Now, when I talk of reports, what I had mentioned in my last post was essentially operation reports (and you thought you were good with the TAT and accuracy as key reports).
Some other reports can be as per the list given below. These may not be published at a high frequency, however they are needed surely at the beginning and have to be validated at least once a quarter.
- Documentation review and updates – Each document to be reviewed at end of 3 months and signed off by both the outsourcer and the provider
- Controls Matrix – To cover what controls exist in each process and what are the risks they cover. Period of review of controls.
- Process Improvement Tracker
- Work Prioritization Matrix – To cover for each area of process as to what to be completed first usually in the daily BAU as well as high volume situations.
- Update Tracker – To capture updates on process received on regular basis covering the Update, Date Received, Mode of Receipt, Whether shared with the team, whether updated in documentation (if required).
- Escalation Matrix – To cover Levels of escalation at both entities
- Leave Planner – To ensure that there is sufficient coverage at all times.
- Business Continuity/Disaster Recovery Plan
This will continue in the next post.
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Did you read more about IFRS exceptions yesterday?
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