FEWCHORE FINANCE

COMPANY LTD

OPERATIONS POLICIES AND PROCEDURAL

MANUAL

Version 1.0

July 2020
 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual

Document review and approval

Revision history
Version Author Date Revision
V 1.0 24 June 2020 No Previous Version

This document has been reviewed by

Reviewer Date reviewed
1 Labake Adebanji
2 Nkadi Joseph
3 Yinka Depiver

This document has been approved by

Subject matter experts
Name Signature Date reviewed
1 Joseph Nkadi
2 Oluwafemi Badewole
3 Yinka Depiver
4 Sunkanmi Balogun

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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual
FOREWORD

This manual documents the operational policies and procedures to be employed by the
staff of Fewchore Finance company Limited.

The policies and procedures manual has been prepared to assist management and staff,
in understanding:

• The internal procedures of the organization

• The policies and control measures/techniques that defines and guides each process.

The manual is designed to:

• Ensure uniformity, completeness and consistency in the performance of day-to-day

operations of the company;
• Enable clear definition of job responsibilities;
• Prevent/ minimise information gap on procedures in the event of staff turnover; and
• Avoid discretionary and inconsistent definition and application of policies and
procedures

• Objectives: Outlines the purpose of the sub-processes.

• Policies and Controls Techniques: Outlines the key policies and controls established
to mitigate potential risks impacting the process.

• Procedures: Outlines in narrative/textual format the tasks and activities involved in

executing the process.

This manual is not meant to be all-inclusive but represents the minimum mandatory
requirements and has taken into consideration the current permissible activities of
Fewchore Finance Company Limited as stipulated by Central Bank of Nigeria (CBN).

It is expected that this manual will be revised from time to time based on current realities,
new developments and changes impacting the finance function both within and outside
Fewchore Finance Company Limited.

The Head, Internal Audit and Compliance is responsible for ensuring the manual is
updated as and when required.

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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual

STANDARD OPERATING PROCEDURES FOR INTERNAL AUDIT DEPARTMENT

FRAUD AND FORGERIES REPORT

Process Objectives (Purpose)

To fulfil regulatory compliance.

Benefit to the customer:

1. To ensure that all regulatory requirements are met and Fewchore Finance Company
Limited is not sanctioned.

Benefits to Fewchore Finance Company Limited:

1. Regulatory compliance.
2. Avoid sanctions and penalties.

Process Ownership
Internal Audit Department

KEY RISKS KEY CONTROLS

• Non-rendition of report • Ensure that report is sent before 14th of
• Delay in rendition of report. every month. Reminder should be set on
• Wrong information sent to regulators officers desk or system
• Information to be sent out must be
reviewed by Head, Internal Audit and the
Managing Director.

Process Attributes: Report is sent on or before every 14th of the month. Where there is
No fraud for the period, a NIL report is sent to the regulator.

Frequency - Monthly

Number of persons involved - 2

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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual

CRITICAL SUCCESS FACTORS KEY PERFORMANCE INDICATORS

• Access to all operational activities of • Percentage error rate (zero)
the organization • Timely rendition on or before 14th of
• Access to Bank-one for verification of every month
customers account if the need arises • Process turnaround time is 2 hours

INPUTS OUTPUT
• All fraud investigation report and • Fraud and forgeries report for the
related documents. specific period.

Process Summary

ACTIVITIES

Responsibility Task Step

1. 1.1 Review all operational activities in the month
or period under review.
1.2 Input all frauds or attempted fraud report in
the FRAUD AND FORGERIES standard report
format (If any).
1.3 If NIL, a NIL report should be stated in the
FRAUD AND FORGERIES standard report
format.
1.4 Report to be reviewed by Head, Internal Audit.
1.5 The report should be signed by the officer who
prepared it and also signed by the Head,
Internal Audit.
1.6 The report should be dispatched to the
necessary regulatory agencies (CIBN, CBN,
FITC) through the dispatch rider. An
acknowledgement copy should be included.
1.7 The acknowledged copy should be filed into
the Fraud and Forgeries folder.

See Appendix 1 for a sample of Fraud report.

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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
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Manual

Review all operational

activities in the month
or period under review.

