Establishing, Maintaining and Auditing Internal Controls in Banks (per BSP Circular 871)

This course aims to enrich the Participants' understanding of BSP Circular 871 S 2015, and its Implications for Banks in the Philippines.

At the end of this Seminar, the participants are expected to:

1. Understand the Basic Knowledge Framework for "Internal Control" as required by BSP Cir. 871.
2. Identify and Understand the International Standards (COSO framework and Basel Committee on Banking Supervision) for establishing Internal Control
3. Identify and Analyze How Banks Implement the Internal Control Standards required by BSP Cir. 871.
4. Familiarize with Top 10 IT Risks and the Implications on Internal Control
5. An Introduction to Application Controls
6. Familiarize with how Banks could optimize their knowledge database about the Pitfalls and Lessons Learned in Internal Controls and from the Audit engagements.
7. Familiarize with how Banks promote Self-Assessment of Risks and Controls (RCSA)

COURSE OUTLINE:

1. BASIC KNOWLEDGE FRAMEWORK FOR INTERNAL CONTROL PRACTICE IN BANKS (PH)

• Internal Control – Basic Body of Knowledge
• Disciplines Over Basic Controls

2. HOW BANKS IMPLEMENT THE INTERNAL CONTROL USING 2013 COSO FRAMEWORK AND BASEL COMMITTEE ON BANK SUPERVISION

• Policy Statement
• International Standard for Internal Control
• COSO Organization
• 2013 COSO Update Project – Summary of Updates
• Timeless Key Concepts of COSO's Internal Control Definition
• COSO Internal Control Integrated Framework
• International Standard for Enterprise Risk Management (COSO "2022 Enterprise Risk Management – Integrating with Strategy & Performance
• 2022 ERM
• 2022 COSO ERM
• International Standards Issued for Banking Internal Controls – BCBS "Framework for Internal Control Systems in Banking Organizations"
• BCBS – I.C. Framework

o Management Oversight and the Control Culture

o Risk Recognition and Assessment

o Control Activities and Segregation of Duties

o Information and Communication

o Monitoring Activities and Correcting Deficiencies

o Evaluation of Internal Control Systems by Supervisory Authorities

3. HOW BANKS IMPLEMENT THE INTERNAL CONTROL STANDARDS, PER BSP CIRCULAR 871 S 2015

• How Banks Implement Internal Control

4. IT RISKS AND IMPLICATIONS ON INTERNAL CONTROL

• Cybersecurity
• Information Security
• IT Systems Development Projects
• IT Governance
• Outsourced IT Services
• Social Media Use
• Mobile Computing

5. AN INTRODUCTION TO APPLICATION CONTROLS

• Application Controls Review
• Application Controls
• Application Environments
• Application Systems Review

6. HOW BANKS COULD OPTIMIZE THEIR KNOWLEDGE DATABASE ABOUT PITFALLS AND LESSONS LEARNED IN THEIR INTERNAL CONTROLS

• The Bank's Knowledge Database for Internal Control

7. SELF-ASSESSMENT OF RISKS AND CONTROLS (RCSA)

• The Three Lines of Defense Model
• What is Risk and Control Self-Assessment (RCSA)?
• The RCSA Shift
• RCSA Benefits, Concerns, Controversies

SCHEDULE:

May 6, 2023 (Saturday)

9:00 AM – 5:00 PM

RESOURCE SPEAKER:

Mr. Reginald C. Nery

SVP & Chief Audit Executive

Bank of Commerce

TRAINING FEE PER PARTICIPANT:

From Member Institution – P 2,800.00

From Non-Member Institution – P 3,920.00

**VAT inclusive