is assurance reporting. Service organizations that handle customer data or financial processing are often asked for an independent report on their controls, such as a SOC 2 report from a CPA. Banking regulators also expect banks to manage the risks of vendor relationships across their life cycle. The page on SOC reporting for financial services describes the topic in general terms. Rules and report types vary, so check current requirements for your situation [VERIFY: which assurance report types apply to the organization].
You can see every cost category on the services page.
How matching works
You choose a request path on Fairview: larger business, smaller business, or not sure or another need. Each path has its own form. The larger business form and the smaller business form are for businesses that know where they fit. There is no fixed size cut-off between the two.. If you are unsure, use the other needs form and Fairview matches you by hand.
Your request goes to the matched partner firm. The firm then contacts you directly. You share documents, the firm reports its findings, and you stay involved at each step. Any engagement and any fees are between you and the partner under the partner's own terms. The how it works page covers the steps in order.
Note: Fairview connects you with partner firms. It does not review costs, give tax or legal advice, or promise any result.
Who this page suits
This page is useful if you are a controller, finance lead or operations head at a financial organization and you want to know which cost areas are worth examining. It is also useful if you manage vendor contracts across several branches or business lines, or if your team handles a high volume of supplier invoices.
Other sectors are listed on the industries page.
Frequently asked questions
Does Fairview review my costs?
No. Fairview connects you with partner firms. The partner firm performs any review, and you work with it directly.
Is every financial services business a fit?
Fit depends on the cost area and on the partner firms available. Submit a request and describe your needs. If a match is possible, the matched firm will contact you. [CONFIRM: a partner firm supplies and approves this statement]
What do I need to submit a request?
You provide your business name, contact name, email and the cost areas you want looked at. A phone number is optional. Details such as contracts and payment history come later, when you talk with the partner firm.
Tell us what you need reviewed. We match you by hand with an independent partner firm. You keep your existing vendors.Find out what you are overpaying.