Input all frauds or attempted fraud

report in the FRAUD AND FORGERIES
standard report format (If any).

If NIL, a NIL report should be stated in

the FRAUD AND FORGERIES standard
report format.

Report to be reviewed by Head,

Internal Audit.

Report should be signed by the

officer who prepared it and also
signed by the Head, Internal Audit.

The report should be dispatched to

the necessary regulatory agencies
(NDIC, CIBN, CBN, FITC) through the
dispatch rider. An acknowledgement
copy should be included.

The acknowledged copy

should be filed into the Fraud
and Forgeries folder.

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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
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Manual

EXPENSE APPROVAL

Process Objectives (Purpose)

To approve expenditure that are compliant.

Benefit to the customer:

1. NIL

Benefits to Fewchore Finance Company Limited:

1. Cost savings- as only necessary expenses are incurred.

2. Increase in profit margin due to reduced cost arising from cost savings
3. Ensure expenses are not inflated.

Process Ownership
Internal Audit Department

KEY RISKS KEY CONTROLS

• Over bloating of expenses • Record expenses approved and cross
• Duplication of expenses check the register to guard against
• Approving expenses that are not in duplication.
accordance with approval processes • Duly verify quotation(s) supplied by
• Over bloating the expense budget. Admin department.
• Always ensure that a minimum of 2
quotations are supplied before approval.
• Check the expense budget limit to
ensure it is not exceeded when
approving expenses.
• Ensure that the Head, Admin
department has duly signed off on the
expense approval.

Process Attributes:
•
Frequency - Daily

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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual
Number of persons involved - 1

CRITICAL SUCCESS FACTORS KEY PERFORMANCE INDICATORS

• Access to multiple suppliers. • Process turn around 5 minutes
• Access to expense approval memo. • Percentage error is zero
• Adequate budget provision (availability
of funds).
• Availability of Approving signatories.

INPUTS OUTPUT
• Expense memo request • Approved Expense Memo.
• Receipt, Invoices, quotations

Process Summary

ACTIVITIES

Responsibility Task Step

1. 1.1 Expense approval Memo is received from
Admin department on the need to incur cost as
regards repairs or purchases.
1.2 Expense is verified by Internal Audit (IA) to
ascertain the need to incur such cost.
i. If expense needs to be adjusted, return
back to requesting department.
ii. If expense is declined, return back to
requesting department.
1.3 Auditor to check that at least 2 invoices are
attached to the expenses approval memo.
1.4 Audit officer verifies the price stated on the
invoice by making calls to suppliers or verify
through cost priCe check from the internet.
1.5 Negotiation can be done with the supplier if
the need arises.
1.6 Expense is approved after negotiation and
confirmation of price.

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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
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Manual

Expense approval Memo is

received from Admin
department on the need to
incur cost as regards repairs
or purchases.
If there is a need for
adjustment, return
back to requesting
department
Expense is verified by Internal Audit
(IA) to ascertain the need to incur
such cost.

If cost is rejected,
return back to
Auditor checks that at least 2 requesting
invoices are attached to the department
expenses approval memo.

Audit officer verifies the price stated on

the invoice by making calls to suppliers or
verify through cost prize check from the
internet

Negotiation can be done with the supplier

if the need arises

Expense is approved after negotiation

and confirmation of price.

Approve expenses within Expenses beyond limit

projected limit or not included in the
projection for the
month are forwarded
to MD for approval

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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
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Manual
PRINTING OF TRANSACTION JOURNAL AND TRANSACTION VOUCHING

Process Objectives (Purpose)

For call-over activities i.e. to ensure that entries are posted correctly

Benefit to the customer:

1. Safe guard customers’ funds and investments.

Benefits to Fewchore Finance Company Limited:

1. Ensure that accurate postings have been carried out into customers account and
ledger accounts.
2. Certify the completeness of a business transaction.
3. To guard against fraudulent postings/ transactions.
4. Audit trail and Record keeping.

Process Ownership
Internal Audit Department

KEY RISKS KEY CONTROLS

• Inability to print statement due to • System uptime:
system downtime. -Timely printing of Transaction Journal
• Delay in printout of transaction Journal. after end of day run.
• Oversight of errors by IA staff. -2nd level check.
• Non-regularization of noted exceptions. • Cross checking of call over done by Audit
• System downtime: staff by another staff of the department.
• Omitting/ late checking of batch. • Documenting noted exceptions in the
error register and ensuring immediate
correction and rectification.
• Training and re-training of audit staff on
call over activities.

