Scoping of Data Clean-Up of SQL System (Recently Awarded Engagement)

Warbird has been engaged to provide consulting services and to assist the client in developing a Scope of Work document related to their needs for data clean-up.  The project will involve the ability to extract data from SQL and running complex data analyses.

Warbird has the responsibilities to review and develop business rules and approaches around service credit and salary. As a part of this Engagement, Warbird will also determine which data needs to be cleansed and develop a cost estimate for the data scrubbing.

Teachers Retirement System of Texas – Governance for Alternative Investments and Derivatives

Warbird performed an internal audit for one of the country’s largest public retirement systems to evaluate the controls it had in place regarding its alternative investment classes, those asset classes without quoted prices in the active markets that would typically be categorized as level 3 by the FAS 157 standards.  These classes include: private equity, real estate, hedge funds, and over-the-counter derivatives.  Further, Warbird benchmarked the client’s internal controls to the industry and made recommendations in order to best assess and monitor risks to the organization from these asset classes.  The internal audit also examined controls residing at the client’s bank to provide guidance on how the client could monitor these controls without duplicating the effort.

The work was performed in 2 distinct phases:

Phase I:

• Evaluating the reasonableness of the procedures and controls used to account for and value the alternative assets and derivatives.
• Evaluating the degree of transparency by which TRS is able to support its valuation process for alternative assets and derivatives.
• Providing recommendations for improving related procedures and controls.

Phase II:

• Auditing the existence and valuation assertions made by management for financial reporting of alternative investments and derivatives for the year ending August 31, 2008.

The Guam Department of Education (GDOE) has engaged Warbird Consulting Partners to:

• Provide FMIS Project Management Services.  Project objectives are to acquire and implement a financial management information system that will ensure fiscal management of education funds for financial, payroll, human resources, fixed assets, procurement and record keeping as well as to strengthen GDOE’s Financial Management and Business Processes.  Specific attributes of the Warbird Team includes Project management by supporting the functioning steering committee and change control board meetings, engaging process owners to prepare system requirement definitions, leading internal team through necessary tasks, monitoring contractor performance against contractual obligations, informing GDOE leadership and initiate corrective action as soon as practicable after discovery of contractor and staff failure to perform, preparing scripts and overseeing acceptance testing of contractor solutions, and data analysis of the legacy system and conversion of large data sets of information.

•  Streamline and automate Accounting, Human Resources and Vendor Management systems and while making them transparent to stakeholders

Warbird worked with a local firm on a 20 person team to convert information from the AS400 and the MUNIS system.

Starting with the Static Environment Testing, Warbird determined what information was available and transferable electronically and also what data needed manual input.  The areas addressed were: General Ledger, Budget, Project Accounting, Purchase Order, Bid / Contract Management, Accounts Payable and Receivable, Fixed Assets, General Billing, Employee Expense, Student Activity, and Treasury Management.

DOE finances and procurement activities are now on the MUNIS system, with personnel records, payroll and maintenance tracking set to go live in July 2012.

Benefits gained as follows :

• Removal of Guam DOE from the High-Risk grantee status. The implementation of the new financial management information system addressed one of the critical areas identified in the Comprehensive Corrective Action Plan which was to remove the Department of Education off the high-risk grantee status.
• Employee Self-Service.  Employees have instant access for monitoring and updating  personal and employment information such as: leave time accruals, pay history, W2’s, 1099’s, employment application status, status of leave requests, employee benefits enrollment, and performance evaluations, through a secure internet connection.
• Vendor Self-Service.  Vendors now have instant access when seeking or placing a bid, checking current and past purchase order detail, or updating a respective profile.  Vendors Self Service provides vendors web-based access to information and business records such as: vendor registration, registration of bids by commodity code, 1099’s, purchase orders, checks, and invoices. DOE vendors are now able to access and change information through a secure internet connection.

Receivership Services 

• Recently awarded contract to assist FHFA to review alternatives for process and implications of putting a regulated entity (Fannie Mae, Freddie Mac, Federal Home Loan Bank) into receivership.  If FHFA elects to place a regulated entity into receivership, Warbird will assist in the implementation using its extensive team of experts that have cross-functional expertise.
• Provide advisory services regarding the preparation that shall be required prior to placing a regulated entity into receivership, to recommend requisite procedures for planning the receivership of the regulated entities and assist in their implementation, and provide advice and assistance in placing a regulated entity into receivership and its operation and administration, should FHFA decide that it is necessary to place any of the regulated entities into receivership.

Proven Performance

Our Government Practice assists Regulatory Agencies and GSEs in advancing the value of their objectives by preserving capital, enhancing governance processes, and overseeing and enforcing regulatory paradigms. Our residential mortgage advisory services are distinct in yet another very important way – our capabilities have been primarily developed in support of government agencies dealing with a range of mortgage issues over the past 5 years. As a result, we believe we are best viewed as part of the solution and not part of the problem. This means less potential conflicts – – and fewer surprises – for your institution.

