Date Issue Date Issue was
S/N Issue Became Known Communicated to
to Management Internal Audit
1 Unsuccessful end-end booking process on Nov, 2019 Oct-20
RLOS - Interest rate change, disbursement
and fees calls to FINACLE are affected
2 CAMS tracking of annual reviews for 2019 Oct-20
approved facilities where applicable
3 Amortization schedule from Finacle does not Aug-20 Oct-20
reflect the actual repayment due, on loan
accounts that have been rescheduled
4
5
6
7
Date Mitigating
Mitigating Control
Control Was Long-term Solution
Description
Implemented
Manual modifications on Nov, 2019 Deployment of solutions to the
FINACLE live RLOS system that will
ensure an end-end execution of
the disbursment process
without manual modfications
on FINACLE
Manual tracking of annual Standard Credit Deployment of the Corporate
review dates by CEM as part of Work-around Loan Originating System (C-
everyday evaluation function. since CAMS was LOS) which which will deal
Use of maturity dates set on deployed in 2011 identified limitations of CAMS
Finacle and secondary control
represented by Account
Management Unit's inability to
process any transaction whose
annual review date is past due
through constsant checking of
the date on the Sanction
document.
Manual modifications on Sep-20 Deployment of a Finacle
Finacle, before the repayments solution that reflects “interest
fall due capitalized” option on the
amortization schedule for
Stanbic IBTC Bank
Cut-Off Date for
Re-target
Implementing Long- Solution Owner
Date?
term Solution
TBA TBA Newgen/Finacle
Support/BTP -
Credit
2020 TBA PBB Credit
TBA TBA Finacle
Support/BTP -
Credit