Process Attributes:

Frequency - Daily

Number of persons involved - 2

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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
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Manual
CRITICAL SUCCESS FACTORS KEY PERFORMANCE INDICATORS
• Access to Bank-one system. • Timely call over activities- daily
• Printer in good working condition. • Error rate is NIL.
• Availability of paper
• System uptime

INPUTS OUTPUT
• Transaction details. • Duly called over Transaction Journal
• Posted vouchers. • Exception Report

Process Summary

ACTIVITIES

Responsibility Task Step

1. Printing Of 1.1. Log onto Bank-one, using username and
Transaction password.
Journals 1.2. Click on Core Banking
1.3. Click on Report Management
1.4. Click on Call-Over Report
1.5. Click on View Call-Over Report
1.6. Select financial date range
1.7. Click on search
1.8. Click “To Excel” and print

2. Vouching of
Transaction 2.1. Collect transaction vouchers posted
By Operators.
2.2. Vet all postings done by ticking the
vouchers against the printed transaction
journal. Ensure that all accounts to be
debited and credited are done correctly.
2.3. Record errors (if any) in the error
Register.
2.4. Duly sign-off on the Transaction journal
To confirm job duly completed.
2.5. Inform the officer about the error and
ensure immediate regularisation
2.6. Follow-up with noted errors.
2.7. Update the error register to show that
Regularisation has been done.

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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
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Manual

Printing of Transactions Journal

Log onto Bank-one, using

username and password

Click on Core Banking

Click on Report Management

Click on Call-Over Report

Click on View Call-Over Report

Select financial date range

Click on
search, export
to excel and
print

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Manual

Vouching of Transaction

Collect transaction vouchers

posted By Operators.

Vet all postings done by ticking the vouchers

against the printed Transaction journal.
Ensure that all accounts to be debited and
credited

Record errors (if any) in the error Register.

Duly signoff on the Transaction journal to

confirm job duly completed

Inform the officer about the error and ensure

immediate regularisation

Follow-up with noted errors

Update the error

register to show that
regularisation has been
done

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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
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Manual

REPORT TO BOARD AUDIT COMMITTEE

Process Objectives (Purpose)

To ensure compliance to regulatory requirement on the need to render quarterly
Report to the Board on the activities of the Organization every quarter.

Benefit to the customer:

I. Decisions taken will ultimately benefit the customers

Benefits to Fewchore Finance Company Limited:

i. To serve as a strategic decision making tool for management.
ii. Review report and make recommendations which will be beneficial to the
short and long term goal of the organization

Process Ownership
Internal Audit Department

KEY RISKS KEY CONTROLS

• Inability to access Bank-one. • Timely and Uninterrupted access to Bank-
• Inability to access source documents for one (system uptime).
the preparation of the report. • Timely access to source documents.
• Non-rendition of report. • Second level check by Head of audit.
• Error in reporting

Process Attributes:

Frequency - Quarterly

Number of persons involved - 2

CRITICAL SUCCESS FACTORS KEY PERFORMANCE INDICATORS

• Timely access to documents to enhance • Quarterly preparation of report
development of the report. • Error rate is NIL
• Access to Bank-one

INPUTS OUTPUT

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Operations Policies and Procedural
July
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Manual
• Source documents for the period under • Board Audit committee report.
review

Process Summary

ACTIVITIES

Responsibility Task Step

1. Preparation of 1.1 Conduct an audit exercise of all
Report departments that will be reported to
the Board. (Kindly see page 15 for
Audit Process)
1.2 Collate important issues raised in the
audit exercise and responses.
1.3 Make a summary of all noted
exceptions in the audit exercise.
1.4 Do a report based on 1.1- 1.3 above for
the period.
1.5 Second level check of the report.
1.6 Final report to be presented to Board
Audit Committee (B.A.C).

