First Line Control Reinforcement

SUMMARY

The client, a global banking group, was looking to strengthen the reliability of its first line of controls within its Finance department. The assignment included aspects related to accounting controls, regulatory and prudential reporting controls, and financial publications. The main challenge was ensuring the reliability of the financial data (FINREP, COREP). Avantage Reply provided a consultant with auditing and risk management experience who helped test and enhance the 1LOD controls. The same consultant had specific training on the Alteryx tool which was used by the risk department.

CUSTOMER GOALS

The main objective of engagement was to assess and reinforce the quality of the front-line control systems. This included providing an opinion on the effectiveness of the level 1 permanent control system, verifying the effectiveness of the controls put in place by the Finance Department to guarantee the quality of deliverables to third parties, and contributing to accounting certification. These efforts were aimed at strengthening the reliability and compliance of the organization’s financial processes.

CHALLENGES

The main challenge was in ensuring the reliability of the financial data produced by the Finance Department, which was necessary to meet the expectations of the regulators. Particularly, in the context of various regulatory reporting requirements, such as FINREP or COREP, and the requirements of the statutory auditors in the context of the certification of accounts.

SOLUTION

Avantage Reply provided a consultant experienced in auditing accounts and certifying financial data. His expertise ensured an in-depth understanding of the issues related to the reliability of the financial data and regulatory compliance. The same consultant had specific training on the Alteryx tool. This tool was used to help the risk department to make the accounts analysis process more reliable and automated. 

CUSTOMER DESCRIPTION

The client is a major international bank offering diversified services, including retail banking, investment banking, asset management and financing solutions.