Dave Rossnagel Memorial Scholarship Awarded at May Meeting
Chapter Honors Distinguished Past Chapter President and National Chairman
The Chapter’s May Dinner Meeting was a special evening of celebration and remembrance. The Chapter honored cherished Past President Dave Rossnagel by presenting the initial grants from the Dave Rossnagel Memorial Scholarship Fund. Two Kean University students were each presented with a $7,500 scholarship. Investors Savings Bank and the FMS National Society jointly sponsored the scholarship awards with the NY/NJ Chapter. The event was held at the Stony Hill Inn in Hackensack, NJ on May 14, 2014.
Scholarship recipient Sara Elbanna (c.) is congratulated by Domenick Cama, EVP and COO, Investors Bank (l.) and Chapter President Maureen Kalena (r.)
Scholarship recipient Alex Castillo (l.) is congratulated by Chapter President Maureen Kalena.
Carolyn Rossnagel thanked the Chapter Officers and sponsors for making the scholarship opportunity possible.

Dave Rossnagel served as a distinguished Member of the NY/NJ Chapter, Past Chapter President and Past National Society Chairman. Dave was employed by Investors Savings Bank for 39 years. He volunteered decades of support for the Chapter and is fondly remembered for his strong character and integrity. Dave was best known for giving his time and effort to improve the lives of all of those he touched both within the industry and in his personal life. The Chapter strongly supports the continuance of his legacy through the Dave Rossnagel Memorial Scholarship Fund.

The Scholarship awards were presented to Sara Elbanna and Alex Castillo by Chapter President Maureen Kalena. Each recipient was selected based on their choice of a finance and accounting curriculum, maintaining a strong grade point average and participation in community oriented activities. National Society President Disk Yingst spoke at length to recall Dave Rossnagel’s extensive contributions to FMS as well as the value of the educational opportunity that the scholarship award will offer. Carolyn Rossnagel tearfully thanked the Chapter Officers and all those involved in making this initiative possible.

A Tribute to Dave Rossnagel Past Chapter President and National Society Chairman  was displayed on the projection screen prior to the awards presentation.

Andrew Wittig from ParenteBeard presented Service Organization Control Reporting (“SOC”) following the full course dinner. Andrew explained that SOC reports represent an independent service auditors report on controls at a service organization based on standards established by the AICPA. The objectives of Andrew’s presentation included explaining the differences between the three standard SOC reports, the components of a SOC report and the SOC review process. Andrew explained the conditions in which companies are required to prepare a SOC report and the factors that dictate SOC report preparation and issuance.

Compliance Risk Management was the subject of the afternoon mini-session held prior to the cocktail hour. The topic was presented by Asaad Faquir, Director from RSK Compliance Solutions. Asaad discussed the different types of risk affecting a financial institution as well as the risk factors that a financial manager can experience and the process to manage those risks successfully. He explained that compliance risk is the potential for negative outcomes resulting from improper adherence to published rules. He noted that compliance with more recent disclosure and documentation requirements are much more complex than traditional regulations that are much more widely known.

Topics and Speakers

Service Organization Control Reporting ("SOC")

Eric Segal FMS Photo

Compliance Risk Management

Asaad Faquir Photo
Asaad Faquir
RSK Compliance Solutions


Slide Presentation

Chapter President Maureen Kalena presented the scholarship awards.
FMS National Society President Dick Yingst spoke of the contributions to FMS made by Dave Rossnagel and the importance of the scholarship program.
Andrew Wittig from ParenteBeard presented Service Organization Control Reporting at the May Dinner Meeting.
Asaad Faquir from RSK Compliance Solutions presented Compliance Risk Management at the afternoon Mini-Session.