Our role has been to review Operations controls within the EMEA Region (Europe, Middle East & Africa) and within areas of the Asia Pacific Region.
Products within scope have included: Securities (Equity & Fixed Income), Derivatives, Treasury, Payment services and Trade Finance.
From the review, control weaknesses have been identified and, working closely with Operations management, remediation plans developed and implemented.
As part of our service, we have also provided support to the banks Audit department, particularly around the testing of controls.
John Comben, Managing Director of OBSL said:
"There are several key reasons why companies within the Financial Service sector should consider a review of their control environment and key operational controls.
- It is essential to provide evidence to shareholders, clients and management that a sound control environment exists. Experience of Enron and WorldCom indicates this cannot be taken for granted.
- It is also necessary to identify hidden weaknesses thus preventing financial loss"
OBSL are currently working with their client on the migration from project activity to âbusiness as usualâ to ensure the client can continue to meet the stringent Sarbanes-Oxley requirements around control testing and attestation.
OBSL feels strongly that the disciplines brought to the Financial Services industry by the introduction in the US of the Sarbanes-Oxley legislation should not be lost to those companies who are not U.S. listed and so under no legal obligation to comply with the act.