2. Presentation of 2.1. Head, Internal Audit makes

Report presentation to members of the
Board Audit committee (BAC).
2.2. Take notes of recommendations
raised by the Board.
2.3. Prepare a summary of issues
discussed at the Committee. A
second level officer to review
Summary report.
2.4. Final report submitted to chairman
BAC
2.5. Chairman B.A.C make presentation to
Board of Directors (BOD).
2.6. B.O.D recommendation received and
documented for necessary action and
follow up.
2.7. Report is filed in the Board Audit file.

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Operations Policies and Procedural
July
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Manual
Preparation of Report

Conduct an audit exercise of all

departments that will be reported to
the Board. (Kindly see page 15 for
Audit Process)

Collate important issues raised in the audit

exercise and responses

Make a summary of all noted exceptions

in the noted audit exercises

Do a report based on the 3steps above for

the period

Second level check of the report

Final report to be presented to Board

Audit Committee (B.A.C).

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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
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Manual

Presentation of Report

Head, Internal Audit makes

presentation to members of the
Board Audit committee (BAC).

Take notes of recommendations raised

By the Board.

Prepare a summary of issues discussed at

the Committee. A second level officer to
review Summary report.

Final report submitted to chairman

BAC

Chairman B.A.C makes Presentation to

B.O.D

B.O.D recommendation received and

documented for necessary action and
follow up

Report is filed in the

Board Audit file

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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual

QUARTERLY AUDIT OF DEPARTMENT

Process Objectives (Purpose)

To ensure regulatory compliance. Also ensure compliance to Board Audit Committee
Decision on the need to ensure that the Company is audited at least twice a year.
To ensure adherence to operational procedure to checkmate any fraudulent act or
error due to negligence.

Benefit to the customer:

1. To guide against loss of funds to customers.

Benefits to Fewchore Finance Company Limited:

1. It serves as a control measure for all department.
2. To measure compliance with regulatory compliance and organization guidelines
and rules.
3. It helps discover fraudulent postings and transactions (if any)
4. It helps highlight areas where attention needs to be focused on.

Process Ownership
Internal Audit Department

KEY RISKS KEY CONTROLS

• System downtime: • System Uptime
- Inability to access Bank-one in order - Timely and Uninterrupted access to
to verify signature, customer balance, Bank-one.
email and phone number • Timely access to documents from relevant
• Uncooperative staff and department. departments.
• Delay in providing information needed • Set timeline for regularization and follow
and delay in access to documents. up with regularization process.
• Non-regularization of noted exceptions • Sanctions where there is lack of co-
operation.
Process Attributes:

Frequency - Quarterly

Number of persons involved - 2

CRITICAL SUCCESS FACTORS KEY PERFORMANCE INDICATORS

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Manual
• Timely access to Bank-one. • Full regularization of noted
• Timely access to documents and files. exceptions. Within 48 hours.
• Timely responses from various department being • Error rate is 0%
audited. • Process turnaround time is
• Timely corrections to exceptions raised. 4days

INPUTS OUTPUT
• Access to Bank-one • Audit report.
• Documents, files and vouchers. • Exception report.
• Individual staff responses to issues raised.

Process Summary

ACTIVITIES
Responsibility Task Step

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Manual
1. Introduction Of 1.1. Head of Audit to release timetable for
Audit Team audit exercise
1.2. Letter of Introduction is raised to
respective department
1.3. Entry meeting is held with audit team
and respective staff on due date

2. Commencement 2.1. Request for department’s operational

of audit manual
2.2. Request for department’s SOP for Review.
2.3. Review each operational process in
operational manual for accuracy and
Completeness.
2.4. Record all exceptions noted in the
working paper during review of
operational process and SOP in the audit
exception report.
2.5. Upon completion of the audit, write the
Full audit report and attach necessary
appendixes
2.6. Forward audit report to head of
department for their responses to
exceptions raised.

3. Audit follow up. 4.1. Request for responses to exception

report.
4.2. Liaise with relevant department on
exceptions raised and seek for
clarification where necessary.
4.3. Conclude audit report with department.

