Financial institutions face intense regulatory scrutiny of their risk management practices and having a homogenized and standardized framework for managing the risk inherent in modern-day payments is no longer an option.
COSO, the Committee of Sponsoring Organizations, offers a framework for establishing internal controls that are effective and operationally rationale. In this session, participants will learn how the COSO framework can be leveraged to create internal controls to mitigate payments risk.
Learning Objectives:
- Define and understand the basic tenets of the COSO Framework
- Describe its five key components
- How to assess the effectiveness of a system of internal control
- How to identify deficiencies in internal controls of payments
- Risk mitigation for third party vendors
- A project plan for implementing the COSO Framework
Why Should You Attend:
Individuals who are responsible for or participate in the development of internal controls for all payment types that affect customers should attend this training in order to understand the basic concepts and structure of a COSO Framework.
This training is also relevant to staff members that manage third party vendors as well as those that are responsible for or participate in internal audit and compliance functions.
Topics
- The COSO Framework
- The COSO Cube
- Five Key Components of the COSO Framework
- Internal control of payments: Effectiveness and Deficiencies
- Third Party risk
- Roadmap to implement a COSO internal control plan
Instructor
Patricia (Patti) Hewitt is the CEO of PG Research & Advisory Services and a widely recognized expert and strategic advisor to the financial services industry. She has worked extensively with companies and organizations across the market spectrum, from global card networks to emerging technology entrepreneurs providing strategic advice and subject matter expertise relating to financial services market dynamics, business model change management, and identifying inflection points within the industry's value chain.
Her proven ability to put change into context, allows her to provide expert services in the areas of market transformation, change management, competitive positioning and rationalizing new products, services and technologies into strategic go-to-market plans.
Her professional background includes holding executive positions at SunTrust Bank (formerly Sun Bank), PaySys International (owned by First Data) and Fiserv. Most recently, Patti was Vice President and Managing Director of Consulting Services for Mercator Advisory Group where she was responsible for all custom research and global consulting work for the firm.