Control Framework & Risk-Based Audits

Challenge:
A financial institution required targeted audits across specialist functions, including compliance, convertibles, senior manager responsibilities, and data privacy. The challenge was to ensure both planning and execution of design adequacy and operational effectiveness testing while maintaining momentum against regulatory milestones.

Our Approach:
BSS supported the client by delivering a structured audit plan that included planning documents, adequacy assessments, effectiveness testing, and draft reporting. We also provided consultancy support to strengthen internal audit processes for a clearing platform. Throughout, we ensured open audit findings were validated and addressed, minimising risk exposure.

Results:

• Successfully completed design adequacy and effectiveness testing across multiple business areas.
• Produced clear audit deliverables, including planning memos, observation forms, and draft reports.
• Enhanced the client’s ability to meet regulatory requirements by deadlines.
• Strengthened the internal audit function with consultancy support, improving capability for future audits.