Regulator-driven Annual Control Reviews of conduct-related activities

Develop and implement a robust and effective Annual Controls Review programme

Client Need

The client’s Audit function of a Universal Bank in Hong Kong required a partner to work with them to develop and implement a robust and effective Annual Controls Review programme as required by a US Regulator. The controls review programme needed to cover conduct related controls activities across its global operations, particularly in their Global Banking and Markets division. Results needed to be submitted to the US regulator in a report for review. Requirements included:
- Design a comprehensive internal controls testing environment and framework for initial and ongoing design and operating effectiveness testing.
- Undertake review of controls environment for key business operations, trading activities, and geographies (specifically, Hong Kong and Singapore for the Asia Pacific portion of the engagement).

Role

Delivery of the design and effectiveness controls testing and subsequent Asia Pacific portion of the report to the US regulator, engaging regional client operations and functions at working level and senior management level to ensure controls environment assessment results were comprehensively and accurately represented in the report provided to the US regulator

Value Added

Designed a comprehensive internal controls testing environment and framework for initial and ongoing design and operating effectiveness testing

Undertook a review of controls environment for key business operations, trading activities, and geographies (specifically, Hong Kong and Singapore for the Asia Pacific portion of the engagement)

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