Internal Control and compliance is a major issue in every business especially within the banking industry. This became even more important after the Enron issue and the financial meltdown in 2008. Prior to this, US listed companies have enacted the Sarbanes Oxley (SOX) Control Act with prescriptive control, compliance and reporting obligations. Penalties for noncompliance ranges from USD10 million plus 10 years imprisonment for wilful default and USD 1 million plus 1 year imprisonment for accidental default for the specific director whose department is responsible for default. The UK Combined Code also prescribe some stringent corporate governance control framework.
At RFR Professionals we provide design and implement a customised automated and web based banking control and inspection application using Control Self-Assessment (CSA) which provide value added compliance testing for banks with significant multiple branches. This is a control and compliance concepts that gives responsibility and accountability to process owners while ensuring that core internal control team focus on value adding and analytical compliance testing, The CSA is one of the control frameworks approved by Institute of Internal Auditors with a professional certification (CCSA) attached to it. Implementing an automated CSA gives a better visibility for control efficiency and/or deficiency. Corrective actions are easily tracked and repeat failures more easily identified.
Our application amongst others provide the following advantage over traditional internal audit or bank inspection system: