Client Needs & Objectives
As required by external auditors, our client, a major global CIB, needed to perform a quality check of data in LAP at the transactional level and ensure that the correct source documents for any given transaction could be provided in a timely manner to an auditor.
Our client required assistance to determine the process for and implementation of transaction testing, including source document retrieval, data validation and checking of any potential discrepancies.
The objective of the Transaction Testing Project were as follows:
- To identify inaccuracies in LAP
- To provide our client with clear transaction testing documentation
- To issue recommendations for correction or process improvement
- To define procedure for reaction to future testing or transaction audit
Our approach was structured in 4 steps :
- Testing Population: Definition of the templates to be used for documentation and tracking as well as selection of population for analysis.
- Coordination & Analysis: Contact stakeholders to determine attributes of interest and obtain source documentation. Verification of data quality.
- Follow-up: Discussion of findings with product owners, follow-up of outstanding discrepancies, determination of recommendations.
- Documentation & Training: Documentation of testing including results and walk-through and training sessions for our client’s personnel.