'Risks are mitigated by implementing internal controls as appropriate to the business environment. These type of controls must be integrated in the IT solution implemented at the Bank's branches.' Indicate five examples

Internal Controls in Banks Risks are mitigated by implementing internal controls as appropriate to the business environment. These types of controls must be integrated in the IT solution implemented at the bank's branches. Some examples of internal controls in bank branch are given below: - Work of one staff member is invariably supervised/ checked by another staff member, irrespective of the nature of work (Maker Checker process). A system of job rotation among staff exists; Financial and administrative powers of each official/ position is fixed and communicated to all persons concerned; Branch managers must send periodic confirmation to their controlling authority on compliance of the laid down systems and procedures. All books are to be balanced periodically. Balancing is to be confirmed by an authorized official. IT Controls in Banks IT Risks need to be mitigated by implementing the right type and level of controls in the automated environment. This is done by integrating control into IT. Sample list of IT related controls are:- The system maintains a record of all log ins and log outs. If the transaction is sought to be posted to a dormant (or operative) account, the processing is halted and can be proceeded with only with a supervisory password. The system checks whether the amount to be withdrawn is within the drawing power. The system flashes a message if the balance in lien account would fall below the lien amount after the processing of the transaction. Access to the system is available only between stipulated hours and specified days only.