Completing a risk assessment for an outsourced central bank Vault
A major central bank outsourced one of its cash centres to a third party cash management company.
Vaultex was appointed as independent advisor to review the operation and management of the cash centre vault.
Vaultex identified the risks to the business; assessed whether the controls in place were adequate and effective; and determined if the operation was compliant with the mandated operating model, contractual obligations and the central bank’s standards.
PlanningThe scope of the assessment was agreed and Vaultex commenced information gathering, reviewing pertinent documentation such as security guidelines and third party policies.
FieldworkVaultex interviewed key stakeholders from the central bank and the outsource company, and undertook site visits to observe the facility, operational processes and controls.
Assessment & ReportingVaultex completed its assessment and reported and presented its findings to the central bank's governor – drawing on its knowledge and expertise in risk, security and management of cash operations.
Assessment Report: An Independent report on the outsourced operation identifying remedial actions and recommending a prioritised action plan.
Risk Register: Vaultex documented the risks and evaluated the adequacy and effectiveness of the controls in place across seven key categories – identifying any control gaps and deficiencies to prevent significant impact to the business.
Benchmarking: Vaultex provided a benchmark report, assessing the operation and managed service model against globally recognised standards.