4. Exit Meeting 4.1. Fix a date for exit meeting which will be
well attended by the department head
and head of internal Audit
4.2. Discuss issues raised in the audit report.
4.3. Make adjustment to exceptions raised
where necessary.
4.4. End meeting

5. Submission of 5.1. Submit report to Management for further

report. action and decision

6. Follow up on 6.1. Follow up on non-regularized exceptions

Exception

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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
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Manual

Head of Audit to
release timetable End meeting Submit report to
for audit exercise Management for further
action and decision

Letter of Introduction is Make adjustment to

raised to respective exceptions raised where Follow up on non-
department necessary regularized
exceptions

Entry meeting is held with Discuss issues raised in the

audit team and respective audit report
staff on due date

Request for department’s Fix a date for exit meeting

operational manual which will be well attended
by the department head
and head of internalAudit

Request for department’s

SOP for review. Conclude audit report with
department

Review each operational

process in operational Liaise with relevant department
manual for accuracy and on exceptions raised and seek
completeness for clarification where necessary

Record all exceptions noted

in the working paper during
Request for responses to
review of operational process
exception report.
and SOP in the audit
exception report.

Upon completion of the audit, Forward audit report to

write the Full audit report and head of department for
attach necessary appendixes their responses to exceptions
raised.
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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
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Manual

ROUTINE OVERSIGHT FUNCTION

a. Review of Unauthorized Overdrawn Accounts

Process Objectives (Purpose)

To ensure compliance to the Company’s Operational Policies and Procedures

Benefit to the customer:

i. To ensure that customer’s accounts are within approval.

Benefits to Fewchore Finance Company Limited:

i. To guide against loss of funds
ii. To guide against fraudulent transactions.
iii. To identify fraudulent / error in transaction process, if any.

Process Ownership
Internal Audit Department

KEY RISKS KEY CONTROLS

• Inability to access Bank-one. • Timely and Uninterrupted access to Bank-
• Knowledge gap one.
• Fraud • Effective training of officers on accounts
postings and investigations.
• All overdrafts have approved limits.

Process Attributes:

Frequency - Daily

Number of persons involved - 2

CRITICAL SUCCESS FACTORS KEY PERFORMANCE INDICATORS

• Timely access to Bank-one. • Daily review of overdrawn account.
• Access to source documents used in • Error rate is 0%.
posting transactions. • Process turnaround time: 2mins per
• Prompt review of accounts in transaction.
overdrawn position

INPUTS OUTPUT

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 Fewchore Finance Company Limited
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Manual
• Posted vouchers • Overdrawn account regularized
• Transaction journal report report.

Process Summary

ACTIVITIES

Responsibility Task Step

1. Printing Of 1.1 Log on to Bank-one software with
Overdrawn Username and Password.
Accounts 1.2 Click on Credit Management
1.3 Double click on report.
1.4 Double click on Credit Management Report
1.5 Click on Unauthorized Overdrawn Account
1.6 Select the review dates (Starting Date and
End Date)
1.7 Click preview
1.8 Print

2.1 Log on to Bank-one

2.2 Click on Customer Service
2. Review of 2.3 Double click on Enquiries
Each 2.4 Insert Account number for review in
Overdrawn “Account Number like” column
Account 2.5 Set the date parameters.
2.6 Review the account to determine what led
to unauthorized debit position in the
account.
2.6.1 Where there is enquiry, request for
vouchers
i. Match postings on customer Account
ii. Ask for authorization documents.
2.7 Advise in the absence of concerned
officers on the immediate regularization
of the accounts.
2.8 Ensure regularization is done immediately.
2.9 Confirm regularization.

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July
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Manual

Printing of Overdrawn Account

Log on to Bank-one software with

Username and Password

Click on Credit Management

Double click on report

Double click on Credit Management

Report

Click on Unauthorized Overdrawn Account

Select the review dates (Starting Date and

End Date)

Click preview

Print

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Manual

Review of each Overdrawn Account

Log on to Bank-one

Click on Customer Service

Double click on Enquiries

Insert Account number for

review in “Account Number
like”
column

Set the date parameters.

