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Review of OFT Compliance with Collateral Requirements


Tuesday, January 8, 2013

Office of the Chief Financial Officer
Executive Summary for Closed Reports


Original Report

Report No. IA:OFT:2010-01-M01: Report on Review of OFT Compliance with Collateral Requirements and the Financial Institutions Deposit and Investment Amendment Act, dated December 3, 2009.

Current Status

Closed.

Chief Risk Officer’s Risk Assessment

The OCFO takes seriously regulatory requirements that apply to its many processes and regards inherent risk associated with regulatory risk as High.  Therefore, particular attention is paid all recommendations from OIO.
 
Overview of Recommendations

“[OIO] believe[s] that OFT’s Banking Services’ current process and internal controls for monitoring collateral are adequate to ensure that all funds held at financial institutions are properly safeguarded.”  Though no formal recommendations were given, during the course of discussion, OFT advised OIO that it was going to incorporate a daily Bloomberg report to automate the collateral monitoring process, and that implementation was completed.

To view the full report, click Report on Review of OFT Compliance with Collateral Requirements and the Financial Institutions Deposit and Investment Amendment Act full report.