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Risk Management Manual of Examination Policies
Section 17.1 - International Report Pages and Workpapers
NOTE: A negative answer below indicates a condition which may be in need of correction. Such answers may call for comment below and elsewhere in the regular examination report.
8-9 Although the bank has a firm rule regarding the confirmation of spot and future contracts, it was observed that outgoing confirmations are frequently incomplete, with dates of trade and value dates frequently omitted. Further, the confirmation exception log is haphazardly prepared and is not reviewed by an operations officer. These deficiencies were noted by both the bank’s internal and external auditors; however, correction is yet to be effected. It is recommended that these areas of potential exposure be remedied at an early date.
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