Office of the Chief Financial Officer
Executive Summary for Closed Reports

Original Report

Report No. OIO-12-01-04-OFT: Audit of Wire Transfer Processing at the Office of Finance and Treasury (OFT), dated September 12, 2012

Current Status

Closed.

Chief Risk Officer’s Risk Assessment

The Inherent Risk associated with processing wire transfers is categorized as High risk.  The OCFO recognizes as one of its core mission the payment of monies owed on behalf of the District and is acutely aware of the risk processing wires poses as it is money leaving the District.  Therefore, particular attention is paid all OIO recommendations.

Recommendations Overview

OIO offered two recommendations, and both were implemented.

• As a result of the termination of SunGard Cash Management, the Cash Management unit developed an in-house system using MS-Excel to track transfers executed by the Cash Management unit.  These transfers are tracked daily for the transfers the Cash Management unit are responsible for executing.  The security protocols for OFT have not diminished due to using the direct loading of payments to our banking systems.  We still maintain the same level of system security and payment controls that existed with the Workstation.

• The Cash Management Unit has updated its policies and procedures in alignment with the change to manual processing.  The updated policies and procedures were made available to all staff.

To view the full report, click OIO Wire Transfer Processing Full Report