Review the account to determine

what led to the unauthorized debit Match postings in
position in the account customer’s
account with
vouchers

Where there is enquiry, request for

vouchers Request for
authorization
documents.
Advise concerned officers on the
immediate regularization of the
account

Ensure regularization is done

Immediately
Ensure regularization is done
Immediately

Confirm
regularization
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Manual

b. Review Of Personal Account Balances

Process Objectives (Purpose)

To review the account balance in Personal Account of customer. Personal Accounts in
the company does not generate any credit interest, hence the need to always ensure
that funds that were channeled into customers Personal Account are adequately moved
to the right account. I.e. either to investment accounts or Loan accounts

Benefit to the customer:

I. To ensure customer’s return on Investment

Benefits to Fewchore Finance Company Limited:

i. To eliminate back valuing of fixed deposit transactions.
ii. To ensure promptly liquidation of outstanding loans and advances.
iii. Increase customer’s base through referrals from existing customer who got
value for their investments on time.

Process Ownership
Internal Audit Department

KEY RISKS KEY CONTROLS

• System Downtime • System Uptime / Realtime
-Inability to access Bank-one. - Timely and Uninterrupted access to
Bank-one.
• Fraud • Second level check by Head, Internal
Audit.

Process Attributes:

Frequency - Daily

Number of persons involved - 2

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Manual

CRITICAL SUCCESS FACTORS KEY PERFORMANCE INDICATORS

• System Uptime • Error rate is 0%
- Timely access to Bank-one. • Process turnaround time : 2mins per
transaction

INPUTS OUTPUT
• Personal account balances • Regularization of accounts report.
• Posted vouchers
• Bank Account statements

Process Summary

ACTIVITIES

Responsibility Task Step

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Manual
1. Printing of 1.1 Log on to Bank-one software with
Personal Username and Password.
account 1.2 Click on processing
balances. 1.3 Double click on report
1.4 Double click on customer balance report.
1.5 Click on Customer balance Account (CASA)
1.6 Select date parameter (Start Date and End
Date)
1.7 Click preview and print

2.1. Log on to Bank-one

2. Review of 2.2. Individually review personal accounts with
Personal volume of N50,000 and above.
Account 2.3. Advise necessary department (Treasury /
Balance Credit) if there are pending customer’s
request yet to be treated.
2.4. Review necessary actions taken by
department involved.
2.5. File report in designated file.
Printing of Personal Account
Log on to Bank-one software
with Username and Password

Click on processing

Double click on report

Double click on customer balance report

Click on Customer balance Account

(CASA)

Select date parameter (Start Date and End

Date)

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Manual

Click preview
and print

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Manual
Review of Personal Account Balance

Log on to Bank-one

Individually review personal

accounts with volume of N50,000
and above.

Advise necessary department (Treasury /

Credit) if there are pending customer’s
request yet to be treated

Review necessary actions taken by

department involved

File report in
designated file

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C. Review of Investment with Other Financial Institutions

Process Objectives (Purpose)

To ensure that the right parameters stated on the investment letter is imputed in the
System

Benefit to the customer:

i. NIL

Benefits to Fewchore Finance Company Limited:

i. To ensure that the right interest income is correctly captured on the system.
ii. To ensure that right parameters (i.e date, rate, tenure and WHT where
applicable) are captured on the system

Process Ownership
Internal Audit Department

KEY RISKS KEY CONTROLS

• System Downtime • System Uptime / Real-time
- Inability to access Bank-one. - Timely and Uninterrupted access to
Bank-one.
• Wrong posting • Second level check by Head, Internal
• Delay in posting of voucher / instruction Audit.
• Non posting of voucher / instruction

Process Attributes:

Frequency - Daily

Number of persons involved - 2

CRITICAL SUCCESS FACTORS KEY PERFORMANCE INDICATORS

• System Uptime • Process turnaround time : 2mins per
- Timely access to Bank-one. transaction
• Error rate is 0%

INPUTS OUTPUT

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• Investment letters • Reviewed investment with other
• Interbank placement report Financial institution report.

