ATLANTA--(BUSINESS WIRE)--Porter Keadle Moore (PKM) announced it is expanding the capabilities of its Risk Advisory Services group to include Small Business Administration Standard Operating Procedures (SBA SOP) Compliance Reviews for banks and credit unions. PKM is an accounting and advisory firm that serves public and private financial institutions, insurers, technology companies and entrepreneurial small businesses.
SBA SOP compliance reviews are essential in preparation for annual PARRiS reviews (Performance, Asset Management, Regulatory Compliance, Risk Management and Special Items), where if underperforming portfolios are discovered, financial institutions run the risk of losing the SBA guarantees and subsequently must buy back the unsatisfactory loans. As SBA lending volume is expected to continue to increase, so too will the need for PARRiS review readiness. However, financial institutions must typically rely on multiple vendors for credit and compliance reviews, incurring greater risk due to limited expertise and oversight, as well as higher costs.
Leveraging its established expertise in risk advisory services, which includes a full-time team of seasoned credit risk experts who have been trained in all aspects of SBA lending, PKM is now delivering end-to-end SBA SOP Compliance Reviews for its bank and credit union clients.
“SBA compliance has traditionally been approached with a ‘set it and forget it’ mindset, with ongoing monitoring posing the biggest risk to financial institutions of any size,” said Jay Lucas, Director of Credit Services at PKM. “Our extensive knowledge of the unique challenges that these loan programs present enables us to carefully guide our clients through the entire process, while also significantly reducing costs and third-party vendor management risks by delivering the service through a single channel.”
Founded in 1977, Porter Keadle Moore (PKM) has established itself as a respected accounting and advisory firm serving public and private organizations in the financial services, insurance and technology industries as well as a diverse group of entrepreneurial small business clients. At PKM, we provide holistic and growth-driven financial solutions built on a deep understanding of our clients' businesses. The firm is proud to represent more than 150 financial institutions and serve as the leading advisory firm serving the growing craft brewery industry. For more information, visit www.pkm.com, call 404-588-4200 or follow us on LinkedIn, Facebook and Twitter.