Article (8) Reports
8.1 Preliminary Issues Report
The SCF should send a report of preliminary issues (“Preliminary Issues Report”) to the relevant parties at least five (5) working days before the closing meeting.
8.2 Response from Respective Parties
After receiving the report, the respective parties should respond on the Preliminary Issues Report within a specific number of days. All responses should undergo an assessment by the SCF in light of the existing evidence related to the issue raised.
8.3 Closing Meeting
The SCF should conduct a closing meeting after completing the assessment of the responses. The relevant parties should be made aware of all the findings and supporting evidence. The meeting should be documented in the form of minutes of the meeting for audit purposes.
8.4 Final Report
a. The SCF when preparing the final review report (“Final Report”) should consider that the report is to assist the IFI in establishing effective and adequate procedures at the institutional level, making corrections and improvements where needed, and rectifying and closing identified gaps, if any. The Final Report should include: - adequacy of control status and adequacy of management action, - an executive summary that will briefly explain the scope and methodology used in preparing the report (such as specifying the total number of customers or transactions, sample size, list of issues and their risk grading, etc.), and - details of issues and actions as per the Standard and the Note. b. The Final Report may include a statement of the level of cooperation and support extended by the relevant departments to the SCF during the review exercise. 8.5 Final Report Approval
The SCF presents the Final Report, upon its completion, to the ISSC for assessment and approval. The ISSC should conduct a comprehensive assessment of the report regarding its compliance with the Standard, including but not limited to, assessment of the following aspects:
- validity of the identified issues, - accuracy of root cause/s of the issues and suitability of action plan, - adequacy and effectiveness of the controls, and - clarity of the report. The ISSC should maintain records of the same for audit purposes.
8.6 Final Report Dissemination
The SCF should conduct the following procedures regarding the Final Report Dissemination:
a. Circulating the final report to the relevant parties within five (5) working days after being approved by the ISSC. b. All findings of the report should be incorporated in the tracker for progress status monitoring (“Status Tracker”). c. Each party responsible for an action plan may confirm to SCF within the agreed timeline, or periodically if needed, that all the actions specified in the Final Report have been addressed, and substantiate such confirmation with adequate evidence for each finding. d. If any action from the Final Report is not closed/addressed within the timeline, the party responsible for the action plan should provide reasoning and evidences for not closing/addressing the issue, and its target completion date. e. The progress update on addressing the findings and implementing recommendations should be monitored.