Process Summary

ACTIVITIES

Responsibility Task Step

1. Spooling of 1.1 Log on to Bank-one software with
Investment Username and Password.
s 1.2 Click on Money Market
1.3 Double click on report
1.4 Double click on Money Market report
1.5 Click on Interbank Placement Report
1.6 Select date (start date and end date)
1.7 Preview and Print

2.1. Request for the Investment file.

2. Review of 2.2. Review the parameters stated in the
Investment Investment letter which was inputted in
Parameters the system.
2.3. If any exception is discovered, note down
exception in Register and advise
concerned officer.
2.4. Follow up with regularization process.
2.5. Sign off the register once exception is
regularized.
2.6. If no exception, end the process and file
your report in the file

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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual

Spooling of Investments
Log on to Bank-one software
with Username and Password

Click on Money Market

Double click on report

Double click on Money Market

report

Click on Interbank Placement

Report

Select date (start date and end

date)

Preview and Print

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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual

Review of investment parameter

Request for the Investment file

Review the parameters stated in the

Investment letter

If any exception is discovered, note down

exception in Register and advise
responsible officer.

Follow up with regularization process

Sign off the register once exception is

regularized

If no exception,
end the process
and file your
report in the file

34
 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual

d. Matured Fixed Deposit Verification Process.

Process Objectives (Purpose)

To ensure matured Fixed Deposit are treated promptly based on customers’ Instruction.

Benefit to the customer:

1. To ensure that customers funds are rolled over promptly (where necessary) and
with the right parameters so as not to lead to loss of funds to customers.
2. To ensure that customers instructions have been strictly adhered to.
3. Interest Income to customer

Benefits to Fewchore Finance Company Limited:

i. Ensure that interest expense for each month are correctly reported.
ii. Eliminate back valuing of fixed deposit.
iii. Ensure appropriate reporting in financials.

Process Ownership
Internal Audit Department

KEY RISKS KEY CONTROLS

• Inability to access Bank-one. • Timely and Uninterrupted access to
• Wrong posting Bank-one.
• Omission/Delay • Timely access to roll-over vouchers
• System uptime

Process Attributes:

Frequency - Daily

Number of persons involved - 1

35
 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual

CRITICAL SUCCESS FACTORS KEY PERFORMANCE INDICATORS

• Access to rollover vouchers • Error rate is 0%
• System uptime • Process turnaround time: 2min per
• Access to Bank-one transaction.
•

INPUTS OUTPUT
• Fixed deposit voucher • Matured fixed deposit verification
Report.

Process Summary

ACTIVITIES

Responsibility Task Step

1. Printing of 1.1 Open the web browser
Maturity 1.2 Log on to Bank-one username and
Fixed password
deposit 1.3 Click on Fixed Deposit report
report 1.4 Click fixed deposit bookings
1.5 Select dates using range.
1.6 Print.

2.1. Input fixed deposit number into the

2. Vouching of Bank-one system.
Rollover slip 2.2. If rolled over, this would have been
done on the system.
2.3. Confirm that the parameters on the
rollover slip is correctly imputed into
the system.
2.4. If not rolled over, flag an exception
and inform the account officer to
raise necessary vouchers for the
regularization.
2.5. Once regularized, confirm on Bank-
one that all parameters stated in the
roller over slip are correct.
2.6. File report in designated file

36
 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual

See Appendix 2 – Fixed Deposit Maturity Report (Sample)

37
 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual
Printing of Maturity Fixed Deposit Report

Open the web browser

Log on to
https://www.mybankone.com/ManagedServices/
Default.aspx

Click on Ad-hoc report

Click fixed deposit bookings

Select dates using range

Print

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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual

Vouching of Maturity Rollover Slip

Input fixed deposit number

into the Bank-one system

If rolled over, this would have been done on

the system

Confirm that the parameters on the

rollover slip is correctly imputed into the
system.

If not rolled over, flag an exception and

inform the account officer

Once regularized, confirm on Bank-one

File report in
designated file

39
 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual

e. Processing and Approving Customers Withdrawals

Process Objectives (Purpose)

To process and approve customers’ withdrawal before transfer is made based on
Customers’ instructions

Benefit to the customer:

1. To ensure that no fraudulent transaction occurs on the customer’s account.

2. To ensure that the right and correct instruction is obtained from the customer.
3. To protect customer’s funds.
Benefits to Fewchore Finance Company Limited:

1. Eliminates any fraud and attempted fraudulent transaction.

2. To protect the Company from losing funds due to fraudulent transactions.

Process Ownership
Internal Audit Department

KEY RISKS KEY CONTROLS

• System downtime: • System Uptime
- Inability to access Bank-one in order - Timely and Uninterrupted access to
to verify signature, customer balance, Bank-one.
email and phone number • Timely access to customers mandate
• Inability to confirm instruction from file and previous transaction
customer. i.e customer’s inaccessibility. documents.
• Forgery • Seeking approval from the Managing
• Duplication Director to proceed on transaction.
• Cross checking transaction register to
avoid duplication of transaction.

