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Managing. The risk of Payment System - Turner P.

Turner P. Managing. The risk of Payment System - John Wiley & Sons, 2003. - 253 p.
ISBN 0-471-32848-0
Download (direct link): managingtherisksofpayment2003.pdf
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Funds Transfer:
1. What is the total annual value of all funds transfers? __________________________________________________
2. What is the average value of a transfer?_________________________________________________________________
3. Are there specific arrangements with banks as to the individuals in your Company authorized to:
a) Transfer funds? GYes ? No
b) Request changes in procedures? ? Yes ? No
c) Obtain records? ? Yes ? No
Please attach a description of the internal controls that ensure that fraudulent instructions cannot be given to any bank by persons either with or without authority to give genuine instructions.
4. Are all banks required to authenticate any funds-transfer instructions before payment? ? Yes ? No
(If Yes,” how is this achieved?)_________________________________________________________________________
Management of Corporate Payment Systems Risks
Exhibit 8.1 Continued
5. Are all banks required to confirm funds-transfer transactions in writing within 24 hours? ? Yes ? No
6. Are all funds-transfer instructions given to financial institutions on a preformatted basis? ? Yes ? No
7. Are there independent checks of funds-transfer records by staff not authorized to handle/instruct such
transfers? ? Yes ? No
1. What is the maximum amount of the following kept on premises:
a. Cash? $_
b. Checks? $_
c. Securities? $_
| Total:
2. Is the above kept in a safe or vault? ? Yes ? No (If “No,” please describe where kept.)
3. Are any of the following types of alarms on premises?
a. Location # ? Holdup ? Burglary ? Central Station
? Local Gong ? Police Connection
Devices ? Ultrasonic
b. Location # ? Holdup ? Burglary ? Central Station
? Local Gong ? Police Connection
Devices ? Ultrasonic
4. Are money, securities, etc. transported to the bank:
d. Every day? ? Yes ? No
e. Whenever a specified $ threshold is reached? ? Yes ? No
5. Maximum amount carried bv messenaers? $
6. Do messengers vary the time of day at which they go to the bank? ? Yes ? No
7. Does a guard accompany messengers? ? Yes ? No
8. Is the guard armed? ? Yes ? No
9. Do messengers use locked satchels? ? Yes ? No
8. Do messengers, salespersons, or any other employees keep money or other valuables at home at night or on weekends? ? Yes ? No
(If “Yes,” please attach an explanation, including the approximate amount.)
10. Do you have a Safe Deposit Box at a bank? GYes ? No
a. Minimum value of contents: $__________________
b. Maximum value of contents: $__________________
c. Does any one employee have the authority to access the Safe Deposit Box alone?
? Yes ? No (If ‘Yes,” please attach an explanation, including the identity of the
person and the position.)
11. Do you require employees who handle money, securities, books, and records to take a two-week
vacation each year? ? Yes ? No
Other Control Comments:
Loss Information:
Please provide the following information for aff loss(es) discovered during the past five (5) years (whether reimbursed or not) that involve, or potentially involve, perils of the type covered by the policy.
Risk Management
Exhibit 8.1 Continued
Cause of Date Gross Amount of Amount Received Deductible at Location, If Other
Loss Discovered Loss (Actual or from Insurance Time of Loss Than Main Office
Estimated) Less Salvage

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