Overview of SOP
An SOP(Standard Operating Procedure) is a set of instructions incorporated by a company or an organization to guide employees & workers to carry out difficult tasks. The main aim of SOPs is to achieve efficiency, good results, and an increase in productivity while reducing miscommunication and failure to follow with industry regulations. Standard operating procedures (SOPs) are the documented affairs that an organization has in place to make sure services and/or products are delivered frequently. Riskpro India reviews the Internal Control Framework across all SOPs, recommends the control gaps and benchmarks to best practices. We also provide Offsite support to enhance existing SOP documentation.
Process Documentation
- Preparation of SOP for all BFSI processes, specifically Banking.
- Review of existing standard operating procedures and benchmarking to best practices
- Review of Internal Control Framework across all SOPs and recommending control gaps.
- Offsite support to enhance existing SOP documentation
Internal Controls and SOP
Phase 1- Policy Process Documentation (SOP)
- Review all existing policies and procedures
- Develop key policies and procedures applicable to the internal control framework
- Develop a consolidated Inventory of SOPs
Phase 2- Design and Implementation of Internal Controls
- Inventory of key controls across Financial Reporting cycles.
- Identification and listing of key operational controls
- Integrate existing Risk Management and internal audit.
- Development of Test Plans for internal controls
- One-time testing of Key internal Controls
- Assist the Company with remediation of gaps, control improvement
- Test of Internal Controls - One time testing of key internal controls
Phase 3- Clause 49 Compliance
- Ensure full compliance with all requirements of clause 49
- Gap analysis against SEBI Clause 49 provisions
- Integration of IFC Project with other internal control, Risk projects
- Clause 49 compliance
Design of SOP and Internal Controls
Development of SOP’s Our approach to developing Policies and SOP’s are a Collaborative one. The typical approach for SOP development is as follows:
- Initial review of existing documentation
- Discussions and interviews with relevant Business heads and executives
- Draft SOP /Policy submitted to Project Coordinator for review
- Revisions and modification as necessary
- Final Policy/ SOP submitted for approval
- Short training on key provisions of the new policy to department executives
Development of Internal Control Framework Our project will be based on the best practices and guidelines from COSO, ICAI, and other leading best practices. This is a widely accepted standard to introduce a flexible framework that takes into consideration the size and complexity of the company. These will be adopted in a gradual manner in order that the organization can benefit from these recommendations
How Riskpro Can Help?
Develop Internal Control Framework
- COSO 2013 – Internal Control Framework
- Gap Analysis and adequacy of internal control documentation
- Process notes, process flows to meet guidelines
Develop a Repository of Key Internal Controls
- Internal Controls over Financial Reporting
- Other Operational levels Internal Controls
Testing of Internal Controls
- Assessment of the operating effectiveness of the internal controls
- Remediation of internal control gaps