Asset Forfeiture, Money Laundering, and D&O Liability (Past and Pending Engagements)

• Forensic Accounting and Financial Investigative support of criminal matters involving the laundering of proceeds of illicit drug sales, as well as an assessment of the effectiveness of a Financial Institution’s Anti-Money Laundering/Bank Secrecy Act (AML/BSA) Compliance Program
• Currently in discussions to assist in investigations of criminal claims related to failed financial institutions where criminal liability may exist for certain related parties or affiliates

Proven Performance

Our Government Practice assists Regulatory Agencies and GSEs in advancing the value of their objectives by preserving capital, enhancing governance processes, and overseeing and enforcing regulatory paradigms. Our residential mortgage advisory services are distinct in yet another very important way – our capabilities have been primarily developed in support of government agencies dealing with a range of mortgage issues over the past 5 years. As a result, we believe we are best viewed as part of the solution and not part of the problem. This means less potential conflicts – – and fewer surprises – for your institution.

Accounting Advisory and Governance (2011 Engagement)

• Provided services for the largest U.S. teachers’ retirement fund to enhance the current procedures and processes of its Investment Accounting as it relates to accounting for the client’s investment portfolio in the Comprehensive Annual Financial Report (CAFR).
• Warbird professionals accomplished this through the assessment of the current procedures and processes as they relate to the investment portfolio; defining the public and private sector best practices for accounting in investment transactions, asset values, revenue, and reporting; analyzing the gaps between the current environment; and appropriate best practices in designing, implementing, and managing the client’s best practices model through to the turnover of all processes and procedures to the client’s investment accounting team

Proven Performance

Our Government Practice assists Regulatory Agencies and GSEs in advancing the value of their objectives by preserving capital, enhancing governance processes, and overseeing and enforcing regulatory paradigms. Our residential mortgage advisory services are distinct in yet another very important way – our capabilities have been primarily developed in support of government agencies dealing with a range of mortgage issues over the past 5 years. As a result, we believe we are best viewed as part of the solution and not part of the problem. This means less potential conflicts – – and fewer surprises – for your institution.

Receivership Assistance Contractor (Current Engagement)

• Deploy large teams of banking experts (approximately 1,000 contractors deployed since 2009) to manage the receivership process on behalf of the FDIC for failed financial institutions
• To date, Warbird has managed the receivership of ~50 financial institutions
• Services provided included the full range of closing support functions, including: Facilities, Asset Management and Servicing, Claims, Investigations, Settlement, Employee Benefit Plans, Financial Closing Process, Personnel Administration, Franchise Marketing, and Branch Marketing

Loss Share Compliance (Current Engagement)

• Deploy teams of loss share experts to review compliance with loss share agreements on behalf of the FDIC for acquiring institutions, which have acquired the assets of failed financial institutions under Loss Share Agreements
• Currently, oversee the compliance of 28 loss share banks, which comprise a total of 55 Task Orders, to review SF and NSF loan portfolios; and 1 investment LLC with Loss Share Assets
• Services encompass oversight, surveillance, and accounting and credit compliance monitoring of Loss Share Agreements for Single Family and Non-Single Family loss share loans, including whole loans and securities backed by SF and Non-SF loans. Under these contracts, certain assets of a failed bank(s) are identified as Loss Share Assets and passed to an acquiring bank(s) under Purchase and Assumption Agreements subject to Loss Share coverage

Due Diligence for Single Family Real Estate (Current Engagement)

• Provide due diligence services including data capture, aggregation and analysis, documentation file review, underwriting review, and regulatory compliance review
• Additional services include: credit quality stratification, loss mitigation stratification, review sufficiency of collateral valuations, ARM audit & repair, and document payment histories

Proven Performance

Our Government Practice assists Regulatory Agencies and GSEs in advancing the value of their objectives by preserving capital, enhancing governance processes, and overseeing and enforcing regulatory paradigms. Our residential mortgage advisory services are distinct in yet another very important way – our capabilities have been primarily developed in support of government agencies dealing with a range of mortgage issues over the past 5 years. As a result, we believe we are best viewed as part of the solution and not part of the problem. This means less potential conflicts – – and fewer surprises – for your institution.

Representative Engagements

Our Results

2005 (Past Engagement)

• Deployed 40 consultants and managed a PMO to support a complex financial restatement, as well as servicer loan review
• Managed multiple additional work streams including supporting the real estate owned (REO) team with ongoing loan loss review personnel, as well as the Low Income Housing Tax Credit program and mortgage-backed securities groups

Non-Performing Loan Review (Current Engagement)

• Forensic Loan Due Diligence of FNMA Non-Performing Loan Portfolio – Identify mortgage originator breaches of representations/warranties that supports issuing the originator a Loan Repurchase Letter
• Operating scaled organization that includes experienced Mortgage Processors, Underwriters, Desk Appraisers, and Quality Control/Assurance experts

Performing Loan Review (Current Engagement)

• Expanding FNMA Forensic Loan Due Diligence Project to include the FNMA Performing Loan Portfolio
• Warbird is currently testing data transmission capabilities with FNMA. The data testing and technology platform development is targeted for completion in Q3 2012. The implementation of the performing loan review in the production environment is expected in Q4 2012