Completing a risk assessment for an outsourced central bank Vault

Background

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.

Approach

  • Planning

    The scope of the assessment was agreed and Vaultex commenced information gathering, reviewing pertinent documentation such as security guidelines and third party policies.
  • Fieldwork

    Vaultex interviewed key stakeholders from the central bank and the outsource company, and undertook site visits to observe the facility, operational processes and controls.
  • Assessment & Reporting

    Vaultex 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.

Customer Benefits


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.