Internal Control Framework Review for a Finance Directorate

European multilateral development bank | Risk & regulation | Supranational

The challenge: The Finance Directorate of a European multilateral development bank needed to review and update its Internal Control Framework submission for its Treasury and Borrowing activities. The review needed to assess key controls, identify gaps and deficiencies, align the submission with internal policy and industry standards, and present findings to Finance Management.

What New Link Consulting did: New Link Consulting gathered and reviewed all existing Internal Control Framework documentation, defined standards for what constitutes a key control and how controls should be linked to risks, reviewed Finance Directorate documentation to validate key controls and identify those linked to significant risks, conducted interviews with Finance Directorate contacts, and documented a high-level risk assessment and updated Risk and Control Matrix.

The outcome: A high-level risk assessment and a fully updated Risk and Control Matrix, aligned with both internal policy and best banking practice. Findings and recommendations were presented to Finance Management.