Key activities and responsibilities
Risk assessment: Evaluating inherent and residual risks in wholesale banking transactions and processes to ensure they are within the bank's risk appetite.
Compliance monitoring: Ensuring the business unit adheres to both internal policies and external regulatory requirements, such as those from banking supervisors.
Control testing: Examining and testing the effectiveness of internal controls, including those related to credit, operations, and financial reporting.
Operational efficiency: Identifying redundant procedures and recommending improvements to enhance the operational efficiency of the wholesale banking division.
Fraud detection: Regularly monitoring processes to help detect and prevent fraud.
Reporting: Developing transparent audit reports that communicate findings, risks, and recommendations to senior management and the audit committee.
Follow-up: Tracking the implementation of corrective actions and ensuring management takes timely and appropriate action to address identified weaknesses.