Control Intelligence

AI Analysis Results

Bank Account Management — Treasury & Cash Management

Back to Sub-Process
76
/ 100
Adequate
Overall Sub-Process Rating
Adequate — Control exists and operates; minor enhancements possible.
1 control evaluated4 strengths identified2 gaps identified
Executive Summary

The Bank Account Management process demonstrates adequate controls overall, with most key controls designed and operating as intended. Certain areas require enhanced documentation or monitoring to close identified gaps, but no material weaknesses were noted during the assessment period.

Strengths
  • Bank accounts are opened/closed only with CFO authorization... is consistently executed
  • Management review is performed on a regular cadence
  • Training and awareness programs support control understanding
  • Key controls are documented in a centralized repository
Gaps
  • Access recertification cadence does not meet policy requirements
  • Remediation timelines are not tracked against defined SLAs
Recommendations
  1. 1Automate exception detection and route alerts to control owners within 24 hours
  2. 2Conduct an annual control design assessment aligned with framework updates
  3. 3Implement a workflow tool that captures reviewer identity and timestamp for all approvals
Framework Mapping
COSO 2013
Principle P10Principle P11
SOX 404
ICFR.TR.BA.01
IIA Standards 2024
IV.9.2

Control-Level Breakdown (1)

TR-BA-01StrongScore: 85/100
Bank accounts are opened/closed only with CFO authorization and recorded in a central register.
Key Finding

The control is well-designed and operating effectively. Bank accounts are opened/closed only with CFO authorization and recorded in a central register. Evidence of consistent execution and monitoring was observed.

Recommendation

Continue current practices. Consider automating remaining manual steps to sustain the control with less effort.

Framework Tags
COSO P10COSO P11ICFR.TR.BA.01IIA IV.9.2