Treasury management system fundamentally drives the treasury front office, middle office and back office operations of any financial institution. It automates, record and control the core treasury functions related to both local and foreign currency dealings. Its primary objective is to enable full (end-to-end) straight through processing (STP) that automates all standard (day-to-day) local and foreign currency treasury processes which facilities real-time information and compliance to internal policies and external laws/regulations.
Performing risk assessment of the treasury management system has remained a daunting task for Information System Auditors and Assurance professionals in the industry due to lack of deeper knowledge and understand of the treasury front office processes and systems. Being a slightly specialized professional practice, it is important for IT Risk Assurance professional to build the required capacity to provide assurance around the system. Given the central role the treasury management system plays in enabling the treasury front office process, it is important for IT risk assurance professionals to build capacity necessary to carryout effective assessment/review of the system/process. For effective assessment of the systems and underlining processes, it will beneficial for IT risk and system control analysts (including other risk assurance practitioners) to develop a robust risk assessment program that will capture burning issues around the processes and systems used for validating operational, regulatory and business controls to protect the system from loss of confidentiality, integrity and availability.
This eBook was put together to assist IT Risk & Control analysts and other Assurance professionals in assessing risk inherent in their treasury front office operations and the treasury management system, leading to a more robust risk management culture and risk identification around the treasury front office function. As an assessment template, the book provides a step by step guide on how to review the various aspects of the treasury management system and front office application by outline assessment steps to be performed to identifying risk associated with the process, existing controls and measures to be put in place to ensure the adequacy and effectiveness of technical, operational controls. This book serves for use in auditing and risk assessment of some of the popular treasury management systems such as Finacle Treasury and Flexcube. The following areas of the treasury management system and operational processes were covered.
Intended for organizations desirous of building a risk management structures for its treasury front office, middle office and back office functions from ground up. IS/IT auditors, System control & IT risk analyst will find this book very useful for continuous assessment and identification of risks within their treasury front office process and systems. Below is a sample page of the treasury management system risk assessment checklist/program. For full access to the document, you can subscribe to our membership plan or purchase the book by click the Add to Cart button above.
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