Process Attributes:

Frequency - Daily

Number of persons involved - 1

40
 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual

CRITICAL SUCCESS FACTORS KEY PERFORMANCE INDICATORS

• Timely access to Bank-one. • Process turnaround time : 5mins
• Timely access to customer. • Error rate is 0%
• Time access to customer mandate file
and previous transaction instructions.
INPUTS OUTPUT
• Customer’s instructions voucher • Successful review and approval of
raised Customers’ withdrawal request.

Process Summary

ACTIVITIES

Responsibility Task Step

41
 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual
1. Approving 1.1 Customer’s instructions and voucher is
Customer’s received from operation’s department
withdrawal 1.2 Voucher raised is crossed checked with
instructions customer instructions for accuracy.
1.3 Customer balance is check to confirm
availability of funds.
For Written Instructions
a. Customer’s signature is verified on
Bank-one.
b. If further verification is needed,
customer will be called for further
clarification.
c. Approve transaction when all the
above have been confirmed, else
declines for further clarification.
For Email Instructions
a. Customers email address is
confirmed from Bank-one.
b. For a 3rd party transfer, customer is
called for further clarification and
authenticity of the mail.
c. Approve transaction when all the
above have been confirmed, else
declines for further clarification.

Customer’s instructions and voucher is

Received from treasury department

Voucher raised is crossed checked with

Customer’s instructions for accuracy

Approve transaction when all the above have

been confirmed, else declines for further
clarification
42
 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual
For Written Instructions For Email Instructions

Customer’s signature is
Customers email address is
verified on Bank-one if it’s
confirmed from Bank-one if it’s
a written instruction
an Email instruction the
customer sent

If further verification is
needed, customer should
be called For a 3rd party transfer, customer
is called for further clarification
and authenticity of the mail

Approve transaction when all the

Approve transaction when
above have been confirmed,
all the above have been
else declines for further
confirmed, else declines for
clarification
further clarification

43
 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual

Appendix 1 – Fraud and forgeries report

FEWCHORE FINANCE COMPANY LIMITED

RETURNS ON FRAUD AND FORGERIES FOR THE MONTH OF SEPTEMBER 2016

BR
UNIQ IEF
UE AM RE
IDEN OU AM AC PO
TIFIE NT OUN TU ACT RT
DA
BUSI R OUT INV T AL UAL OF ACTI
TE
NESS DAT NAME STA PH (INT' SID OL INV LO LOS TH ON
OF
OFFI E OF DATE TE ON L PP, ER VE OLV SS S E TAK
CE FR REP STAFF OF OF E D/LIC INV D ED (= (=U FR EN/R
S/ NAM AU ORT INVOL BIRT ORI LG NO ENCE OLV (=N (=US N= SD= AU EMA
N E D ED VED H GIN A . ETC ED =) D=) ) ) D RK

FRAUD AND FORGERIES ANALYSIS FOR THE MONTH OF AUGUST YYYY AND SEPTEMBER
YYYY
Month Reported cases Amount involved Actual loss

N $ N $

AUGUST YYYY

SEPTEMBER YYYY

% Change AUGUST
2016/SEPTEMBER 2016

---------------------------- ---------------------------

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 Fewchore Finance Company Limited
Operations Policies and Procedural
July
> 2020
Manual
INTERNAL AUDIT HEAD, INTERNAL AUDIT

APPENDIX 2 –MATURED FIXED DEPOSIT REPORT (SAMPLE)

FEWCHORE FINANCE COMPANY LIMITED

VICTORIA ISLAND BRANCH
Fixtures and Call Deposits Maturity Profile Report

Position As At: 15 JUNE 2017

Accou Accou Outstandi Effec T Matur Inter Bas Type Maturity Unapp Maturi
nt No nt ng tive e ity est e Treatment lied ty
Name Balances Date n Date Rate Yea Intere Interes
o r st t
r

45