Internal Control Objectives 1. The operations of the Credit Cards Administration dep’t. should be accordingly documented in an official procedures manual and approved by the Management of the Bank. Furthermore, the specific manual should be always updated. 2. For each position within the dep’t, there should be detailed written job descriptions where the duties, responsibilities limits and qualifications are described.
3. The Unit should have established a culture to emphasize the importance of internal controls. It should also ensure that the system of internal controls continues to function. 4. A written Business Continuity Plan (B.C.P.) setting priorities referring to each application recovery, after the occurrence of a problem (i.e. alternate plans of communicating vendors in case of telecommunications failure or systems extended downtime) should exist.
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