OM-1.3.17
Past version: Effective from 01 Jan 2020 to 31 Mar 2022
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In addition to segregation of duties and dual controls, banks should ensure that other traditional internal controls are in place, as appropriate, to address operational risk. Examples of these controls include:
(a) Clearly established authorities and/or processes for approval;
(b) Close monitoring of adherence to assigned risk limits or thresholds;
(c) Safeguards for access to, and use of, bank assets and records;
(d) Appropriate staffing level and training to maintain expertise;
(e) Ongoing processes to identify business lines or products where returns appear to be out of line with reasonable expectations;
(f) Regular verification and reconciliation of transactions and accounts; and
(g) A vacation policy that provides for officers and employees being absent from their duties for a period of not less than two consecutive weeks.
Added: January 2020