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RISK MANAGEMENT AND AUDIT DEPARTMENT |
AUDIT DEPARTMENT:
At Cairo international bank the department is concerned with the internal control system of the organization. A strong internal control system is important if the Bank as whole is to achieve it's set objective.
We recognize the control environment as an essential component of the internal control system in additional to control activities, risk management and information system. Top management at the bank has let it be known that that unethical behavior can not be tolerated and this has helped to shape the staff members.
Control environment encompasses integrity and ethical values, management philosophy and operating style, accountability and human resource practices and we considered it to be an important control element.
To avoid the risks that go beyond the control environment we at Cairo International bank carry out top down reviews, functional or activity management, information processing, performance indicator review, segregation of duties and physical controls. Crosschecking or authorization as control activities are of considerable importance due to the nature of our institution.
Systematic procedures put in place to identify and measure risk associated with the institution's continuity and strategies for controlling and monitoring it. Risk assessment focuses on cost versus benefit approach to control and is not just the risk of fraud or misstatement of reports
Cairo International bank is pursuing a control system where self-control, innovation and empowerment are of at least equal significance moving away from hierarchical, top down design. Management emphasis has been to empower front line staff in order to serve customers better but at the same time being accountable for their actions. We auditors are in constant touch in order to ensure that limits and procedures put in place are followed. Our managers and or supervisors have reduced activity as authorizers they are instead monitors as a result of empowering employees thus making them accountable. Top executive emphasis is on regularly monitoring budget accountabilities.
Our internal control system has been good at monitoring the way the bank is responding or adopting to changes in the environment and to this effect the audit staff have been undergoing regular training sessions in resent challenges such as Money laundering, risk management and IT based auditing.
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